- #15 on 8/2 just before
CHICAGO (AP) _ Century Aluminum Co. (CENX) on Wednesday reported second-quarter net income of $6.6 million, after reporting a loss in the same period a year earlier.
The Chicago-based company said it had profit of 7 cents per share. Earnings, adjusted for non-recurring gains, were 1 cent per share.
The aluminum producer posted revenue of $388.8 million in the period.
Century shares have risen 96 percent since the beginning of the year. The stock has more than doubled in the last 12 months.
Outlook
Century Aluminum said that it is seeing strong demand for its products and strength in general manufacturing and construction in its markets. However, the company still expects a global supply surplus in primary aluminum for the foreseeable future, triggered by surging and heavily subsidized production from China. Trade data continue to show record exports of aluminum products from China, Century Aluminum noted. Chinese production rose 15% year over year during first-half 2017.
Century Aluminum also expects alumina unit costs to decrease in third-quarter 2017. The company saw an increase in the costs of other key raw materials in the second quarter and expects this trend to continue in the third quarter.
Price Performance
Century Aluminum’s shares rallied 145.5% over the past year, outperforming the 25.3% gain of the industry it belongs to.
Century Aluminum said that it is seeing strong demand for its products and strength in general manufacturing and construction in its markets. However, the company still expects a global supply surplus in primary aluminum for the foreseeable future, triggered by surging and heavily subsidized production from China. Trade data continue to show record exports of aluminum products from China, Century Aluminum noted. Chinese production rose 15% year over year during first-half 2017.
Century Aluminum also expects alumina unit costs to decrease in third-quarter 2017. The company saw an increase in the costs of other key raw materials in the second quarter and expects this trend to continue in the third quarter.
Price Performance
Century Aluminum’s shares rallied 145.5% over the past year, outperforming the 25.3% gain of the industry it belongs to.
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