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Highlights

  • Century Aluminum reported Q4 EPS of USD 1.25, missing estimates by USD 0.04.
  • Revenue came in at USD 633.7M, slightly below consensus expectations.
  • The company outlined a new U.S. smelter JV and updated FY-2026 guidance.

Century Aluminum (NASDAQ:CENX) reported fourth-quarter earnings per share of USD 1.25, Revenue for the quarter totaled USD 633.7M. revenue edged up 0.4% year-over-year, while EPS improved from USD 0.49 in the same quarter last year. The company posted a return on equity of 12.83% and a net margin of 3.47% during the period.

Smelter JV and Strategic Asset Sale
Century formed a 60/40 joint venture with Emirates Global Aluminium (EGA) to develop what is expected to be the first new U.S. aluminum smelter in nearly 50 years. The project has secured a USD 500M grant from the U.S. Department of Energy and will be engineered by Bechtel in its next phase. Planned production capacity has been raised to 750,000 metric tons, with a final investment decision and groundbreaking targeted before year-end.

Separately, the company completed the sale of its Hawesville site for USD 200M. It retained a 6.8% non-dilutive equity stake in the TeraWulf AI data center, along with a one-year put option, allowing it to receive cash proceeds while maintaining potential upside exposure.

Operational Recovery and Financial Outlook
Operational updates indicate progress at key facilities. Grundartangi’s Line 2 is expected to restart by the end of April, with near-full production anticipated by late July following transformer repairs. Jamalco’s TG4 turbine is scheduled for April commissioning, which is expected to reduce energy costs. Insurance reimbursements related to the Iceland outage have also commenced.

Adjusted EBITDA for Q4 stood at USD 171M. For Q1, the company projected adjusted EBITDA in the range of USD 215M to USD 235M. Full-year 2026 shipments are expected to reach approximately 630,000 tons, with capital expenditures estimated between USD 115M and USD 125M.

Century reported USD 134M in cash at quarter-end, in addition to USD 200M in proceeds from the Hawesville transaction. Net debt stood at approximately USD 421M. Management noted short-term pressures from energy price fluctuations and timing differences related to insurance and tax receipts.

Stock Performance Snapshot
Shares of Century Aluminum rose USD 2.28 to close at USD 52.50. The stock has traded between a 52-week low of USD 13.05 and a high of USD 55.59. The company has a market capitalization of approximately USD 4.90B, a price-to-earnings ratio of 61.76.

With mixed quarterly Century Aluminum is balancing earnings variability with expansion initiatives, operational recoveries, and balance sheet adjustments. Investors are monitoring project milestones, shipment targets, and cost developments as the company progresses through 2026.

FAQs

Q1. What were Century Aluminum’s Q4 earnings results?
Century Aluminum reported Q4 EPS of USD 1.25, up from USD 0.49 last year, with revenue of USD 633.7M, reflecting 0.4% year-over-year growth. Adjusted EBITDA came in at USD 171M.

Q2. What is the significance of the Emirates Global Aluminium joint venture?
Century formed a 60/40 JV with Emirates Global Aluminium to develop the first new U.S. aluminum smelter in nearly 50 years. The project secured a USD 500M grant from the U.S. Department of Energy and targets annual capacity of 750,000 metric tons.

Q3. What is Century Aluminum’s financial outlook for 2026?
The company expects Q1 adjusted EBITDA between USD 215M and USD 235M, full-year shipments around 630,000 tons, and capital expenditures of USD 115M–125M, while managing net debt of approximately USD 421M.