Business
Ferroglobe Reports Solid Third Quarter 2022 Results Despite Weaker Market Conditions
LONDON, Nov. 15, 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, Nov. 15, 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 third quarter 2022. FINANCIAL HIGHLIGHTS Q3 2022 revenue of $593.2 million, down 29.5% over the prior quarterQ3 2022 Adjusted EBITDA of $185.3 million, down 38.9% over the prior quarterAdjusted EBITDA margin decrease of 5 percentage points to 31% in Q3 2022, down from 36% over the prior quarterNet profit of $98.8 million (diluted earnings per share of $0.52), compared to net profit of $185.1 million (diluted earnings per share of $0.98) in Q2 2022Net debt of $194 million at quarter end, similar at the end of Q2Total cash of $236.8 million at quarter-end, down $69.7 million from the prior quarter BUSINESS HIGHLIGHTS Solid third quarter results despite weaker market conditionsRedeemed all $60 million of the 9% super senior secured notes due 2025Board approval of our new medium to long term strategyPlanned restart of the Polokwane facility, adding 55,000 tons of silicon metal capacity in South Africa, providing access to strategically located lower-cost assetRamping up industrial production of 99.999% (3N) and 99.9999% (4N) micrometer size silicon metal at our Puertollano facility in Spain Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “During the third quarter, we have seen a challenging environment driven by demand slowdown and continued volatility in energy prices in Europe. Steel production has been heavily curtailed in Europe, where we have also seen massive closures of aluminum plants. “Despite a difficult environment during the third quarter, Ferroglobe continues to perform well, generating robust sales and healthy profitability. The various initiatives that we have implemented over the past two years have enabled us to perform well during challenging periods and declining prices. We continue to focus on improving our overall competitiveness in the market and optimizing our cost position. The restart of our Polokwane facility will provide us with a competitive source of silicon metal with a location that will provide the flexibility to move production away from plants impacted by burdened energy costs and expand business in new geographies. As we have mentioned i...