Century Aluminum Company (NASDAQ:CENX) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET

Company Participants

Ryan Crawford - Financial Planning & Analysis & Investor Relations Manager
Jesse Gary - President & Chief Executive Officer
Jerry Bialek - Executive Vice President & Chief Financial Officer
Peter Trpkovski - Senior Vice President of Finance & Treasurer

Conference Call Participants

Lucas Pipes - B. Riley Securities
Katja Jancic - BMO
Timna Tanners - Wolfe Research

Operator

Good afternoon. Thank you for attending today's Century Aluminum Company Second Quarter 2024 Earnings Conference Call. My name is Forum, and I will be your moderator for today's call. [Operator Instructions]

It's now my pleasure to pass the conference over to our host, Ryan Crawford with Century Aluminum. Mr. Crawford, you may proceed.

Ryan Crawford

Thank you, operator. 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 Peter Trpkovski, Senior Vice President of Finance and Treasurer.

After our prepared comments, we will 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 statements shown here with respect to forward-looking statements and non-gap financial measures contained in today's discussion.

And with that, I'll hand the call to Jesse.

Jesse Gary

Thanks, Ryan, and thanks to everyone for joining. I'll start the call today by reviewing our second quarter performance and providing some thoughts on the current market and environment, before turning it over to Jerry for the detailed financial results and then taking your questions.

Our team produced excellent results in the second quarter with adjusted EBITDA of $34 million. Jerry will give you the full details here but we are really pleased with the continued strong operating performance across our plants.

Overall, improving aluminum prices, both at the LME and regional premium level, drove increased profitability in the quarter and will continue to benefit our third quarter financial performance as the strong LME prices observed in the second quarter begin to roll through our lagged contractual pricing and financial results. We also reduced our outstanding debt by nearly $50 million in the quarter driving strong liquidity of over $340 million.