LOS ANGELES, April 21 (Reuters) - Century Aluminum Co on Tuesday reported a wider-than-expected first-quarter loss as the company slashed production to combat weak demand for aluminum amid a more than 50 percent drop in sales.
The company reported a net loss of $114.6 million, or $1.77 per share, compared with a net loss of $233.9 million, or $5.70 per share, a year ago.
Results for the most recent quarter included a charge of $24.3 million related to job cuts and other costs stemming from production cuts at its Ravenswood, West Virginia and Hawesville, Kentucky aluminum smelters.
Excluding the charge, the company lost $1.40 per share for the quarter. On that basis, analysts had been expecting a loss of $1.01 per share, according to Reuters Estimates.
Century said it has curtailed 28 percent of its global primary aluminum capacity since December.
First-quarter sales slid 52 percent to $224.6 million from $471.1 million a year ago, the company said.
Analysts had been expecting sales of $227.9 million, according to Reuters Estimates.
'We took aggressive actions during the quarter to prepare Century for a prolonged period of weak aluminum markets,' Chief Executive Logan Kruger said in a statement.
Century Aluminum shares fell to $2.80 in extended trade after closing at $3.36 on the Nasdaq.
(Reporting by Nichola Groom; Editing Bernard Orr) ((nichola.groom@thomsonreuters.com; +1-213-955-6755; Reuters Messaging: nichola.groom.reuters.com@reuters.net)) Keywords: CENTURYALUMINUM/ (Visit the Reuters Environment blog at http://blogs.reuters.com/environment) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company reported a net loss of $114.6 million, or $1.77 per share, compared with a net loss of $233.9 million, or $5.70 per share, a year ago.
Results for the most recent quarter included a charge of $24.3 million related to job cuts and other costs stemming from production cuts at its Ravenswood, West Virginia and Hawesville, Kentucky aluminum smelters.
Excluding the charge, the company lost $1.40 per share for the quarter. On that basis, analysts had been expecting a loss of $1.01 per share, according to Reuters Estimates.
Century said it has curtailed 28 percent of its global primary aluminum capacity since December.
First-quarter sales slid 52 percent to $224.6 million from $471.1 million a year ago, the company said.
Analysts had been expecting sales of $227.9 million, according to Reuters Estimates.
'We took aggressive actions during the quarter to prepare Century for a prolonged period of weak aluminum markets,' Chief Executive Logan Kruger said in a statement.
Century Aluminum shares fell to $2.80 in extended trade after closing at $3.36 on the Nasdaq.
(Reporting by Nichola Groom; Editing Bernard Orr) ((nichola.groom@thomsonreuters.com; +1-213-955-6755; Reuters Messaging: nichola.groom.reuters.com@reuters.net)) Keywords: CENTURYALUMINUM/ (Visit the Reuters Environment blog at http://blogs.reuters.com/environment) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.