Century Aluminum Company Reports First Quarter 2026 Results
Rhea-AI Summary
Century Aluminum (NASDAQ: CENX) reported Q1 2026 results: net sales $649.2M, net income $337.5M, and adjusted EBITDA $231.4M. Net income included a one-time $287.9M gain from the sale of Hawesville and $33.0M insurance gain related to Iceland equipment failure.
Liquidity at March 31, 2026 was $611.0M. The company expects Q2 Adjusted EBITDA of $315–335M, citing higher realized prices and Mt. Holly expansion.
Positive
- Net sales of $649.2 million
- Adjusted EBITDA of $231.4 million
- Adjusted net income of $170.7 million
- One-time Hawesville sale gain of $287.9 million
- Liquidity position of $611.0 million
- Q2 Adjusted EBITDA outlook $315–$335 million
Negative
- Aluminum shipments down to 122,865 tonnes
- Equipment failure in Iceland caused $60.0 million impact
- Unrealized derivative losses of $48.1 million, net of tax
- Emergency energy charges of $13.3 million at Mt. Holly
- Lower third-party alumina sales and unfavorable power prices
News Market Reaction – CENX
In the May 8 session, CENX declined 2.76%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 19 | Quarterly earnings | Positive | +0.3% | Q4 2025 beat prior guidance with higher adjusted EBITDA and liquidity gains. |
| Nov 06 | Quarterly earnings | Positive | +14.0% | Q3 2025 showed higher EBITDA, tariff support and improved Midwest premiums. |
| Aug 07 | Quarterly earnings | Neutral | +1.6% | Mixed Q2 2025 with net loss but positive adjusted earnings and EBITDA guidance. |
| May 07 | Quarterly earnings | Positive | -2.0% | Q1 2025 higher sales and EBITDA yet shares fell despite operational progress. |
| Feb 20 | Quarterly earnings | Positive | -13.3% | Strong Q4 2024 and DOE grant but market reacted negatively to the release. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often produced mixed reactions: several strong reports with positive moves, but also notable selloffs on otherwise strong quarters.
Recent history shows Century Aluminum delivering steadily improving financials and liquidity. Prior earnings reports highlighted rising adjusted EBITDA, stronger premiums, and expanding capacity, including tariff support and refinery restarts. Liquidity rose from $339.1M in Q1 2025 to $418.0M by Q4 2025. Today’s Q1 2026 release, with higher net sales, net income and adjusted EBITDA versus Q4 2025, continues that trajectory while layering on one-time gains and detailed guidance for Q2 2026 adjusted EBITDA.
Key Terms
adjusted net income financial
adjusted EBITDA financial
non-GAAP financial
derivative instruments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHICAGO, May 07, 2026 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2026 results.
First Quarter 2026 Financial Results
| $MM (except shipments and per share data) | ||||||
| Q1 2026 | Q4 2025 | |||||
| Aluminum shipments (tonnes) | 122,865 | 140,257 | ||||
| Net sales | $ | 649.2 | $ | 633.7 | ||
| Net income attributable to Century | $ | 337.5 | $ | 1.8 | ||
| Diluted earnings per share attributable to Century | $ | 3.23 | $ | 0.02 | ||
| Adjusted net income attributable to Century(1) | $ | 170.7 | $ | 128.2 | ||
| Adjusted earnings per common share(1) | $ | 1.63 | $ | 1.25 | ||
| Adjusted EBITDA attributable to Century(1) | $ | 231.4 | $ | 170.6 | ||
| Notes: | ||||||
| (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. | ||||||
Business Highlights
- Net sales of
$649.2 million increased sequentially - Achieved adjusted EBITDA attributable to Century of
$231.4 million - Received insurance proceeds totaling
$83 million to date related to Iceland equipment failure - Initiated expansion of last 90 pots at Mt. Holly and restart of Line 2 at Grundartangi in April 2026
Net sales for the first quarter ended March 31, 2026 increased by
Century reported Net income attributable to Century of
First quarter results were also impacted by
Adjusted EBITDA attributable to Century for the first quarter of 2026 was
Century's liquidity position at March 31, 2026 was
Second Quarter 2026 Outlook
The Company expects second quarter Adjusted EBITDA to range between
About Century Aluminum Company
With its corporate headquarters located in Chicago, IL, Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica. Visit www.centuryaluminum.com for more information.
Non-GAAP Financial Measures
Adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Century’s ongoing operating performance and ability to generate cash. Management believes these non-GAAP financial measures enhance an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management. The tables below, under the heading "Reconciliation of Non-GAAP Financial Measures," provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Century's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, adjusted net income (loss), adjusted earnings (loss) per share and adjusted EBITDA included in this press release may not be comparable to similarly titled measures of other companies. Investors are encouraged to review the reconciliations in conjunction with the presentation of these non-GAAP financial measures. We do not provide a reconciliation of forward-looking Adjusted EBITDA because the corresponding forward-looking GAAP financial measures is not currently available and management cannot reliably predict all the necessary components of such forward-looking GAAP measures without unreasonable effort or expense due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, the variability of our tax rate, the impact of foreign currency fluctuation, and other charges reflected in our historical results. The probable significance of each of these items is high and, based on historical experience, could be material.
Cautionary Statement
This press release and statements made by Century Aluminum Company management on the quarterly conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to the "safe harbor" created by section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may." Forward-looking statements, for example, may include statements regarding: Our assessment of global and local financial and economic conditions; Our assessment of the aluminum market and aluminum prices (including premiums); Our assessment of prices of our key raw materials and supply and availability of those key raw materials, including alumina, coke, pitch and aluminum fluoride; Our assessment of power prices and availability, including any potential curtailments or other disruptions in the supply of power; The impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses or individuals tied to Russia; The future financial and operating performance of the Company and its subsidiaries; Our ability to successfully manage market risk and to control or reduce costs; Our plans and expectations with respect to future operations of the Company and its subsidiaries, including any plans and expectations to curtail or restart production, including the expected impact of any such actions on our future financial and operating performance; Our plans and expectations with regards to the restart of curtailed production at Mt. Holly including the timing, costs and benefits associated with restarting curtailed production; Any future impact of the equipment failure at Grundartangi and related events on our financial and operating performance; The timing of our ability to return our operating facilities to full and normal operation following equipment failure or other extraordinary events including our expectations as to timing for bringing our Grundartangi facility back to
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause actual results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, the reader is cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| Three months ended | |||||||
| March 31, | December 31, | ||||||
| 2026 | 2025 | ||||||
| Net sales | |||||||
| Related parties | $ | 305.9 | $ | 299.6 | |||
| Other customers | 343.3 | 334.1 | |||||
| Total net sales | 649.2 | 633.7 | |||||
| Cost of goods sold | 530.4 | 543.1 | |||||
| Gross profit | 118.8 | 90.6 | |||||
| Selling, general and administrative expenses | 25.8 | 35.5 | |||||
| Gain on the sale of Hawesville | (287.9 | ) | — | ||||
| Other operating expenses - net | 6.9 | 13.8 | |||||
| Operating income | 374.0 | 41.3 | |||||
| Interest expense - nonaffiliates | (9.9 | ) | (10.6 | ) | |||
| Interest expense - affiliates | (0.6 | ) | (0.6 | ) | |||
| Interest income | 3.1 | 2.7 | |||||
| Net loss on forward and derivative contracts - nonaffiliates | (65.3 | ) | (43.5 | ) | |||
| Loss on early extinguishment of debt | — | (1.5 | ) | ||||
| Gain on insurance proceeds - net | 33.0 | — | |||||
| Other expense - net | (5.5 | ) | (3.2 | ) | |||
| Income (loss) before income taxes | 328.8 | (15.4 | ) | ||||
| Income tax (expense) benefit | (1.8 | ) | 12.3 | ||||
| Net income (loss) | 327.0 | (3.1 | ) | ||||
| Net loss attributable to noncontrolling interests | (10.5 | ) | (4.9 | ) | |||
| Net income attributable to Century | 337.5 | 1.8 | |||||
| Net income attributable to Century per common share: | |||||||
| Basic | $ | 3.41 | $ | 0.02 | |||
| Diluted | $ | 3.23 | $ | 0.02 | |||
| Weighted-average common shares outstanding: | |||||||
| Basic | 99.0 | 96.9 | |||||
| Diluted | 104.6 | 98.0 | |||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 244.1 | $ | 134.2 | |||
| Restricted cash | 89.5 | 1.4 | |||||
| Accounts receivable - net | 111.0 | 109.9 | |||||
| Non-trade receivables | 41.8 | 38.1 | |||||
| Due from affiliates | 52.6 | 29.6 | |||||
| Manufacturing credit receivable | 173.3 | 172.6 | |||||
| Inventories | 512.1 | 519.6 | |||||
| Derivative assets | 6.8 | 1.5 | |||||
| Prepaid and other current assets | 23.3 | 24.4 | |||||
| Total current assets | 1,254.5 | 1,031.3 | |||||
| Property, plant and equipment - net | 1,205.1 | 1,167.6 | |||||
| Manufacturing credit receivable - less current portion | 24.9 | — | |||||
| Other assets | 170.4 | 70.4 | |||||
| Total assets | $ | 2,654.9 | $ | 2,269.3 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| LIABILITIES: | |||||||
| Accounts payable, trade | $ | 196.1 | $ | 187.2 | |||
| Accrued compensation and benefits | 71.8 | 74.4 | |||||
| Due to affiliates | 51.0 | 70.8 | |||||
| Accrued and other current liabilities | 27.0 | 35.6 | |||||
| Derivative liabilities | 104.0 | 58.2 | |||||
| Carbon credit repurchase liability | 28.7 | 28.6 | |||||
| Current maturities of long-term debt | 66.1 | 68.8 | |||||
| Total current liabilities | 544.7 | 523.6 | |||||
| Long-term debt | 479.8 | 479.5 | |||||
| Accrued benefits costs - less current portion | 97.5 | 97.7 | |||||
| Other liabilities | 116.9 | 104.9 | |||||
| Deferred taxes | 60.6 | 58.4 | |||||
| Asset retirement obligations - less current portion | 70.9 | 75.3 | |||||
| Total noncurrent liabilities | 825.7 | 815.8 | |||||
| SHAREHOLDERS’ EQUITY: | |||||||
| Series A Preferred stock ( | — | — | |||||
| Common stock ( | 1.1 | 1.1 | |||||
| Additional paid-in capital | 2,572.7 | 2,571.5 | |||||
| Treasury stock, at cost | (86.3 | ) | (86.3 | ) | |||
| Accumulated other comprehensive loss | (48.5 | ) | (55.2 | ) | |||
| Accumulated deficit | (1,288.1 | ) | (1,625.5 | ) | |||
| Total shareholders’ equity | 1,150.9 | 805.6 | |||||
| Noncontrolling interest | 133.6 | 124.3 | |||||
| Total equity | 1,284.5 | 929.9 | |||||
| Total liabilities and equity | $ | 2,654.9 | $ | 2,269.3 | |||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| (Unaudited) | |||||||
| Three months ended March 31, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income | $ | 327.0 | $ | 22.4 | |||
| Adjustments to reconcile Net income to net cash provided by operating activities: | |||||||
| Unrealized loss on derivative instruments | 48.0 | 3.0 | |||||
| Depreciation, depletion and amortization | 22.7 | 24.0 | |||||
| Share-based compensation | 9.4 | 1.9 | |||||
| Net periodic benefit cost | 9.5 | 2.8 | |||||
| Change in deferred tax provision | 2.2 | 1.2 | |||||
| Gain on the sale of Hawesville | (287.9 | ) | — | ||||
| Gain on insurance proceeds received for property damage | (1.0 | ) | — | ||||
| Other non-cash items - net | 0.9 | (4.7 | ) | ||||
| Change in operating assets and liabilities: | |||||||
| Accounts receivable | (8.9 | ) | (12.5 | ) | |||
| Non-trade receivables | 1.0 | 15.4 | |||||
| Manufacturing credit receivable | (25.6 | ) | (20.7 | ) | |||
| Due from affiliates | (23.0 | ) | 16.7 | ||||
| Inventories | 6.8 | (0.1 | ) | ||||
| Prepaid and other current assets | 1.1 | 4.0 | |||||
| Accounts payable, trade | 24.7 | 20.8 | |||||
| Due to affiliates | (19.8 | ) | 12.2 | ||||
| Accrued and other current liabilities | (11.0 | ) | (13.9 | ) | |||
| Other - net | (7.7 | ) | (0.2 | ) | |||
| Net cash provided by operating activities | 68.4 | 72.3 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchase of property, plant and equipment | (74.8 | ) | (21.2 | ) | |||
| Proceeds from the sale of Hawesville | 200.0 | — | |||||
| Insurance proceeds received for property damage | 5.0 | — | |||||
| Net cash provided by (used in) investing activities | 130.2 | (21.2 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Borrowings under revolving credit facilities | 160.6 | 257.6 | |||||
| Repayments under revolving credit facilities | (155.7 | ) | (300.1 | ) | |||
| Repayments of Industrial Revenue Bonds | (7.8 | ) | — | ||||
| Repayments under Grundartangi casthouse debt facility | — | (2.3 | ) | ||||
| Payment of incentive compensation withholding taxes | (4.7 | ) | — | ||||
| Contributions from joint venture partner | 7.0 | 5.7 | |||||
| Net cash used in financing activities | (0.6 | ) | (39.1 | ) | |||
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 198.0 | 12.0 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 135.6 | 35.7 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 333.6 | $ | 47.7 | |||
| CENTURY ALUMINUM COMPANY SELECTED OPERATING DATA (in millions, except shipments) (Unaudited) | |||||||||||||||
| SHIPMENTS - PRIMARY ALUMINUM(1) | |||||||||||||||
| United States | Iceland | Total | |||||||||||||
| Tonnes | Sales $ | Tonnes | Sales $ | Tonnes | Sales $ | ||||||||||
| 2026 | |||||||||||||||
| 1st Quarter | 93,668 | $ | 494.3 | 29,197 | $ | 87.3 | 122,865 | $ | 581.6 | ||||||
| 2025 | |||||||||||||||
| 4th Quarter | 91,885 | $ | 413.1 | 48,372 | $ | 138.3 | 140,257 | $ | 551.4 | ||||||
| 1st Quarter | 94,601 | $ | 306.6 | 74,071 | $ | 217.3 | 168,672 | $ | 523.9 | ||||||
(1) Excludes scrap aluminum sales, purchased aluminum and alumina sales.
| CENTURY ALUMINUM COMPANY RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in millions, except per share amounts) (Unaudited) | |||||||||||||
| Three months ended | |||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||||
| $MM | EPS | $MM | EPS | ||||||||||
| Net income attributable to Century | $ | 337.5 | $ | 3.23 | $ | 1.8 | $ | 0.02 | |||||
| Lower of cost or NRV inventory adjustment | — | — | 9.8 | 0.09 | |||||||||
| Unrealized loss on derivative contracts, net of tax | 48.1 | 0.46 | 27.6 | 0.27 | |||||||||
| Loss on extinguishment of debt | — | — | 1.5 | 0.01 | |||||||||
| Share-based compensation | 9.4 | 0.09 | 32.6 | 0.32 | |||||||||
| Gain on the sale of Hawesville | (287.9 | ) | (2.75 | ) | — | — | |||||||
| Hawesville inventory write-down | 3.3 | 0.03 | 9.9 | 0.10 | |||||||||
| Gain on insurance proceeds - net, net of tax | (26.4 | ) | (0.25 | ) | — | — | |||||||
| Iceland equipment failure(1), net of tax | 60.0 | 0.56 | 30.9 | 0.30 | |||||||||
| Jamalco hurricane impact(2) | 5.9 | 0.06 | 5.7 | 0.06 | |||||||||
| Mt. Holly expansion(3) | 7.5 | 0.07 | 8.0 | 0.08 | |||||||||
| Mt. Holly emergency energy charges | 13.3 | 0.13 | 0.4 | — | |||||||||
| Adjusted net income attributable to Century | $ | 170.7 | $ | 1.63 | $ | 128.2 | $ | 1.25 | |||||
| (1) | Represents impact of property damage and business interruption as a result of equipment failure at Grundartangi |
| (2) | Represents Century's |
| (3) | Represents incremental costs associated with the Mt. Holly expansion project |
| Three months ended | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| Net income attributable to Century | $ | 337.5 | $ | 1.8 | |||
| Add: Net loss attributable to noncontrolling interests | (10.5 | ) | (4.9 | ) | |||
| Net income (loss) | 327.0 | (3.1 | ) | ||||
| Interest expense - nonaffiliates | 9.9 | 10.6 | |||||
| Interest expense - affiliates | 0.6 | 0.6 | |||||
| Interest income | (3.1 | ) | (2.7 | ) | |||
| Net loss on forward and derivative contracts - nonaffiliates | 65.3 | 43.5 | |||||
| Loss on early extinguishment of debt | — | 1.5 | |||||
| Gain on insurance proceeds - net | (33.0 | ) | — | ||||
| Other expense - net | 5.5 | 3.2 | |||||
| Income tax expense (benefit) | 1.8 | (12.3 | ) | ||||
| Operating income | 374.0 | 41.3 | |||||
| Depreciation, depletion and amortization | 22.7 | 21.8 | |||||
| Lower of cost or NRV inventory adjustment | — | 9.8 | |||||
| Share-based compensation | 9.4 | 32.6 | |||||
| Gain on the sale of Hawesville | (287.9 | ) | — | ||||
| Hawesville inventory write-down | 3.3 | 9.9 | |||||
| Iceland equipment failure(1) | 75.0 | 38.6 | |||||
| Jamalco hurricane impact(2) | 10.6 | 10.4 | |||||
| Mt. Holly expansion(3) | 7.5 | 8.0 | |||||
| Mt. Holly emergency energy charges | 13.3 | 0.4 | |||||
| Adjusted EBITDA | 227.9 | 172.8 | |||||
| Less: Adjusted EBITDA attributable to noncontrolling interests | (3.5 | ) | 2.2 | ||||
| Adjusted EBITDA attributable to Century | $ | 231.4 | $ | 170.6 | |||
| (1) | Represents impact of property damage and business interruption as a result of equipment failure at Grundartangi |
| (2) | Represents incremental and fixed costs incurred while alumina production at Jamalco was restarted after Hurricane Melissa |
| (3) | Represents incremental costs associated with the Mt. Holly expansion project |
| INVESTOR CONTACT | MEDIA CONTACT |
| Chad Rigg | Tawn Earnest |
| 312-696-3132 | 614-698-6351 |
| Source: Century Aluminum Company | |
