Tuesday, Century Aluminum Co. (CENX) announced that its profit for the third-quarter increased from the previous year positively impacted by a significant after-tax benefit.
Century recorded third-quarter net income of $40.14 million, compared to $35.79 million in the year ago quarter. On a per share basis, net income was $0.45, compared to $0.55 in the comparable quarter of the prior year.
Income before equity in earnings of joint ventures for the quarter increased to $39.57 million, from $33.28 million in the same quarter last year.
The company noted that the results were positively impacted by a net after-tax benefit of $55.6 million primarily from realized and unrealized gains related to the termination of the existing power contract and its replacement with a new power contract.
Net sales for the third quarter plunged to $228.7 million from $552.2 million last year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share on revenues of $224.70 million for the quarter. Analysts' estimates typically exclude special items.
Cost of sales for the quarter included a $14.4 million non-cash charge for the portion of power costs at Hawesville paid by the previous power supplier.
For the nine months, the company reported net loss of $181.6 million or $2.56 per share, compared to a loss of $201.6 million or $4.66 per share in the previous year. Net sales for the nine-month period declined to $642.4 million from $1.57 billion last year.
CENX closed Tuesday's regular trading at $9.05 down $0.68 or 6.99% on a volume of 5.809 million shares on the Nasdaq. In the after hours trading the stock price increased to $9.30 up $0.28 or 3.09%.
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