As a result of this contract, CASC has rescinded its outstanding WARN notice for all employees.
Updated 2021 Outlook
Based on the strength of the current market environment, Century is able to provide an update on prospective financial results for 2021.
The Company is able to confirm its commentary regarding the first quarter provided during the call with investors on
Given that a substantial portion of the Company’s revenue is already priced (due to the normal lag in contract pricing), Century is also able to provide considerations regarding prospective Q2 financial performance. Assuming today’s LME, regional premium and alumina prices persist for the remainder of the Q2 pricing period, we expect these items taken together would result in a net increase in adjusted EBITDA of approximately
As we also discussed on our call in February, Hawesville experienced several equipment issues in late December that impacted the plant’s production level. The smelter is now stable, and the process of returning to our planned operating level of 80% of capacity will begin in a matter of weeks. We expect the various major maintenance and other projects will result in approximately
About
Non-GAAP Financial Measures
Adjusted EBITDA is a non-GAAP financial measure that management uses to evaluate Century's financial performance. This non-GAAP financial measure facilitates comparisons of any 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. Management believes adjusted EBITDA enhances an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management. Management has provided an estimate of future adjusted EBITDA to facilitate an understanding of management’s current expectations regarding future performance. However, it is not possible, without unreasonable efforts, to identify the amount or significance of events or transactions that may be included in future net income (the mostly closely related GAAP financial measure) but which management does not believe to be representative of underlying business performance. Accordingly, management is unable to reconcile, without unreasonable effort, the Company’s future anticipated adjusted EBITDA to a comparable estimate of net income. 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, our adjusted EBITDA may not be comparable to similarly titled measures of other companies.
Cautionary Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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." Our forward-looking statements include, without limitation, statements with respect to: our expectations with respect to Mt. Holly’s future production levels and financial and operating performance, employee hiring and projected employee levels; our expectations with respect to the restart of curtailed capacity at Mt. Holly including the associated timing and cost estimates; our expectations with respect to the anticipated impact of Hawesville equipment issues on shipment volumes, as well as the anticipated timing and anticipated costs of returning Hawesville to 80% of operating capacity; global and local financial and economic conditions; future aluminum pricing and the costs of our major raw materials; the impact of the continuously evolving COVID-19 pandemic; and the impact that these factors may have on the future financial and operating performance of Century and its subsidiaries, including Mt. Holly.
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, quarterly reports on Form 10-Q and in other filings made with the
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Source: Century Aluminum Company
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