Business
Ferroglobe Reports Results for the Second Quarter 2021
Sales of $418.5 million, Adjusted EBITDA of $34.1 million, and return to positive net income Q2 sales of $418.5 million, up 15.8% compared to $361.4 million
About this update from Ferroglobe Plc
[{"type":"text","content":"Sales of $418.5 million, Adjusted EBITDA of $34.1 million, and return to positive net income\nQ2 sales of $418.5 million, up 15.8% compared to $361.4 million in Q1 2021, and up 67.4% compared to $250.0 million in Q2 2020Adjusted EBITDA of $34.1 million, up 54.5% compared to $22.1 million in Q1 2021, and up 52.1% compared to $22.4 million in Q2 2020Q2 marks a return to positive net profit of $0.7 million compared to net loss of ($68.5) million in Q1 2021, and ($14.0) million in Q2 2020Positive operating cash flow of $37.8 million and a return to positive net cash flow of $21.6 millionWorking capital increase of marginally $0.6 million in Q2 2021; increased efficiency supporting flat level of working capital despite the ramp-up in activityImproved production costs mainly driven by higher fixed cost absorption, and focused initiatives targeting key technical metricsCompletion and funding of financiang transactions (extension of bond maturity and issuance of the new super senior secured notes and equity) on July 30, 2021 LONDON, Aug. 23, 2021 (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 second quarter 2021. Q2 2021 Earnings Highlights In Q2 2021, Ferroglobe posted a net profit of $0.7 million, or $0.01 per share on a fully diluted basis. On an adjusted basis, the Q2 2021 net profit was $3.0 million, or $0.02 per share on a fully diluted basis. Q2 2021 reported EBITDA was $31.9 million, up from ($18.9) million in the prior quarter. On an adjusted basis, Q2 2021 EBITDA was $34.1 million, up from adjusted EBITDA of $22.1 million in Q1 2021. The Company reported an adjusted EBITDA margin of 8.1% for Q2 2021, compared to 6.1% for Q1 2021. Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended $,000 (unaudited)June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Sales$418,538 $361,390 $250,004 $779,928 $561,226 Net profit (loss)$730 $(68,517) $(14,035) $(67,787) $(63,093)Diluted EPS$0.01 $(0.40) $(0.07) $(0.39) $(0.35)Adjusted net income (loss) attributable to the parent$2,964 $(18,172) $(11,064) $(15,208) $(48,777)Adjusted diluted EPS$0.02 $(0.12) $(0.07) $(0.10) $(0.29)Adjusted EBITDA$34,088 $22,069 $22,413 $56,157 $4,796 Adjusted ...