Century Aluminum Company (NASDAQ:CENX) Q3 2022 Earnings Conference Call November 7, 2022 5:00 PM ET
Company Participants
Peter Trpkovski - VP, Finance & IR
Jesse Gary - President and Chief Executive Officer
Jerry Bialek - Executive Vice President and Chief Financial Officer
Shelly Harrison - Senior Vice President, Finance and Treasurer
Conference Call Participants
David Gagliano - BMO Capital
Timna Tanners - Wolfe Research
John Tumazos - Very Independent Research
Lucas Pipes - B. Riley Securities
Operator
Good afternoon. Thank you for attending today's Century Aluminum Company Third Quarter 2022 Earnings Conference Call. My name is Tamia, and I will be your moderator for today. [Operator Instructions]
It is now my pleasure to pass the conference over to your host, Peter Trpkovski. Please proceed.
Peter Trpkovski
Thank you, Tamia. Good afternoon, everyone, and welcome to the conference call. I'm joined here today by Jesse Gary, Century's President and Chief Executive Officer; Jerry Bialek, Executive Vice President and Chief Financial Officer; and Shelly Harrison, Senior Vice President of Finance and our Treasurer. After our prepared comments, we'll take your questions.
As a reminder, today's presentation is available on our website at www. centuryaluminum.com. We use our website as a means of disclosing material information about the company and for complying with Regulation FD.
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 to Jesse.
Jesse Gary
Thank you, Pete, and thanks to everyone for joining. I'll start off today by discussing the current macro environment and our operational performance, and then Jerry will take you through our Q3 results and Q4 outlook before I wrap up.
Market conditions remained quite complex in Q3 with the war in Ukraine and Russia's curtailment of natural gas flows to Europe causing significant turmoil across commodity markets. The resulting high energy prices and lower aluminum prices significantly impacted our results in Q3, driving a third quarter adjusted EBITDA loss of $36 million.
In this challenging environment, our team continues to take prudent measures to guide Century through the short-term macro headwinds, while remaining focused on the stability of our operations and our long-term strategies.
We made substantial progress during the quarter to lower our cost structure, reduced our exposure to spot energy prices and increased our sources of liquidity. I'll provide additional details on each of these measures in a bit.