Century Aluminum in FY2023: Net sales fall 21.3% Y-o-Y in line with shipment fall
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Update time : 2024-02-23 16:27:55
On February 21, 2024, Century Aluminum Company announced its fourth quarter and full-year results for 2023, revealing net sales of $512.3 million in Q4 2023 and $2,185.4 million in the entire year. Both in Q4 and full-year, Century's net sales experienced a downfall of 6.03 per cent (sequentially) and 21.31 per cent (Y-o-Y), respectively, from $545.2 million and $2,777.3 million.
Net sales in the fourth quarter fell despite a 1 per cent Q-o-Q rise in primary aluminium shipments from 171,995 tonnes to 173,871 tonnes. Shipments in full-year stood at 700,680 tonnes, down by 8.85 per cent from 768,691 tonnes.
Century's fourth quarter results were primarily impacted by $9.2 million of net exceptional items, in particular $7.4 million related to the power equipment failure at Jamalco, $2.9 million of unrealized losses on forward derivative contracts (net of tax), and $1.3 million increase in share-based compensation costs driven by market inputs, partially offset by $3.0 million of lower cost or net realizable value adjustment (net of tax).
