Century Aluminum Q4 Loss Narrows

Century Aluminum Co. (CENX) reported that its fourth-quarter net loss narrowed to $4.8 million or $0.05 per share from $65.0 million or $0.74 per share in the prior year.

Fourth quarter results were positively impacted by $4.2 million of exceptional items, including a $3.3 million lower of cost or net realizable value inventory adjustment (net of tax) and a $1.7 million insurance recovery related to the equipment failure at Sebree, partially offset by a $0.7 million unrealized loss on forward derivatives.

In the fourth quarter of 2019, shipments of primary aluminum were 202,870 tonnes compared with 198,543 tonnes shipped in the third quarter of 2019, reflecting the impact of the ongoing Hawesville restart project.

Net sales for the fourth quarter of 2019 were $435.5 million down from $486.9 million in the previous year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share and revenues of $426.73 million for the quarter. Analysts' estimates typically exclude special items.

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