Stock Track | Century Aluminum Soars on Q3 Earnings Beat, Trump's Election Win Adds Tailwind

Stock Track11-07

Shares of Century Aluminum Company (NASDAQ: CENX) surged 5.75% on November 6, 2024, following the company's better-than-expected third-quarter earnings report and Donald Trump's victory in the U.S. presidential election.

Century Aluminum reported earnings per share of $0.46 for the third quarter of 2024, surpassing the Zacks Consensus Estimate of $0.32. The company's net income of $44.8 million marked a significant improvement from the $42.0 million loss recorded in the same period last year. However, revenues of $539.1 million fell short of analysts' expectations, declining 1.1% year-over-year due to lower aluminum shipments.

Investors reacted positively to Century Aluminum's strong profitability, driven by the recognition of advanced manufacturing credits from the Inflation Reduction Act and higher aluminum prices. The company's stock price gained momentum after Donald Trump secured the U.S. presidency, as the market anticipated potential benefits for domestic steel producers under his administration.

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