CENX - Why Century Aluminum Stock Is Tumbling Today
Shares of Century Aluminum (NASDAQ: CENX) plunged nearly 14% by 2:30 p.m. ET on Friday. Weighing on the aluminum company's stock price were its first-quarter results and an analyst downgrade.
Century Aluminum reported its first-quarter results after the closing bell on Thursday. On the one hand, they were pretty good. Net sales jumped 14% sequentially to $753.6 million, driven by 5% higher shipments and higher aluminum prices. That was ahead of analysts' consensus estimate for $731.3 million in revenue. Meanwhile, adjusted earnings came in at $0.59 per share, which was also ahead of the consensus estimate of $0.34 per share.
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Why Century Aluminum Stock Is Tumbling Today