Business
Ferroglobe Reports Strong Second Quarter 2024 Financial Results
Narrowing annual Adj. EBITDA guidance to $150-170 million from $130-170 million previously Posted solid adjusted EBITDA of $58 million for the second quarter
About this update from Ferroglobe Plc
[{"type":"text","content":"Narrowing annual Adj. EBITDA guidance to $150-170 million from $130-170 million previously Posted solid adjusted EBITDA of $58 million for the second quarter of 2024Net cash positive of $64 million and adjusted gross debt of $81 millionU.S. Department of Commerce announced preliminary duties on Russian FeSi importsCoreshell advanced EV battery testing yields promising resultsFrench operations restarted in Q2, driving silicon metal volume growthPaid quarterly cash dividend of $0.013 per share in June; next dividend on September 27Shareholders approved the share buyback program at the June annual general meeting LONDON, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the second quarter of 2024. Financial Highlights ($ in millions, except EPS) Q2 2024 Q1 2024 %Q/Q Q2 2023 %Y/Y YTD 2024 YTD 2023 %Y/Y Sales $451.0 $391.9 15% $456.4 (1%) $842.9 $857.3 (2%)Net income (loss) $34.9 $(2.0) (1.844%) $31.9 9% $32.9 $52.9 (38%)Adjusted diluted EPS $0.13 $(0.00) (4.000%) $0.30 (58%) $0.13 $0.34 (61%)Adj. EBITDA $57.7 $25.8 124% $105.7 (45%) $83.5 $150.4 (44%)Operating cash flow $2.0 $198.0 (99%) $23.6 (91%) $200.1 $158.4 26%Capital expenditures1 $21.9 $18.2 20% $23.6 (7%) $40.1 $41.6 (4%)Free cash flow2 $(19.9) $179.8 (111%) $0.9 (2.215%) $160.0 $118.4 35%(1) Cash outflows for capital expenditures(2) Free cash flow is calculated as operating cash flow less capital expenditures Dr. Marco Levi, Ferroglobe’s Chief Executive Officer, commented, “We continued to execute well on multiple fronts during the second quarter. We posted strong quarterly results with a 15% increase in sales and more than doubled our adjusted EBITDA from the prior quarter. We successfully restarted our French operations in April, helping drive silicon metal and manganese-based specialty alloy volumes. “We were also successful in our ferrosilicon trade case in the U.S. as our actions impacted the U.S. Department of Commerce’s decision to impose preliminary anti-dumping and countervailing duties of 283% and 748%, respectively, on all Russian ferrosilicon imports, which were announced in June. This is a very positive development that we expect to benefit our ferrosilicon business ...