Century Aluminum Company (CENX) reported its fourth‑quarter 2025 results on February 19 2026, posting a GAAP earnings per share of $0.02 and revenue of $633.7 million. The adjusted EPS, which excludes one‑time charges, was $1.25—just $0.04 below the consensus estimate of $1.29 and close to the $1.28–$1.30 range reported by other analysts. Revenue fell $11.4 million, or about 1.8 % lower than the $645.1 million consensus estimate, and $27.9 million below the $661.63 million estimate cited by some outlets.
The GAAP miss reflects a $0.47 million charge related to an Iceland smelter equipment failure and a $0.12 million loss from Hurricane Melissa’s impact on U.S. operations. When these one‑time items are removed, the adjusted EPS demonstrates that the company’s core operations performed in line with expectations, driven by higher aluminum prices and improved operating costs. The company’s cost‑control program and pricing power helped maintain margins despite the headwinds.
Revenue was slightly below consensus because higher input costs and lower realized aluminum prices compressed the company’s pricing power. The mix of domestic and international sales remained near target, but the lower realized prices in the U.S. market offset the gains from the protected Section 232 tariff regime. The company’s operating margin stayed near 10 %, indicating that the cost‑control efforts were effective in mitigating the impact of the one‑time charges.
Management guided for Q1 2026 Adjusted EBITDA of $215 million to $235 million, a range that signals confidence in continued improvement in metal pricing and regional premiums. The guidance follows the company’s progress on a new Oklahoma smelter partnership with Emirates Global Aluminium (EGA), which is expected to add significant U.S. primary aluminum capacity and benefit from a $500 million U.S. Department of Energy grant. The company also plans to restart idled production at its U.S. facilities, further supporting future growth.
CFO Pete noted, "We are adding back the loss margin at Grunderangi and including that in our guidance, so no further adjustments are required." CEO Jesse Gary highlighted the company’s progress on the Oklahoma smelter, describing it as a "substantial" step toward expanding U.S. production. He also praised the smelter team for "excellent performance" across its assets in the fourth quarter, noting that the company had "record year" results in key performance and profitability metrics despite challenging weather.
Investors reacted with a mixed response, weighing the GAAP earnings miss against the near‑consensus adjusted EPS and the positive outlook for Q1 2026. The company’s strategic initiatives—particularly the new smelter partnership and production restarts—provide a tailwind that offsets the short‑term operational disruptions, while the ongoing risk of a Section 232 tariff rollback remains a headwind for future margins.
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