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Top Stories for Feb. 22, 2024:
1. Century Aluminum Company (NASDAQ:CENX) announced fourth-quarter and full-year 2023 financial results.
Century reported fourth-quarter net sales of $512.3 million, with a net income of $30 million ($0.30 per diluted share) and an adjusted net income of $40 million ($0.39 per share).
The quarter also saw an ending cash balance of $88.8 million, strong liquidity of $312.5 million and a significant $59.3 million credit from the Inflation Reduction Act.
For the full year, Century's net sales reached $2.2 billion, despite a net loss of $43.1 million ($0.47 per share), but achieved an adjusted net income of $30.7 million ($0.33 per share).
2023 also saw net cash from operating activities at $105.6 million, reinvestment in capital projects, debt reduction, the acquisition of a 55% stake in Jamalco, a new power agreement for Mt. Holly and a five-year union labor contract for the Sebree smelter.
2. Gold Fields (NYSE:GFI) reported full-year 2023 financial results.
The company met its original cost guidance despite inflation and operational challenges, with production at 2.244Moz (99.7% of the 2.250Moz – 2.300Moz target) and group all-in sustaining costs (AISC) at $1,295/oz, which was better than the forecasted $1,300/oz to $1,340/oz. All-in costs (AIC) were within the expected range at $1,512/oz.
Financially, favorable exchange rates and a strong gold price ($1,942/oz) led to steady normalized earnings of $900 million and free cash flow from operations of $1,002 million, maintaining dividends at R 7.45/share, in line with their policy.
Despite these financial achievements, the company reported three fatalities, underscoring a need for improved safety.
3. Coeur Mining, Inc. (NYSE:CDE) announced fourth-quarter and full-year 2023 financial results.
A strong Q4 led to a 35% revenue increase and a more-than-doubling of adjusted EBITDA, driven by production boosts at Rochester, Kensington and Wharf.
The company met its full-year gold and silver production guidance for 2023, with gold up 29% and silver up 34% quarter-over-quarter, totaling 317,671 ounces and 10.3 million ounces, respectively.
Rochester's expansion is on track, expecting to triple throughput to 32 million tons annually by the first half of 2024, with a notable year-over-year production increase and significant cost reductions also anticipated.
Wharf achieved a record annual free cash flow of $82 million, exceeding four times the initial investment since its 2015 acquisition.
At Silvertip, drilling in the Southern Silver Zone uncovered one of the highest-grade intercepts ever, marking a significant find in this expanding area.
4. Kaiser Aluminum Corporation (NASDAQ:KALU) reported fourth-quarter and full-year 2023 financial results.
The company reported fourth-quarter net sales of $722 million and net income of $8 million ($0.47 per diluted share), with adjusted net income at $10 million ($0.60 per diluted share) and adjusted EBITDA of $52 million (14.3% margin).
The Aerospace/High Strength sectors also achieved record net sales and conversion revenue during this period.
For the full year, net sales reached $3.1 billion with net income of $47 million ($2.92 per diluted share) while adjusted net income stood at $44 million ($2.74 per diluted share).
Adjusted EBITDA was $210 million (14.3% margin), and the company maintained strong liquidity, with $599 million as of Dec. 31, 2023.
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