Century Aluminum Company Stock Earnings Reports

Century Aluminum reported a strong operational and financial first quarter driven by favorable aluminum market dynamics and progress on key projects. Demand is robust due to lightweighting, electrification, infrastructure, aviation and defense needs, and disruptions in Middle Eastern supply have expanded the 2026 global aluminum deficit to an estimated 1.4 million tonnes, supporting higher prices and premiums. Operational highlights: Mt. Holly expansion start-up is on schedule with full expanded production expected by end of June (incremental Q2 tons ramping into a full run-rate in Q3); Grundartangi Potline 2 restart began April 23 with all pots expected back by end of July (running at reduced amperage until transformer replacement in Q4); Jamalco continues recovery from Hurricane Melissa with turbine commissioning expected later this quarter; Sebree delivered strong results despite winter energy impacts. Financial highlights: Q1 net income $338M ($3.23/sh), adjusted net income $171M ($1.63/sh), adjusted EBITDA $231M. Shipments were ~123k tonnes; net sales $649M. Cash of $332M after Hawesville sale proceeds; net debt reduced to $220M (below the <$300M target). Q1 capex was $76M (mostly Mt. Holly, Grundartangi, Jamalco); similar spend expected in Q2. Insurance recoveries for Iceland lag claims (timing lag 1–2 quarters) but $83M received to date and additional advances have been obtained. Q2 outlook: company expects realized LME and premiums to be higher than Q1 and guides adjusted EBITDA of $315M–$335M, with potential upside as current spot prices roll through (management suggested a near-term run-rate toward ~$400M if spot levels persist and full Mt. Holly uplift is realized in Q3). Corporate growth: Century and EGA are advancing a proposed 750k-ton Oklahoma smelter (EX technology) with Bechtel retained for next-stage engineering, active power discussions, financing work and DOE support (a referenced $500M DOE grant); management expects a final investment decision and groundbreaking by year-end if progress continues. Capital allocation: sustaining capex and high-return organic investments prioritized; with liquidity and net debt targets met, management could consider capital returns after major project spending and as cash generation clarifies over the next quarters.