Century Aluminum (CENX) FY2023 results: revenue $2.2 billion, down 21.3% on the year

Century Aluminum Co. (CENX) reported revenue of $2.2 billion for fiscal 2023, the year ended 31 December 2023, down 21.3% on the year before. Net income was -$43 million, and diluted earnings per share $-0.47. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2024.

Revenue

$2.2 billion

-21.3% on the year

FY2016FY2023

Operating margin

1.3%

-5.4% a year earlier

FY2016FY2023

Net income

-$43 million

FY2016FY2023

Diluted EPS

-$0.47

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,185	2,777	2,212	-21.3%
Cost of revenue	2,098	2,731	2,088	-23.2%
Gross profit	87.6	46.7	124	+87.6%
Gross margin	4.0%	1.7%	5.6%
Selling, general and administrative	44.3	37.5	57.6	+18.1%
Operating income	27.5	-150	66.0
Operating margin	1.3%	-5.4%	3.0%
Interest expense	n/a	29.3	28.8
Pre-tax income	-71.1	33.4	-198
Income tax	-14.6	47.4	-30.6
Effective tax rate	n/a	141.9%	n/a
Net income	-43.1	-14.1	-167
Net margin	-2.0%	-0.5%	-7.6%
Diluted EPS	-$0.47	-$0.15	-$1.85

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	106	25.9	-64.7	+307.7%
Capital expenditure	95.0	86.3	83.0	+10.1%
Free cash flow	10.6	-60.4	-148
Free cash flow margin	0.5%	-2.2%	-6.7%
Cash from investing	-57.8	-85.5	-82.6
Cash from financing	-13.0	74.4	104
Depreciation and amortisation	79.0	73.4	82.6	+7.6%
Share-based compensation	6.6	-0.6	20.8
Diluted shares, weighted	92m	91m	90m	+1.1%
Shares outstanding at period end	93m	92m	91m	+0.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	356	399	421	-10.9%
Non-controlling interest	148	0.0	n/a
Debt	479	528	451	-9.2%
Operating lease liabilities	21.9	20.9	22.9	+4.8%
Other liabilities	1,024	524	675	+95.5%
Total liabilities and equity	2,029	1,472	1,570	+37.8%
Fixed assets	1,184	744	892	+59.1%
Cash and equivalents	88.8	54.3	29.0	+63.5%
Receivables	53.7	66.9	80.6	-19.7%
Inventory	477	399	426	+19.6%
Other assets	225	208	142	+8.4%
Total assets	2,029	1,472	1,570	+37.8%

10-K for the year ended 31 December 2023, filed 15 March 2024: the filing.