Stock Track | Century Aluminum Soars on Robust Q3 Results, Positive Outlook

Stock Track11-05

Shares of Century Aluminum Co (NASDAQ: CENX) surged by 7.92% on November 5th, 2024, fueled by the company's impressive third-quarter earnings report and an optimistic outlook for the aluminum industry.

For the quarter ended September 30th, Century Aluminum reported an adjusted earnings per share of $0.63, significantly outpacing analysts' consensus estimate of $0.28. The company's adjusted EBITDA stood at a robust $104 million, supported by higher aluminum prices and updated guidance on the 45X tax credit.

The strong performance was driven by robust global demand for aluminum, propelled by trends towards electrification and lightweighting across various industries. Century Aluminum expects this favorable market environment to persist, projecting an adjusted EBITDA between $70 million and $80 million for the fourth quarter.

In addition to the positive financial results, the company has received significant interest in its Hawesville facility for potential redevelopment, indicating the possibility of future value realization from its assets. Jesse Gary, President and CEO of Century Aluminum, stated that the company has initiated a formal process to evaluate strategic alternatives for the site.

Furthermore, Century Aluminum has secured long-term alumina supply agreements with credit-worthy counterparties, reducing its exposure to volatile spot prices and ensuring a stable supply chain for its existing operations. Analyst firm B. Riley has also raised its price target on CENX stock to $24, maintaining a Buy rating.

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