Century Aluminum (CENX) FY2022 results: revenue $2.8 billion, up 25.5% on the year

Century Aluminum Co. (CENX) reported revenue of $2.8 billion for fiscal 2022, the year ended 31 December 2022, up 25.5% on the year before. Net income was -$14 million, and diluted earnings per share $-0.15. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$2.8 billion

+25.5% on the year

FY2015FY2022

Operating margin

-5.4%

3.0% a year earlier

FY2015FY2022

Net income

-$14 million

FY2015FY2022

Diluted EPS

-$0.15

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,777	2,212	1,605	+25.5%
Cost of revenue	2,731	2,088	1,642	+30.8%
Gross profit	46.7	124	-36.5	-62.4%
Gross margin	1.7%	5.6%	-2.3%
Selling, general and administrative	37.5	57.6	43.5	-34.9%
Operating income	-150	66.0	-80.5
Operating margin	-5.4%	3.0%	-5.0%
Interest expense	29.3	28.8	29.7	+1.7%
Pre-tax income	33.4	-198	-126
Income tax	47.4	-30.6	-3.1
Effective tax rate	141.9%	n/a	n/a
Net income	-14.1	-167	-123
Net margin	-0.5%	-7.6%	-7.7%
Diluted EPS	-$0.15	-$1.85	-$1.38

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	25.9	-64.7	42.9
Capital expenditure	86.3	83.0	13.4	+4.0%
Free cash flow	-60.4	-148	29.5
Free cash flow margin	-2.2%	-6.7%	1.8%
Cash from investing	-85.5	-82.6	-11.8
Cash from financing	74.4	104	13.5	-28.3%
Depreciation and amortisation	73.4	82.6	83.0	-11.1%
Share-based compensation	-0.6	20.8	9.6
Diluted shares, weighted	91m	90m	90m	+1.3%
Shares outstanding at period end	92m	91m	90m	+1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	399	421	546	-5.2%
Non-controlling interest	0.0	n/a	n/a
Debt	528	451	316	+17.0%
Operating lease liabilities	20.9	22.9	24.3	-8.7%
Other liabilities	524	675	513	-22.3%
Total liabilities and equity	1,472	1,570	1,400	-6.2%
Fixed assets	744	892	880	-16.6%
Cash and equivalents	54.3	29.0	81.6	+87.2%
Receivables	66.9	80.6	51.0	-17.0%
Inventory	399	426	291	-6.3%
Other assets	208	142	95.5	+46.0%
Total assets	1,472	1,570	1,400	-6.2%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.