Century Aluminum Company (CENX) saw its loss widen to $168.46 million, or $1.93 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $43.08 million, or $0.50 a share.
Revenue during the quarter dropped 11.48 percent to $339.84 million from $383.92 million in the previous year period. Gross margin for the quarter period stood at positive 1.49 percent as compared to a negative 4.87 percent for the previous year period. Operating margin for the quarter stood at negative 46.98 percent as compared to a negative 7.42 percent for the previous year period.
Operating loss for the quarter was $159.64 million, compared with an operating loss of $28.49 million in the previous year period.
"All operations performed well during the quarter, with key performance indicators and financial results at expected levels," commented Michael Bless, president and chief executive officer. "We are proud of the safety performance our people have achieved under difficult conditions; we believe our focus on the identification of behaviors that can lead to safety risk, as well as the prevention of serious and life changing injuries, is paying dividends. Conversion costs remained in line during the quarter and cash flow was strong relative to the depressed market conditions. The company's financial condition, which remained robust through the significant commodity price weakness of late 2015 into 2016, has only improved."
Operating cash flow improves
Century Aluminum Company has generated cash of $38.17 million from operating activities during the year, up 19.79 percent or $6.31 million, when compared with the last year. The company has spent $21.16 million cash to meet investing activities during the year as against cash outgo of $43.36 million in the last year. It has incurred net capital expenditure of $20.90 million on net basis during the year, down 61.77 percent or $33.78 million from year ago.
Cash and cash equivalents stood at $132.40 million as on Dec. 31, 2016, up 14.74 percent or $17.01 million from $115.39 million on Dec. 31, 2015.
Working capital declines
Century Aluminum Company has witnessed a decline in the working capital over the last year. It stood at $261.46 million as at Dec. 31, 2016, down 6.87 percent or $19.28 million from $280.74 million on Dec. 31, 2015. Current ratio was at 2.46 as on Dec. 31, 2016, down from 2.68 on Dec. 31, 2015.
Debt remains almost stable
Total debt of Century Aluminum Company remained almost stable for the quarter at $247.70 million, when compared with the last year period. Total debt was 16.08 percent of total assets as on Dec. 31, 2016, compared with 14.11 percent on Dec. 31, 2015. Debt to equity ratio was at 0.33 as on Dec. 31, 2016, up from 0.24 as on Dec. 31, 2015.
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