Courtesy of Benzinga
Century Aluminum Company (NASDAQ: CENX) estimates it will report second quarter net income of $23 to $25 million ($0.23 to $0.25 per basic and diluted share), which result will include the impact of the unabsorbed costs and restart expenditures at Hawesville.
Financial results were also negatively impacted by the following items:
(i) charges related to the contractual impact of the recent changes in the Company’s Board of Directors and the executive management team ($7.7 million);
(ii) a non-cash charge relating to an insurance receivable, reflecting the fact that the matter is now in litigation, despite the Company’s continuing view that it will ultimately receive such proceeds ($2.9 million); and
(iii) non-cash charges relating to a loss on forward contracts (primarily related to the marking to market of aluminum put options) and the early retirement of debt ($2.4 million). Changes to the Century of West Virginia retiree medical benefits program increased quarterly results by $8.9 million with an associated discrete tax benefit of $2.1 million.
Estimated adjusted net income to be reported: $ 0.25-0.27
