Century Aluminum Co (CENX) · Nov 5, 2026 · Earnings

Century Aluminum earnings beat revenue but miss adjusted EPS estimates

Miss — Adjusted EPS $2.58 vs ~$2.68 consensus

Century Aluminum’s Q3 earnings show a strong Iceland production recovery and higher revenue, but adjusted EPS missed expectations as power costs and one-off items weighed.

Century Aluminum is rebuilding production after the Grundartangi equipment failure and has just completed the restart of its Icelandic second potline, while also operating with a broader expansion ambition tied to Mt. Holly and a proposed new U.S. smelter. The Iceland recovery was expected; the question was how much earnings power returned and whether it translated into results above the market’s bar. The Grundartangi restart and Mt. Holly expansion remain part of the company’s broader capacity-recovery and domestic-growth story.

The operating recovery is real, but the quarter did not clear the earnings bar. Shipments rose 32.8% sequentially as Iceland output returned near full production, and revenue exceeded the published consensus of roughly $941.5 million. But adjusted EPS of $2.58 was below the approximately $2.68 consensus, making this a revenue beat but an adjusted earnings miss. The company attributed the sequential improvement to higher shipments and metal prices, while unfavorable power-price realization and higher operating expenses limited the conversion into EBITDA and earnings.

Underlying profitability improved only modestly despite the volume rebound. Adjusted EBITDA rose just $4.7 million sequentially and landed inside the company’s prior $325 million–$345 million outlook, so execution was broadly on plan rather than a fresh upside surprise. The gap between sharply higher shipments and only slightly higher adjusted EBITDA points to power-price and cost pressure absorbing much of the benefit.

Reported net income overstates the quality of the quarter. GAAP EPS reached $2.89, but the filing identifies $31.0 million of net exceptional items, including a $34.5 million after-tax unrealized derivative gain and a $12.7 million insurance gain, partly offset by $15.1 million tied to Iceland equipment failures. That makes adjusted EPS the cleaner measure of ongoing performance for this event.

The balance sheet gives the recovery more room, but does not change the earnings read. Liquidity increased to $1.16 billion, helped by cash generation, the Hawesville sale and insurance proceeds, while the company continues funding capital investment and its longer-term smelter ambitions. That improves financial flexibility, but it is support for the strategy rather than evidence that the new-build project has crossed another execution milestone.

Bottom line: Century has repaired an important production hole and delivered a revenue beat, but the recovered volume did not produce an adjusted earnings beat. The quarter modestly weakens the near-term execution story because costs and power exposure consumed more of the rebound than expected.

Original filing on SEC EDGAR

More Century Aluminum Co news

• Adjusted earnings beat expectations as operating momentum accelerated