Century Aluminum Co . (NASDAQ:CENX), a $2 billion market cap aluminum producer that has delivered an impressive 82% return year-to-date, has reported executive leadership changes, including the promotion of Rob Hoffman to Senior Vice President, Chief Information Officer, and Chief Accounting Officer, according to a recent SEC filing. According to InvestingPro data, the company maintains a GOOD financial health score, suggesting strong operational fundamentals. Mr. Hoffman's promotion follows the departure of the company's former principal accounting officer, Ms. Theresa Brainerd, on December 5, 2024.
Mr. Hoffman, 55, has been with Century Aluminum since October 2004 and has held various roles within the company. Prior to his current promotion, he served as the Director of Financial Planning and Analysis from May 2015 to May 2017. In June 2017, he was promoted to Chief Information Officer and further elevated to Vice President, Chief Accounting Officer, and Chief Information Officer in 2021. Under the current management team, the company has achieved profitability with earnings per share of $3.30 in the last twelve months.
With a Bachelor of Science degree in Accounting from Golden Gate University, a Master of Business in Finance from Saint Mary’s College of California, and credentials as a Certified Public Accountant, Mr. Hoffman brings a wealth of knowledge and experience to his new role. The Board of Directors appointed him as the principal accounting officer in connection with his promotion.
In other recent news, Century Aluminum demonstrated robust financial performance in the third quarter, reporting an adjusted EBITDA of $104 million, largely credited to improved aluminum prices and the introduction of new Section 45X tax credits. The company also reported shipments of approximately 169,000 tons and net sales of $539 million. Wolfe Research recently upgraded Century Aluminum shares from Peerperform to Outperform, setting a new price target of $27.00, reflecting a positive outlook based on higher commodity price forecasts for aluminum and the potential sale of a significant power connection at the company's currently inactive Hawesville smelter.
BMO Capital adjusted its price target on Century Aluminum's shares to $18.00, up from the previous $16.00, while maintaining a Market Perform rating. The firm has raised its estimates for Century Aluminum, considering updated market prices and the additional 45X credit. Century Aluminum is also undergoing a strategic alternatives review for the idled Hawesville smelter, which could impact future operations and financial outcomes. The company is exploring the potential redevelopment of its Hawesville facility and the competitive cost structure of the Jamalco alumina asset.
For the fourth quarter of 2024, Century Aluminum provided an EBITDA guidance range of $70 million to $80 million. The company's CEO, Jesse Gary, emphasized the company's commitment to safety and operational stability across all smelters, particularly in the recovery at Jamalco post-Hurricane Beryl.
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