Yahoo Finance Century Aluminum (CENX) Q1 Earnings and Sales Top Estimates
Century Aluminum Company CENX reported a net profit of $17.7 million or 18 cents per share in first-quarter 2022, improving from a net loss of $140 million or $1.55 per share in the year-ago quarter.
Barring one-time items, adjusted earnings were 59 cents per share, which surpassed the Zacks Consensus Estimate of 36 cents.
Century Aluminum Company Price, Consensus and EPS Surprise
Century Aluminum Company price-consensus-eps-surprise-chart | Century Aluminum Company Quote
Revenues and Shipments
The company generated net sales of $753.6 million in the first quarter, up 69.7% year over year. The figure topped the Zacks Consensus Estimate of $748.4 million.
Shipments of primary aluminum were 211,411 tons, up around 8% year over year. Shipments also rose 5% sequentially, driven mainly by the restart project at Mt. Holly.
Financials
At the end of the quarter, the company had cash and cash equivalents of $26.6 million, down 8.3% sequentially.
Net cash provided by operating activities was $37.4 million in the first quarter against net cash used of $49.8 million in the year-ago quarter.
Outlook
Century Aluminum stated that it is seeing strong demand in its core markets in the United States and Europe, while inventories have been drawn down to post-financial crisis lows. It continues to witness inflationary pressure in energy markets and other key raw materials. CENX continues to focus on cost discipline and execution that position it to benefit from historically high aluminum prices, the company noted.
Price Performance
Shares of Century Aluminum have dropped 4.8% in the past year compared with a 26.7% decline of the industry.
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Zacks Rank & Key Picks
Century Aluminum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Nutrien Ltd. NTR, AdvanSix Inc. ASIX and Allegheny Technologies Incorporated ATI.
Nutrien has a projected earnings growth rate of 127.9% for the current year. The Zacks Consensus Estimate for NTR's current-year earnings has been revised 31.1% upward in the past 60 days.
Nutrien’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, while missing once. It delivered a trailing four-quarter earnings surprise of roughly 5.9%, on average. NTR has rallied around 70% in a year and currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AdvanSix has a projected earnings growth rate of 54.7% for the current year. The Zacks Consensus Estimate for ASIX’s current-year earnings has been revised 43.6% upward in the past 60 days.
AdvanSix’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters, the average being 23.6%. ASIX has surged 40.7% in a year. The company carries a Zacks Rank #1.
Allegheny, currently sporting a Zacks Rank #1, has an expected earnings growth rate of 707.7% for the current year. The Zacks Consensus Estimate for ATI's earnings for the current year has been revised 6.1% upward in the past 60 days.
Allegheny’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average being 127.2%. ATI has rallied around 15.4% over a year.
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