Business
Ferroglobe Reports Fourth Quarter and Record Full Year 2022 Financial Results
LONDON, Feb. 22, 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, Feb. 22, 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 fourth quarter and full year 2022. Introducing 2023 adjusted EBITDA guidance of approximately $290 million FINANCIAL HIGHLIGHTS Record 2022 revenue of $2.6 billion, up 46% Y/YRecord 2022 adjusted EBITDA of $860 million, up 380% Y/YQ4 adjusted EBITDA declined to $130 million, down 30% from Q3 and up 52% from Q4-21Q4 adjusted EBITDA margins were strong at 29% versus 31% in the prior quarter and 15% in Q4-21Q4 Adjusted EPS was $.42 versus $.64 in Q3 and $.19 in Q4-21Net debt declined to a record low of $137 million, down from $194 million in Q3 and $397 in Q4-21Total cash increased to $323 million, up from $237 million in Q3 and $116 million in Q4-21 BUSINESS HIGHLIGHTS Good quarter performance in spite of low market liquidity and high customer destockingValue creation plan has generated approximately $150 million of cost savings and an additional $40 million in commercial excellence on a run-rate basis, and is projected to increase to a total of $225 million by the end of 2023Started production of high purity silicon used in batteries with limited volumes. Have begun to receive ordersEnhancing our global footprint with 22k tons of silicon metal capacity added in Selma, Alabama plant in 2022 and in the process of adding 55k tons at our plant in Polokwane, South Africa Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “2022 was a record year for Ferroglobe with revenue and adjusted EBITDA at the highest in the Company’s history. Our strong performance was the result of strong prices and demand early in the year followed by a weaker environment in the second half, driven by sluggish activity in our end markets. Our performance in 2022 was amplified by the improvements we have made to the business through our value creation plan. The value creation plan has generated approximately $150 million of cost savings and an additional $40 million in commercial excellence on a run-rate basis, and is projected to increase to $225 million by the end of 2023. “The prospects for Ferroglobe have never been stronger. We have optimized the cost structure of the Company to enable us...