Business
Ferroglobe Reports Results for the Second Quarter of 2020
Sales of $250.0 million; Net loss of $(14.0) million; Adjusted EBITDA of $22.4 million Q2 sales of $250.0 million compared to $311.2 million in Q1 2020, and
About this update from Ferroglobe Plc
[{"type":"text","content":"Sales of $250.0 million; Net loss of $(14.0) million; Adjusted EBITDA of $22.4 million\n Q2 sales of $250.0 million compared to $311.2 million in Q1 2020, and $409.5 million in Q2 2019Q2 net loss of $(14.0) million compared to $(49.1) million in Q1 2020, and $(43.7) million in Q2 2019Adjusted EBITDA of $22.4 million compared to $(17.6) million in Q1 2020 and $5.0 million in Q2 2019Gross debt of $451 million at the end of Q2 2020, compared to $443 million at the end of Q1 2020Cash generation of $8.7 million driven by positive operating cash flow of $38.1 millionContinued improvement in working capital during the quarter by $26.2 million LONDON, Aug. 31, 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, today announced results for the second quarter of 2020. Q2 2020 Earnings Highlights In Q2 2020, Ferroglobe posted a net loss of $(14.0) million, or $(0.07) per share on a fully diluted basis. On an adjusted basis, the Q2 2020 net loss was $(11.1) million, or $(0.07) per share on a fully diluted basis. Q2 2020 reported EBITDA was $22.1 million, up from $(20.2) million in the prior quarter. On an adjusted basis, Q2 2020 EBITDA was $22.4 million, up from Q1 2020 adjusted EBITDA of $(17.6) million. The Company reported an adjusted EBITDA margin of 9.0% for Q2 2020, compared to an adjusted EBITDA margin of -5.7% for Q1 2020. The improvement in margins is attributable to operational and financial management, resulting in significant cost improvement. Quarter Ended Quarter Ended Quarter Ended Six Months Ended Six Months Ended$,000 (unaudited) June 30, 2020 March 31, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Sales $ 250,004 $ 311,223 $ 409,479 $ 561,226 $ 856,870 Net (loss) profit $ (14,035) $ (49,057) $ (43,658) $ (63,093) $ (72,212)Diluted EPS $ (0.07) $ (0.28) $ (0.24) $ (0.35) $ (0.40)Adjusted net (loss) income attributable to the parent $ (11,064) $ (37,714) $ (22,221) $ (48,777) $ (44,115)Adjusted diluted EPS $ (0.07) $ (0.22) $ (0.13) $ (0.30) $ (0.26)Adjusted EBITDA $ 22,413 $ (17,617) $ 5,035 $ 4,796 $ 8,362 Adjusted EBITDA margin 9.0% -5.7% 1.2% 0.9% 1.0% Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “Given the unprecedented operating environment created by COVID...