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The company reported net income of $44.3 million in Q3 2022, higher by $6.9 million over the sequential quarter.
SEATTLE (Scrap Monster): Century Aluminum Company announced results for the third quarter of the current year.
The primary aluminum shipments by the company witnessed a decline by 19% during the quarter ended September 30, 2022. Over the sequential quarter, the shipments reduced from 214,084 tonnes to 173,725 tonnes. The dip was primarily driven by reduced volumes from Hawesville smelter due to scheduled production curtailment at the facility.
The company reported net income of $44.3 million in Q3 2022, higher by $6.9 million over the sequential quarter. Century Aluminum reported adjusted net loss of $34.2 million. The net sales recorded significant decline by 26%, falling from $856.6 million to $637.2 million. It reported strong liquidity of $215 million as at the end of the quarter. In addition, it agreed to a new Vlissingen credit facility of $90.0 million.
Commenting on the results, Jesse Gary, President and Chief Executive Officer noted that the Q3 results faced strong challenges from global energy crisis and difficult industry conditions. The long-term trends towards value-added aluminum products will benefit the company. The proactive measures undertaken by the company to cut costs coupled with excellent works from its operations teams will help the company to execute its long-term strategies and create value for shareholders, Gary added.
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