Overview

• U.S. aluminum producer's Q1 sales rose sequentially, beating analyst expectations

• Adjusted EBITDA for Q1 increased and beat analyst expectations

• Net income surged on one-time gains from Hawesville sale and insurance proceeds

Outlook

• Century Aluminum expects Q2 adjusted EBITDA between $315 mln and $335 mln

Result Drivers

• HIGHER REALIZED METAL PRICES - Co said increased realized aluminum prices drove sequential net sales growth despite lower shipments

• FAVORABLE SALES MIX AND OPERATING EXPENSES - Adjusted EBITDA rose mainly due to favorable realized metal prices, sales mix and operating expenses, partially offset by unfavorable power and raw material prices

• EQUIPMENT FAILURE AND WEATHER IMPACTS - Lower shipments and increased costs were linked to Iceland equipment failure and extreme winter weather in the U.S.

Company press release: ID:nGNX9mHTZg

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Beat	$649.20 mln	$636.35 mln (4 Analysts)
Q1 Adjusted EPS	Miss	$1.63	$1.80 (2 Analysts)
Q1 EPS		$3.23
Q1 Net Income		$337.50 mln
Q1 Adjusted EBITDA	Beat	$231.40 mln	$225.85 mln (4 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Century Aluminum Co is $62.34, about 0.4% below its May 6 closing price of $62.62

• The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 10 three months ago

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