Actionable news
All posts from Actionable news
Actionable news in CENX: Century Aluminum Company,

Century Aluminum's (CENX) CEO Mike Bless on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 28, 2016 05:00 PM ET


Peter Trpkovski - Investor Relations

Mike Bless - President and Chief Executive Officer

Rick Dillon - EVP and Chief Financial Officer

Shelly Harrison - SVP, Finance and Treasurer


Jorge Beristain - Deutsche Bank

David Gagliano - BMO Capital Markets

Tony Rizzuto - Cowen & Company

Michael Gambardella - JPMorgan

John Tumazos - John Tumazos Very Independent Research


Ladies and gentlemen, thank you for standing by. And welcome to the First Quarter 2016 Earnings Call. At this time, all lines are in a listen-only mode. And later, we will conduct a question-and-answer session. [Operator Instructions] And as a reminder, today’s call is being recorded.

I would now like to turn the conference over to our host, Peter Trpkovski. Please go ahead, sir.

Peter Trpkovski

Thank you, Kerry. Good afternoon, everyone and welcome to the conference call. Today’s presentation is available on our website, We use our website as a means of disclosing material information about the company and for complying with Regulation FD.

I would also like to remind you that today’s discussion will contain forward-looking statements related to future events and expectations, including our expected future financial performance, results of operation and financial condition. These forward-looking statements involve important known and unknown risks and uncertainties, which could cause our actual results to differ materially from those expressed in our forward-looking statements. Please review the forward-looking statements disclosure in today’s slides and press release for a full discussion of these risks and uncertainties.

In addition, we have included some non-GAAP financial measures in our discussion. Reconciliations to the most comparable GAAP financial measures can be found in the appendix to today’s presentation and on our website.

And now, I’d like to introduce Mike Bless, Century’s President and Chief Executive Officer. Kerry, I believe Mike is in listen-only mode according to our monitor. Can you please key the speak-in, via speaker at this time?


Sure, one moment.

Peter Trpkovski

Apologies everybody Michael is in a different location than the rest of us at the moment.


His line is open.

Mike Bless

Can you hear me?

Peter Trpkovski

Yes Mike, please continue.

Mike Bless

All right. We apologize for that. As Pete said, I’m actually in South Carolina today. I’ll update you on the situation at Mt. Holly in just a few moments. And so, when we do get to Q&A, please bear with us while we make sure we get the right responder to your question. So, again, I apologize for that and thank everybody for joining us today. We appreciate you being here.

If we could turn to slide 4 please, I’ll give you a quick run-down of what we’ve been working on since we spoke with you in late February. Shelly is [indiscernible] going to talk to you in just a few moments about the trends in the marketplace. But let me just make a couple of comments to put the points I’m about to make into some context.

Since we talked to you a couple of months ago, we’ve seen no change in the market trends. The demand side picture around the globe, most of the globe remains favorable, putting aside the risk of a recession caused by any number of external shocks. We think growth continues to look okay in much of the world.

China of course remains the wildcard from both a demand and a supply standpoint. As you’ve seen, if you’ve looked at the data, Q1 saw consumption in China, slightly above expectations. As you know, this is always a volatile quarter due to the holidays in China in the early part of the year.

The shipping price has performed well above the LME and this is due to both physical market tightness that’s been reported and we believe significant speculative activity in the marketplace.