Why Century Aluminum Company Shares Fell 15% in September
Century Aluminum Company (NASDAQ: CENX) stock fell over 15% last month. September actually started off on a decent note, however, with the company holding on to most of the over-45% gain it made after it reported solid second-quarter earnings in early August. But that clearly didn't last, as the stock dropped precipitously in the final days of September.
The big gain in August was driven by the company's Aug. 2 earnings release. The top and bottom lines both improved year over year and sequentially compared to the first quarter, partially driven by higher aluminum prices (remember this fact). Furthermore, Century Aluminum noted that it was able to achieve solid results despite higher input costs. And while it provided a cautious outlook for the global supply of aluminum, management highlighted that demand for its products remained robust.
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Source: Fool.com
