Business
Ferroglobe Reports First Quarter 2023 Financial Results
LONDON, May 09, 2023 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon
About this update from Ferroglobe Plc
[{"type":"text","content":"LONDON, May 09, 2023 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the first quarter 2023. FINANCIAL HIGHLIGHTS Q1 2023 revenue of $400.9 million, down 11% over the prior quarterQ1 2023 adjusted EBITDA of $44.8 million, down 66% over the prior quarterQ1 2023 adjusted EBITDA margins were down at 11.2% versus 29.1% in the prior quarter and 33.7%% in Q1 2022Q1 2023 Adjusted EPS was $.05 versus $.39 in Q4 and $.88 in Q1-22Gross debt declined to $400 million, down from $450 million in Q4 and $518 in Q1-22Net debt declined to $55 million, down from $127 million in Q4 and $342 in Q1-22 $100 million available from our ABL facility completely undrawn in Q1Total cash increased to $344 million, up from $323 million in Q4-22 and $176 million in Q1-22 BUSINESS HIGHLIGHTS Finalizing two multi-year power contracts in Spain to provide competitive source of renewable energy to ramp up Spanish footprintInvesting in expansion of quartz mine in Spain to secure additional source of high quality quartzSigned letter of intent to acquire additional quartz mineReady to start the third furnace in Polokwane resulting in total plant capacity of 55,000 tonsContinue to focus on battery and solar opportunities Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We ended the first quarter with the lowest net debt level in the Company’s history and are on target to achieve a positive net cash position in the next couple of quarters. This achievement was a result of well planned execution and our continued focus on optimizing our working capital. Ferroglobe is at its strongest financial position since its inception. “While the current macroeconomic environment is challenging, we are successfully managing through it and focused on positioning the Company for long-term success. Vertical integration is an important part of our overall strategy, positioning Ferroglobe with a competitive advantage, enhancing our ability to control our supply chain and ensure access to quality materials. In line with this strategy, we are currently in the process of expanding our capacity of high quality quartz reserves. We are expanding our quartz mine in Spain and we have also signed a...