Business
Ferroglobe Reports Record Financial Performance in First Quarter 2022
LONDON, May 10, 2022 (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 10, 2022 (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 results for the first quarter 2022. FINANCIAL HIGHLIGHTS Record Q1 2022 revenue of $715.3 million, up 26% over the prior quarterRecord Q1 2022 Adjusted EBITDA of $241.1 million, up 181.7% over the prior quarterAdjusted EBITDA margin improvement of 125% to 33.7% in Q1 2022, up from 15.0% the prior quarterRecord net profit of $150.8 million compared to $50.0 million in Q4 2021Record earnings per share (diluted) of $0.80, up from $0.27 per share the prior quarterImproved liquidity with total cash of $176.0 million in Q1, up $59.3 million from the prior quarter BUSINESS HIGHLIGHTS Record setting start to 2022 supported by robustness in pricing across all product categoriesFurther upside potential for top-line growth and margin expansion in Q2Leveraging unique, global asset footprint to service global customers, locallyQuick actions taken to find and secure alternative sources of raw materials previously purchased from RussiaFrench Labor Administration has validated the agreement relating to the French restructuringRestart of the second furnace at the Selma, Alabama facility is underway and expected by end of Q2; doubles the facility’s silicon metal annual production to 22,000 tonsPotential restart of the 55,000 ton silicon metal facility in Polokwane, South Africa currently under review Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “Our strong start in 2022 is the result of the solid fundamentals across our product portfolio, resetting of silicon metal contracts, and the numerous changes we are driving within the Company to improve our overall competitiveness. Collectively, these actions are translating into top-line growth and stronger margins, despite the inflationary pressures on our key inputs, in particular energy. The stellar results are also validation of the earnings potential of this business, and we look forward to building on this positive trajectory.” “As we look at the year ahead, we will continue executing on our value creation plan, including the restructuring process implementation in France. With a heavier weighting towards index-based pricing contracts this year, coupl...