Century Aluminum (CENX) Reports Q2 Earnings
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Century Aluminum (Nasdaq: CENX) reports Q2 EPS of $2.51 vs. the analyst estimate of $2.22 - may not be comparable. Revenues for the quarter were $545.2 million, versus the consensus of $545.79 million.
Century reported a net loss of $0.06 and negatively impacted by an after-tax charge of $129.9 million ($3.16 per basic share) for mark-to-market adjustments on forward contracts that do not qualify for cash flow hedge accounting. Quarterly results were positively impacted by a $15.5 million tax benefit ($0.38 per basic share) resulting principally from a reduction in non-U.S. corporate tax rates. The dilutive effect of the convertible notes, options and service-based awards would reduce basic EPS by $0.21. Cash used to settle forward contracts that do not qualify for cash flow hedge accounting was $62.8 million.
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