Business
Ferroglobe Reports Strong Second Quarter 2023 Financial Results
LONDON, Aug. 14, 2023 (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, Aug. 14, 2023 (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 financial results for the second quarter 2023. FINANCIAL HIGHLIGHTS Reported Q2-23 revenue of $456.4 million, up 14% over the prior quarterQ2-23 adjusted EBITDA of $105.7 million, up 136% over the prior quarterImproved Q2-23 adjusted EBITDA margin to 23.2% versus 11.2% in Q1-23Q2-23 Adjusted EPS was $0.30 versus $0.05 in Q1-23Gross debt was $400.1 million in Q2-23, flat versus the prior quarter and down $100 million from a year-ago quarterNet debt declined to $37 million, down from $55 million in Q1-23 and $194 million in Q2-22$100 million available from our ABL facility completely undrawn in Q2-23Total cash increased to $363 million, up from $344 million in Q1-23 and $307 million in Q2-22 BUSINESS HIGHLIGHTS Executed a partial redemption of the 2025 Senior Notes on July 31, redeeming $150 million of the 9 3/8% Senior Secured Notes due in 2025, reducing annual interest expense by $14 millionApproaching net cash neutral - Lowest net debt in Company historyContinued improvement to balance sheet with cash increasing to $363 million and net debt declining to $37 millionThe US recently added Silicon Metal as a critical material, highlighting its importance in the supply chain and reinforcing the onshoring opportunity for Ferroglobe Well-positioned to capitalize on strong long-term growth trends for high purity silicon metal used in the production of solar technology and batteriesFinalized our first long-term power agreement in Spain, enabling a partial resumption of Spanish operations while increasing renewable energy sourcing Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We are pleased to report strong second quarter sales growth and an EBITDA improvement of 136%, highlighting our resilience and ability to navigate effectively through this volatile pricing environment as our end markets remain under pressure. Equally importantly, our focus on strengthening our balance sheet has been effective as our cash and net debt positions reached their best levels in the Company’s history as of June 30. Subsequent to quarter-end, we continued our deleveraging efforts by redeeming $150 million of ...