The quarter cleared the key earnings hurdle. Published consensus was roughly $2.33 for adjusted EPS, versus $2.46 reported, a modest beat; adjusted EBITDA of $326.9 million also landed near the high end of the company’s prior $315–$335 million outlook.
| Metric | Q2 2026 | Q1 2026 | Expectation / reference |
|---|---|---|---|
| Aluminum shipments | 130,632 tonnes | 122,865 tonnes | — (Financial Highlights) |
| Net sales | $752.1 million | $649.2 million | — (Financial Highlights) |
| Diluted EPS | $2.39 | $3.23 | — (Income Statement) |
| Adjusted EPS | $2.46 | $1.63 | Consensus ~ $2.33 |
| Adjusted EBITDA attributable to Century | $326.9 million | $231.4 million | Prior outlook: $315–$335 million |
The underlying operating trend improved sharply despite a noisy headline. Adjusted EBITDA rose $95.5 million sequentially, driven by better realized aluminum prices, mix, operating costs, and U.S. power prices; shipments also increased as Mt. Holly’s expansion and Grundartangi’s Line 2 restart contributed more production. That is the economically important comparison—not the 26% decline in reported net income, which was distorted by the prior quarter’s $287.9 million Hawesville sale gain. (Adjusted EBITDA reconciliation; Shipments — Primary Aluminum; Income Statement)
The result was not clean, with Iceland still masking part of the business. The quarter included a $61.3 million after-tax charge tied to the Iceland equipment failure, partly offset by a $32.1 million after-tax insurance gain and a $38.9 million after-tax unrealized derivative gain. These items make reported and adjusted earnings less representative of steady-state profitability, while Iceland shipments remained far below the prior-year quarter. (Reconciliation of Non-GAAP Financial Measures; Shipments — Primary Aluminum)
Financial flexibility strengthened materially. Operating cash flow was $236.0 million for the first six months, cash and restricted cash totaled $389.7 million, and reported liquidity was $784.9 million; the balance sheet also shows long-term debt of $480.0 million and no current maturities. The cash improvement partly reflects the $200.0 million Hawesville sale proceeds, so not all of the liquidity increase represents recurring cash generation. (Cash Flow statement; Liquidity discussion; Balance Sheet)
Net read: a narrow positive rather than a decisive reset. The adjusted EPS beat and EBITDA near the top of the prior range show better-than-feared operating execution, but the quarter remains heavily influenced by aluminum prices, derivatives, insurance recoveries, and the Iceland disruption. With no new forward guidance in the filing, the beat improves the near-term picture without establishing a clearly higher recurring earnings base.
Read the original 8-K on SEC EDGAR ↗