Business
Ferroglobe Reports Results for the First Quarter of 2020
Sales of $311.2 million; Net loss of $(49.1) million; Adjusted EBITDA of $(17.6) million Q1 sales of $311.2 million compared to $376.6 million in Q4 2019, and
About this update from Ferroglobe Plc
[{"type":"text","content":"Sales of $311.2 million; Net loss of $(49.1) million; Adjusted EBITDA of $(17.6) million\n Q1 sales of $311.2 million compared to $376.6 million in Q4 2019, and $447.4 million in Q1 2019Q1 net loss of $(49.1) million compared to $(73.3) million in Q4 2019, and $(28.6) million in Q1 2019Adjusted EBITDA of $(17.6) million compared to $(30.4) million in Q4 2019 and $3.3 million in Q1 2019Gross debt of $443 million at the end of Q1 2020, compared to $481 million at the end of Q4 2019European accounts receivable securitization program amended on February 6, 2020, providing an increase in the available fundingContinued improvement in working capital during the quarter by $126 million, with inventory levels decreasing by $67 million due to operational changes to the global production platform LONDON, June 08, 2020 (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 and other ferroalloys, today announced results for the first quarter of 2020. Q1 2020 Earnings Highlights In Q1 2020, Ferroglobe posted a net loss of $(49.1) million, or $(0.28) per share on a fully diluted basis. On an adjusted basis, the Q1 2020 net loss was $(37.7) million, or $(0.22) per share on a fully diluted basis. Q1 2020 reported EBITDA was $(20.2) million, up from $(48.5) million in the prior quarter. On an adjusted basis, Q1 2020 EBITDA was $(17.6) million, up from Q4 2019 adjusted EBITDA of $(30.4) million. The Company reported an adjusted EBITDA margin of -5.7% for Q1 2020, compared to an adjusted EBITDA margin of -8.1% for Q4 2019. Improved margins due to strong drive in reducing the cost of raw materials. Quarter Ended Quarter Ended Quarter Ended Year Ended $,000 (unaudited) March 31, 2020 December 31, 2019 March 31, 2019* December 31, 2019 Sales $ 311,223 $ 376,607 $ 447,391 $ 1,615,222 Net (loss) profit $ (49,057) $ (73,290) $ (28,554) $ (285,640) Diluted EPS $ (0.28) $ (0.43) $ (0.16) $ (1.66) Adjusted net (loss) income attributable to the parent $ (37,714) $ (45,613) $ (21,894) $ (105,811) Adjusted diluted EPS $ (0.22) $ (0.27) $ (0.13) $ (0.64) Adjusted EBITDA $ (17,616) $ (30,389) $ 3,327 $ (29,236) Adjusted EBITDA margin -5.7% -8.1% 0.7% -1.8% *Results for prior periods have been restated to reflect the impact of...