Tuesday, July 27, 2010

Century Aluminum (Nasdaq:CENX) Earnings in Positive Territory

Century Aluminum (Nasdaq:CENX) was profitable this second quarter, as it generated earnings of $5.1 million, or 5 cents a share. Last year in the same quarter the company was hammered by losses of $107.1 million, or $1.45 a share.

Even with the better performance, it was far below the estimated earnings average of 25 cents a share.

Revenue for the quarter rose to $287.9 million, a gain of 52 percent, coming short of the $292 million analysts were looking for.

The earnings results of the quarter came from forward contracts of $9.3 million connected, for the most part, to LME price protection options, according to Century.

Charges for the quarter included $16 million for energy costs at Hawesville, along with $7 million for market inventory adjustments.

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