Century Aluminum Company (NASDAQ:CENX) Q1 2022 Earnings Conference Call April 28, 2022 5:00 PM ET
Company Participants
Peter Trpkovski - Finance Manager
Jesse Gary - President, Chief Executive Officer & Director
Shelly Harrison - Senior Vice President of Finance and Treasurer
Conference Call Participants
Timna Tanners - Wolfe Research
David Gagliano - BMO
John Tumazos - John Tumazos Very Independent Research
Lucas Pipes - B. Riley Securities
Operator
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. [Operator Instructions].
I would now like to pass the conference over to our host, Peter Trpkovski with Century Aluminum. Please go ahead.
Peter Trpkovski
Thank you, Tania. Good afternoon, everyone, and welcome to the conference call. I'm joined here today by Jesse Gary, Century'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.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 1. 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
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 insight on our expectations for Q2. I'll finish with a review of the status of the Grundartangi casthouse project and our progress towards our capital allocation targets.
Okay. Starting on Page 3, we're very renounced 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 teams 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.