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spk04: Good afternoon. Thank you for attending today's Century Aluminum Company first quarter earnings call. My name is Tania, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star 1 on your telephone keypad. I would now like to pass the conference over to our host, Peter Trubowski with Century Aluminum. Please go ahead.
spk07: Thank you, Tania. Good afternoon, everyone, and welcome to the conference call. I'm joined here today by Jesse Gehry, Sentry's President and Chief Executive Officer, and Shelly Harrison, Senior Vice President of Finance and Treasurer. After our prepared comments, we'll be happy to take your questions. As a reminder, today's presentation is available on our website at www.sentryaluminum.com. We use our website as a means of disclosing material information about the company and for complying with regulation at speed. Turning to slide one, please take a moment to review the cautionary statement shown here with respect to forward-looking statements and non-GAAP financial measures contained in today's discussion. And with that, I'll hand the call over to Jesse.
spk08: Thanks, Pete. Thanks to everyone for joining. I'll start today by reviewing the highlights from our record first quarter results and then discussing the constructive market conditions in which we are operating. Shelly will then take you through the details of the first quarter results and provide some insights on our expectations for Q2. I'll finish with a review of the status of the Grinder-Tongey Cash House project and our progress towards our capital allocation targets. Okay, starting on page three, we're very proud to announce that we achieved record quarterly adjusted EBITDA of over 105 million in the first quarter, a 30% increase over Q4. This was matched with a 14% increase in net sales for the quarter. This performance is a reflection of the hard work completed by our century team across locations over the past several years, bringing on additional production and increasing our proportion of value-added products. We are very pleased to be seeing the returns from these past investments come to fruition. To that end, our quarterly shipments increased by 5% from Q4, reflecting our highest level since 2015. The increase was mostly driven by our expansion projects at both Mount Holly and Hawesville, both of which are now substantially complete. We should expect additional volume gains of about 10,000 metric tons in Q2 as the newly restarted pots in Mount Holly produce over a full quarter and pots come back online in Grunertangi. We achieved these production levels despite power curtailments in Iceman, decreasing Grunertangi shipments by approximately 3,000 metric tons in the quarter. As discussed on our last call, these curtailments were driven by low reservoir levels in Iceman, which have now begun to refill and return to more normal levels. The power curtailment ended earlier this month, and we are currently in the process of putting 36 curtailed pots back into production. We expect the smelter to return to full production sometime in May. Please note that as these pots are returned to production, we will have a one-time increase in our relining costs reflected in Q2 OPEX, which should not continue in future quarters. Shelley will cover the details on this in a bit. Across our assets, we remain focused on consistent and cost-disciplined operations. Over the past year, we've made significant progress improving the stability and consistency of our smelters, which allows us to operate as efficiently as possible. Grunertangi's steady execution through the first quarter of power curtailment is a good example of this. In the U.S., the team's increased shipments over 13,000 metric tons, despite dealing with continuous stress supply chains that resulted in the deferral of several major maintenance projects previously scheduled for the quarter. along with the deferred hotlining from Dr. Tongi I discussed earlier, resulted in approximately 15 million in OpEx cost savings in Q1 that will now be pushed into Q2. Finally, I'd like to take a moment to commend our operators across our assets for the significantly improved safety performance over the quarter. Safety is the core value for Sentry, and we work hard to improve each and every day. All of our employees should feel proud of the progress they've made. Okay, turning to page four, You can see the market fundamentals for our business remain robust. We continue to forecast that the global aluminum market will remain in an over 1 million ton deficit in 2022, with a shortfall being increasingly centered in our markets in the U.S. and Europe, where we are forecasting 4.3 million ton deficit in the U.S. and a 3.7 million ton deficit in Europe for the year. Global deficits have shifted west as Chinese filters have begun to restart capacity in Yunnan and Guangxi that was curtailed over the winter. These restarts appear to be progressing in line with our expectations. In the West, however, production growth is nearly at a halt, as there have not been any further restart announcements, and previously announced restarts in Brazil and elsewhere have experienced delays due to supply chain disruptions and other events. We do not foresee any restarts in Europe over the next few years, which instead remains at risk of further curtailment as energy prices in remaining production countries continue to price above $250 per megawatt into 2024. Western inventories have continued to decline, with LME stocks reaching their lowest levels since 2005. Compared with continued high freight costs across the world, these dynamics continue to support strong regional premiums in the US and Europe, where the European duty-paid premium has reached record highs of $610 per metric ton, and the Midwest premium remains near record highs of $870 per metric ton. Our geographic footprint with the short supply chains into both of these markets continue to prove advantageous in capturing these premiums. During page five, you can see that the LME price of aluminum remained strong in Q1, with LME prices averaging $3,270 in the first quarter and averaging that same price so far in Q2. On the demand side, we have experienced strong demand for all of our products here today. We continue to expect world ex-China demand growth will land between 2.5% and 3.5% range that we discussed in March. Our U.S. market remains especially robust, which we expect will outpace Europe for the year. While the war in Ukraine remains a risk to European growth, we have not experienced any significant war-related demand destruction to date. Fillet demand remains another highlight, with premiums at all-time highs as we enter Q2. In addition, our billet customers continue to order and add new extrusion presses, which we believe will underpin continuous billet demand growth for the long term. Given the strength of the U.S. billet market, we have decided to move forward with several de-bottle mixing projects in the Seabree and Mount Holly cat houses. We expect the first phases of these projects should be complete by the end of 2022 and should increase billet capacity by over 10,000 metric tons in 2023 and beyond. With these projects, along with other smaller investment projects across our assets. We now expect 2022 investment capex to be about $10 million for the year. These are all very quick payback projects and fall within our return requirements. On the cost side, we saw continued upward pressure across key inputs, with a notable exception of recent weakness in the aluminum price. The most significant of these increases have been in energy prices. Although first quarter energy prices taken as a whole were relatively flat in Q4 levels, we have more recently seen significant price increases in MISO, driven by high global coal prices and spiking U.S. natural gas prices, which seem to be driven by lower than average U.S. storage levels and strong U.S. industrial demand. While these markets remain dynamic and continue to trade in significant backwardation, we now expect higher U.S. energy prices over Q2 by about $25 per megawatt. Shelley will walk you through the expected impact for Q2. Coke and pitch prices also continue to increase so far during the second quarter, each increasing about 17% over Q1. We are well supplied for both materials, but this is one area that has been impacted by the war in Ukraine, which is the supplier of feedstock for both commodities. On the other hand, alumina has been much more constructive this month after peaking at $530 per metric ton immediately following the curtailment, of the Ukrainian alumina refinery due to the war. The early concern, following the closure of the Nikolaev refinery, appears to have been misplaced, as the market seems to be well-supplied with spot alumina trading about $370 per metric ton today. As a reminder, alumina prices flow through our results on a three- to four-month lag, which means that Q2 realized alumina prices are expected to be flat quarter over quarter. We then will expect to benefit from current low pricing beginning in Q3. Shelley will now walk you through the financial results.
spk05: Thanks, Jesse. Let's turn to slide six, and I'll take you through the results for the quarter. On a consolidated basis, Q1 shipments were up about 5% quarter over quarter, primarily driven by Mount Holly, as the restart project is now substantially complete. Realized prices were up 8% compared to prior quarter as a result of higher lagged LME prices and value-added product premiums. The combination of higher shipments and real-life selling prices drove a 14% increase in sequential net sales. Looking at operating results, adjusted EBITDA was $105 million in Q1, and adjusting items this quarter included $3.3 million for share-based compensation. Liquidity from available cash and credit facilities was $154 million at the end of Q1, which was a $54 million increase from prior quarter. Turning to slide seven, here we'll go through the $23 million sequential increase in adjusted EBITDA. As we forecast on our last call, the Q1 realized LME at $2,762 a ton was up $158 versus prior quarter, while realized Midwest and European delivery premiums were relatively flat at 32 cents per pound and $343 a ton respectively. Indie power prices in Q1 averaged $50 a megawatt hour, which is down about 9% versus Q4, while North Pole prices averaged $122 a megawatt hour, or up 11% versus prior quarter. The impact of these two changes roughly offset each other. Lagged alumina index prices were up $85 per ton versus prior quarter, and coke and pitch prices continued their upward trend with realized prices increasing about 15% for each. Value-added premiums added $15 million to Q1 EBITDA, as we're now benefiting from higher billet prices in our Cal 22 contracts. Lastly, we had a volume benefit of about $8 million related to higher shipments, as well as a $15 million benefit for lower operating costs in Q1. As Jesse mentioned, the operating cost savings were a result of deferring a number of our planned maintenance projects into Q2, as well as some deferred pot relining at Runder-Tonge due to the temporary power curtailments that have now been lifted. Okay, let's turn to slide eight and we'll take a quick look at cash flow. Our cash sufficient remained relatively flat, going from $29 million at 1231 to $27 million at 331. CapEx spending was $26 million in Q1, with about $10 million of that relating to the restart at Mount Holly, and $10 million related to the Grundertage taskhouse. Cash paid for hedge settlements was $17 million for the quarter. Finally, working capital was also a use of cash in the quarter, as higher volumes and aluminum price increases drove higher receivable values, partially offset by higher payables. Importantly, we were able to hold inventory levels reasonably flat quarter over quarter with lower days on hand, offsetting the impact of higher prices. Let's turn to slide nine. I'll give you some insight into our expectations for the second quarter. For Q2, the lagged LME at $3,160 a ton is expected to be up about $400 a ton versus Q1 realized prices. The Q2 lagged Midwest premium is forecast to be $870 a ton, an increase of $160, and the European delivery premium is expected at $505 per ton, also an increase of $160 a ton. Taken together, these aluminum price increases are expected to increase Q2 EBITDA by about $100 million versus Q1 levels. Lagged API-based Illumina is expected to be $415 a ton, which is flat with Q1 prices. While realized Illumina prices will remain high for us in Q2, the API has come down significantly, and we expect to see the benefit of lower spot prices in our Q3 results. From a power perspective, factoring in the recent forwards along with our realized quarter-to-date costs, we expect an overall increase in total energy costs versus Q1, with domestic prices up about 50% and North Pole prices relatively flat. This increase in energy costs would equate to about a $45 million decrease in EBITDA versus Q1. This $45 million includes the impact of one month of our new power capacity prices for our Kentucky smelters, which will go into effect on June 1st. The capacity price increase reflects roughly a $12 million increase per quarter that will fully materialize in Q3. Capacity charges are payable in addition to our base energy costs, and prices are reset by MISO at auction every 12 months. Coke and pitch prices have been on the rise since mid-2021, and we expect that trend to continue with a Q2 increase of about 20% versus the first quarter. These price increases are expected to drive a $15 million EBITDA decrease versus the prior quarter. As Jesse mentioned, we expect an additional 10,000 tons in Q2, which will contribute about 10 million of additional EBITDA. Going the other way, we expect a quarter-over-quarter increase in operating expenses of 25 to 35 million as we complete the maintenance and pot rebuilds that were deferred from Q1. In total, we expect all these items taken together will equate to an approximate EBITDA increase of $15 to $25 million from Q1 levels, for a Q2 result of about $120 to $130 million. From a hedge standpoint, we expect a realized loss of about $20 to $25 million in the second quarter, and we expect a tax expense of approximately $10 million. As a reminder, both of these impacts will be below EBITDA geographically and will affect adjusted net income. And with that, I'll turn the call back to Jesse.
spk08: Thanks, Shelley. Okay, if you'll turn to page 10, I'll conclude the call with a quick update on our Gundertongi Cast House project and our capital allocation plans for the year. The Cast House project at Gundertongi is off to a great start, with major engineering work completed and material equipment contracts in place. Site work is commenced, and we continue to expect that we'll deliver the project on budget and on schedule, ready to sell billets into the 2024 market. Turning to capital allocation, we made good progress towards our liquidity and net debt targets over the quarter, finishing with a liquidity of $154 million and net debt, excluding the Gruner-Tunkey cash house, of $388 million. As discussed earlier, we now expect to spend approximately $10 million for the year on investment CapEx projects. primarily relating to the Cache House de-bottlenecking project at Seabreeze in Mount Holly. Sustaining capex for the year should fall within the $30 to $35 million range we discussed on our Q4 call. Given the constructive market environment, we continue to expect that we will reach our targeted net depth and liquidity levels sometime in the second half of this year. And with that, we'll turn it over to questions.
spk04: Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad If for any reason you would like to remove that question, please press star followed by two. Again, to ask a question, press star one. If you are streaming today's call, please dial in and enter star one. As a reminder, if you are using a speaker phone, please remember to pick up your handset before asking your question. We will pause here briefly as questions are registered. The first question is from the line of Tina Tanner with Wolf Research. Your line is open.
spk03: Yeah, hey, good afternoon. Why don't you just start out and ask some high-level questions. I wanted to get Jesse's thoughts on the aluminum markets. Nice to hear from you, Shelley. Hope you're well. But with the aluminum market, I was interested in your comments on China. Just wanted a little bit more color on some of the restarts there and if China might be ramping up exports to capitalize on high prices. I know that's a risk. Just wanted your take on it. And I'm interested in your comments that there wasn't new capacity coming on in Europe, I think there's a Spanish melt there we know of restarting and some talk of wind power, so just thought it'd be interesting to get your take on that and further delay on restart commentary.
spk08: Sure. In China specifically, after we saw the shutdown over the winter and early in the fall due to some water and other power tightness issues in China, of course we knew that coming spring as the reservoirs we build in Yunnan and Guangxi that we would start to see some of these restart. And we have seen those come on, and it's sort of in line with what we had expected. So no real surprise there in terms of supply coming online in China. With respect to exports, I mean, we haven't seen this yet. Of course, they're having issues in the ports, and so it's tough to sort of sort through all the gives and takes there. But we haven't really seen that pressure yet coming into our markets, at least. In Europe, of course, there's been some announcements, but they're usually pretty far-dated announcements. But just looking at the forward power curves in Europe, you see really heavy energy prices continuing into 2024. And of course, you know, recent news over the past, gosh, it's hard to even remember if it was yesterday or today, with gas supplies from Russia being further curtailed or interrupted. I think that just adds pressure to what can happen in Europe in sort of the medium term here.
spk03: Okay, thank you. That's helpful. And then I just wanted to think conceptually, based on what we know now and thinking into the second half. So all else equal, which I know never happens, but aluminum prices falling, aluminum prices at these levels, assuming some of these outage costs roll off. What do we think about the second half, and is that a fair way to think about the market? Are there other things around the corner that we know, or given where we sit today, are there other items that you could flag for us?
spk08: Yeah, I think that's a pretty good start, Hannah. So we know that the power interruption in Iceland has stopped, and so we'll have those tons coming back online at Grid Autonomies. As I mentioned, it's about 36 plots. We're already in that process, and so we should exit the quarter across the system at basically full run rates that we communicated to you earlier in the year. There are some gives and takes, of course. We do have high energy prices in Europe. We have a little bit of exposure to that in Iceland. Remember, we have a Nord pool link for a portion of that Icelandic power, although 60% of that is hedged. So there's just a little bit of exposure to Europe there. And then in the U.S., we have seen some higher energy costs. So we're watching that closely. Those are mostly driven by the gas price, also some high coal prices. But those will be partially offset, at least, by falling aluminum prices. So I think you sort of had us in there, just maybe filling out a couple other pieces there.
spk03: Okay, super. I'll hand off there. Thanks.
spk04: Great. Thank you, Ms. Tamers. The next question is from David Gagliano with BMO. Your line is open.
spk06: Hi. Thanks for taking my questions. I missed some of the beginning here. I apologize. Can you explain a little bit more or reiterate or rehash the deferred OPEX in the first quarter that's coming back in the second quarter? What was that about again? I missed that part.
spk08: Yeah, sure. So it's mainly on the U.S. side, David. But as we focus, you know, sort of two things going on there. As we focus on bringing on POTS at Mount Holly, and then we saw, we did see some supply chain disruptions coming through, and we just made the decision to defer some of the major maintenance projects that have been scheduled for Q1 into Q2. So no increase overall in the sort of what we thought we would be at annually, but just a little bit of timing movement there from Q1 into Q2. And then there's another piece in there, which is just as the Icelandic power interruption was going on. Of course, we weren't bringing pots on during that time period. And so as we bring those pots on in Q2 instead, you'll see a spike in relining costs that will be one time in Q2.
spk06: Okay, so that's okay. So and I believe you said in the prepared remarks, the Q1 deferral into Q2 from the US side was 15 million, right? Is that right?
spk08: Yeah, it'll be 15 in total, including both the Icelandic relining and the deferred op-ex from the U.S. side.
spk06: Okay, and then in slide 9, the deferred op-ex for 2Q is a total of, at the midpoint, increase of $30 million.
spk08: Yeah, so all that is because we're coming in. No, it's just when you compare sequentially, David, obviously Q1 was $15 million lower and And then when you move that into Q2, you get 15 plus 15 is 30.
spk06: Okay. Okay. You know, I'll just leave it at that. I'll turn it over to somebody else. I'm playing catch up on the slides. Thanks. Okay. Thank you.
spk04: Thank you, Mr. Gagliano. The next question is from the line of John Tomezos with John Tomezos Berry Independent Research. Your line is open.
spk01: Thank you for taking my question. Jesse, could you describe how the board determines your compensation and bonus? I'm just curious how you're incented. You refer to the record results. I presume that's EBITDA. The stock price record was $80 in 2008. and it was $30 in 2014 and earlier this year. So from a shareholder's perspective, it doesn't feel like a record moment.
spk08: Yeah, I was referring to Iba Dajon. Of course, we'd like to see the stock price higher as well. My compensation is very similar to other public company compensation. You will see that there is a significant portion of that at risk, and it's heavily weighted to stock price performance.
spk01: Jesse, I'm kidding you a little bit now. Chuck Knoll, the famous football coach, used to say that he treated reporters like mushrooms. He kept them in the dark. It would be better if your full 10K was disclosed before the call and we had all the hedge data and background to ask better questions and understand things better. The press release I saw at 4.23, the slides after 5 o'clock. Some of us aren't smart enough to figure it out that fast.
spk08: We just want to have a call with you. I remember Chuck Knoll, John. I also remember Chuck Knox. I grew up a Seahawks fan, so about that same era. But if you just turn to page 17 of the slides, you'll see the head slides that we've been including for the past several quarters. No change there, quarter over quarter.
spk00: Thank you. Thank you, Mr. Gagliano.
spk04: Thank you, Mr. Tamrazo. The next question is from the line of Lucas Parks with the Raleigh. Your line is open.
spk02: Thank you very much for taking my question, and just a quick one from me. I'd like to understand Icelandic power better. I'm sorry to kind of get a little bit of an education here on the Icelandic power markets, How is that linked to kind of the broader European price trends? So if we were to see further escalation, for example, natural gas cut off to more than just Poland and Bulgaria, how would that ricochet back up to the North Pole? Thank you very much. Sure. Yeah, that's a really good question, Lucas.
spk08: So just to start at the top level, if you look at page 16, you'll see the breakdown of our energy costs. So Iceland is 70% LME linked and 30% linked to NordPool. So NordPool is the market for Norway and a number of other countries sort of in Northern Europe. And it's the contract, the physical energy contract that we have with Landsbergen in Iceland is linked to the NordPool system price of power. So you can see that, go to NordPool and see what that system price of power is. That market is heavily hydro generation, but they also have some interconnectors into Europe. And so, while you don't see the full impact of the gas crisis reflected in North Pole pricing, for instance, like you see in Germany or France or some of the other smelter-based countries in Europe, you do see some elevated prices due to those interconnectors into the mainland. If you look, actually, we have a pretty good slide on page four, Lucas. On the bottom right-hand corner here, you can see the orange line, which is representing mainland Europe power prices and also the forward prices in mainland Europe, which, as you can see, are quite elevated and above $250 for most of the period. Whereas, you see in the dark blue line, the sort of North Pole forward prices, so you see there is quite a bit of disconnection to the McKinnon power prices.
spk02: I appreciate that very much. Thank you. That's all my questions for today.
spk05: Sorry, maybe, Adam, one more thing to finish in. The coal exposure, we do have 60 percent of our exposure hedged for the current year. So when you're looking at EBITDA, these hedges are actually financial hedges. So they'll fall below EBITDA. You'll see the full impact of North Pole for that 30% running through EBITDA. But then below EBITDA, when you get to cash flow, we do have a hedge in place for 60% of that exposure.
spk08: Yeah, that's a good point, Shelley. And that hedge is at 24 euros per megawatt, so quite a beneficial hedge. And then just as a reminder, we're 80% hedged for that link in 2023. And then starting in 2024, that linkage in Nordic power markets goes away, and the land-forking contract converts to a fixed-price contract.
spk02: Very helpful. Thank you both very much for this.
spk04: Thank you, Mr. Hyde. Again, to ask a question, press star 1. The next question is a follow-up from Tina Tanner with Wolf Research. Your line is open.
spk03: Yeah, hey guys, I thought I'd capitalize on having you on the line to ask about slide four, the one with the primary aluminum consumption days of inventory. I've been watching that and kind of surprised at that. Just thought I'd ask if there's any implication or comments because the inventory has been shrinking even as the aluminum price has been falling. So I wanted to get your thoughts on that. And then if I could, I saw the capital allocation slide you mentioned M&A a couple times, so if you wouldn't mind reminding us I see three mentions here, so I thought I should ask, you know, a little bit more color on what you're thinking, what size, you know, what area of the market, et cetera. Thanks.
spk08: Sure. No, that's great. That's great, Kim, and two good questions. I'll start with the first one. So, yeah, we do still see strong deficits, and, you know, we expect those to continue for some time beyond what we show here on the slide. Of course, LME price is have to do with global balances, sometimes you'll see inventories most efficiently reflected in regional premiums. And so when you look at Midwest and you look at EDPP, both are basically at record highs, reflecting those tight, tight inventory levels in the short markets. So sometimes inventories will be more sort of efficiently reflected in the delivery premiums than in the L&E price. Of course, overall, the LME price is there. It can just be a little bit more forward-looking than the regional premiums that are specifically looking at those inventories. So, on the M&A piece, yeah, of course, as we look at areas of growth, we look at both sort of organic growth and then any potential M&A growth. There's no specific area that we're targeting. But if you did see us do anything, you'd probably see it reflection of the markets where we're strong in, in the U.S. and Europe, and just sort of looking to fill any sort of growth gaps that we could. But no specific targets in mind, just reflected there as an option.
spk03: Okay, thank you.
spk04: Great. Thank you, Ms. Taylor. The next question is a follow-up from David Gagliano with BMO. Your line is open.
spk06: All right. Thanks for taking my follow-up. So, Shelley, I know you mentioned on the call power contract reset in the U.S., and I think it's $12 million a quarter higher, of which $4 million we see in the second quarter. I believe that's right. What is that reset, and are there any others coming up?
spk08: No. So, David, what that is, in the U.S., in MISO specifically, you pay both an energy price and a capacity price. And for the past, you know, five, six, seven years, that capacity price has basically been de minimis. That capacity price is determined for the entire MISO system in an auction that occurs in April. And this year, a significant amount of capacity did not bid in, which drove up that capacity price that we're paying for energy. for capacity in the MISO market. It was unexpected within MISO. You can see their own commentary on it. Also, we did not expect it to clear these levels. I think when you look at potential causes, I think the market has been, you know, affected, and people have sort of, as in many other areas, been surprised a bit by the strength of industrial demand across the U.S., and that could be a driver that we saw this year. Nothing else on the energy price that's out there similar to this.
spk06: Okay, so that's the only reset, or if I say the term incorrectly, I apologize, but that's the only type of, you know, exposure to this sort of thing until next April. Is that right? Is that the idea here?
spk08: That's right. Yeah, that's right. So, the auction will occur again next April and set the price for then June 1st. 23 through June 24. This price is from June 22 through June 23.
spk06: Okay. And I got those numbers right, right? So it's incremental $8 million in the third quarter versus the high 2Q, correct? $12 million in total quarterly? That's right. Correct. Okay. Okay. And somewhere in that bridge to $120 to $130, I'm assuming in the power piece, which only calls out, I think, Nordpool, where is that? I'm just wondering, where is the that hit in that bridge, the 120 to 130 for the second quarter? Is it in that power piece somewhere?
spk05: Yeah, so it's in the 45 million quarter over quarter increase in power cost. That includes the 4 million for the capacity charge.
spk06: Oh, I see. Okay, got it. Never mind. Thanks.
spk04: Thank you, Mr. Gagliano. There are no additional questions waiting at this time. I will now turn the conference over to management for any closing remarks.
spk08: Thanks, everybody, for joining, and we look forward to talking to you for the Q2 call. Thanks, everybody.
spk04: That concludes this century aluminum company first quarter earnings call. Thank you for your participation. You may now disconnect your line.
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