Ferroglobe Reports Fourth Quarter and Full Year 2024 Financial Results
Ferroglobe (NASDAQ: GSM) reported its Q4 and full-year 2024 financial results, posting adjusted EBITDA of $153.8 million for FY2024 and $9.8 million for Q4. The company generated $164.1 million in free cash flow for the year and $14.1 million in Q4.
Q4 sales decreased 15.2% quarter-over-quarter to $367.5 million, with declines across silicon metal, silicon-based alloys, and manganese-based alloys. The company reported a Q4 net loss of $46.4 million ($0.25 per share), primarily due to a $61.3 million impairment charge.
For 2025, Ferroglobe provided adjusted EBITDA guidance of $100-170 million. The company increased its quarterly dividend by 7.7% to $0.014 per share and repurchased approximately 482,000 shares in Q4. Management highlighted progress in trade measures implementation in the US and Europe to combat artificially low-priced competitive products.
Ferroglobe (NASDAQ: GSM) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, registrando un EBITDA rettificato di 153,8 milioni di dollari per l'anno fiscale 2024 e 9,8 milioni di dollari per il quarto trimestre. L'azienda ha generato 164,1 milioni di dollari di flusso di cassa libero per l'anno e 14,1 milioni di dollari nel quarto trimestre.
Le vendite del quarto trimestre sono diminuite del 15,2% rispetto al trimestre precedente, raggiungendo 367,5 milioni di dollari, con cali nei metalli di silicio, nelle leghe a base di silicio e nelle leghe a base di manganese. L'azienda ha riportato una perdita netta di 46,4 milioni di dollari nel quarto trimestre (0,25 dollari per azione), principalmente a causa di un onere per svalutazione di 61,3 milioni di dollari.
Per il 2025, Ferroglobe ha fornito una guida per l'EBITDA rettificato compresa tra 100 e 170 milioni di dollari. L'azienda ha aumentato il suo dividendo trimestrale del 7,7% a 0,014 dollari per azione e ha riacquistato circa 482.000 azioni nel quarto trimestre. La direzione ha evidenziato i progressi nell'implementazione delle misure commerciali negli Stati Uniti e in Europa per combattere i prodotti competitivi a prezzi artificialmente bassi.
Ferroglobe (NASDAQ: GSM) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, registrando un EBITDA ajustado de 153,8 millones de dólares para el año fiscal 2024 y 9,8 millones de dólares para el cuarto trimestre. La compañía generó 164,1 millones de dólares en flujo de caja libre para el año y 14,1 millones de dólares en el cuarto trimestre.
Las ventas del cuarto trimestre disminuyeron un 15,2% en comparación con el trimestre anterior, alcanzando 367,5 millones de dólares, con caídas en el metal de silicio, aleaciones a base de silicio y aleaciones a base de manganeso. La compañía reportó una pérdida neta de 46,4 millones de dólares en el cuarto trimestre (0,25 dólares por acción), principalmente debido a un cargo por deterioro de 61,3 millones de dólares.
Para el 2025, Ferroglobe proporcionó una guía de EBITDA ajustado de entre 100 y 170 millones de dólares. La compañía aumentó su dividendo trimestral en un 7,7% a 0,014 dólares por acción y recompró aproximadamente 482,000 acciones en el cuarto trimestre. La dirección destacó los avances en la implementación de medidas comerciales en EE. UU. y Europa para combatir productos competitivos a precios artificialmente bajos.
페로글로브 (NASDAQ: GSM)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며, 2024 회계연도에 대해 조정된 EBITDA가 1억 5,380만 달러, 4분기에는 980만 달러라고 보고했습니다. 이 회사는 올해 1억 6,410만 달러의 자유 현금 흐름을 생성하였고, 4분기에는 1,410만 달러를 기록했습니다.
4분기 매출은 전 분기 대비 15.2% 감소한 3억 6,750만 달러로, 실리콘 메탈, 실리콘 기반 합금 및 망간 기반 합금에서 하락세를 보였습니다. 이 회사는 4분기에 4,640만 달러의 순손실(주당 0.25달러)을 기록했으며, 주로 6,130만 달러의 자산 손상 비용 때문입니다.
2025년을 위해 페로글로브는 1억에서 1억 7,000만 달러의 조정 EBITDA 가이드를 제공했습니다. 이 회사는 분기 배당금을 7.7% 증가시켜 주당 0.014달러로 설정하고, 4분기에 약 48만 2,000주를 재매입했습니다. 경영진은 미국과 유럽에서 인위적으로 낮은 가격의 경쟁 제품에 맞서기 위한 무역 조치의 실행 진행 상황을 강조했습니다.
Ferroglobe (NASDAQ: GSM) a annoncé ses résultats financiers pour le quatrième trimestre et l'année complète 2024, affichant un EBITDA ajusté de 153,8 millions de dollars pour l'exercice 2024 et de 9,8 millions de dollars pour le quatrième trimestre. L'entreprise a généré un flux de trésorerie libre de 164,1 millions de dollars pour l'année et de 14,1 millions de dollars au quatrième trimestre.
Les ventes du quatrième trimestre ont diminué de 15,2 % par rapport au trimestre précédent, atteignant 367,5 millions de dollars, avec des baisses dans le métal de silicium, les alliages à base de silicium et les alliages à base de manganèse. L'entreprise a signalé une perte nette de 46,4 millions de dollars au quatrième trimestre (0,25 dollar par action), principalement en raison d'une charge de dépréciation de 61,3 millions de dollars.
Pour 2025, Ferroglobe a fourni des prévisions d'EBITDA ajusté de 100 à 170 millions de dollars. L'entreprise a augmenté son dividende trimestriel de 7,7 % à 0,014 dollar par action et a racheté environ 482 000 actions au quatrième trimestre. La direction a souligné les progrès dans la mise en œuvre des mesures commerciales aux États-Unis et en Europe pour lutter contre les produits compétitifs à prix artificiellement bas.
Ferroglobe (NASDAQ: GSM) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, mit einem bereinigten EBITDA von 153,8 Millionen Dollar für das Geschäftsjahr 2024 und 9,8 Millionen Dollar für das vierte Quartal. Das Unternehmen erzielte einen freien Cashflow von 164,1 Millionen Dollar für das Jahr und 14,1 Millionen Dollar im vierten Quartal.
Die Verkäufe im vierten Quartal sanken im Vergleich zum Vorquartal um 15,2 % auf 367,5 Millionen Dollar, mit Rückgängen bei Siliziummetall, siliziumhaltigen Legierungen und manganbasierten Legierungen. Das Unternehmen meldete einen Nettoverlust von 46,4 Millionen Dollar im vierten Quartal (0,25 Dollar pro Aktie), hauptsächlich aufgrund eines Wertminderungsaufwands von 61,3 Millionen Dollar.
Für 2025 gab Ferroglobe eine Leitlinie für das bereinigte EBITDA von 100 bis 170 Millionen Dollar bekannt. Das Unternehmen erhöhte seine vierteljährliche Dividende um 7,7 % auf 0,014 Dollar pro Aktie und kaufte im vierten Quartal etwa 482.000 Aktien zurück. Das Management hob die Fortschritte bei der Umsetzung von Handelsmaßnahmen in den USA und Europa hervor, um gegen künstlich niedrigpreisige Wettbewerbsprodukte vorzugehen.
- Generated strong free cash flow of $164.1 million in FY2024
- Achieved net cash positive position of $38.9 million by year-end
- Reduced total working capital by approximately $50 million during the year
- Increased quarterly dividend by 7.7% to $0.014 per share
- Successfully implemented trade measures against low-priced imports in US and EU
- Q4 sales decreased 15.2% quarter-over-quarter to $367.5 million
- Q4 net loss of $46.4 million, including $61.3 million impairment charge
- Q4 adjusted EBITDA declined 11.3% to $9.8 million (2.7% of sales)
- FY2024 adjusted EBITDA decreased to $153.8 million from $315.2 million in 2023
- Higher energy and raw material costs impacting margins
Insights
Ferroglobe's Q4 and FY2024 results highlight significant market challenges and strategic adaptations. The
The company's 2025 adjusted EBITDA guidance of
Working capital management has been notably strong, with a
Segment performance reveals concerning trends in silicon metal, where Q4 adjusted EBITDA dropped
The progression of trade measures against low-priced imports in both the U.S. and EU markets represents a potential catalyst for margin recovery. The implementation of anti-dumping duties on Russian ferrosilicon and ongoing investigations into other regions could help stabilize pricing dynamics in key markets.
Introducing 2025 Adj. EBITDA guidance of
- Posted adjusted EBITDA of
$153.8 million for the full year 2024 and$9.8 million for the fourth quarter - Generated
$164.1 million of free cash flow for the full year and$14.1 million for the fourth quarter - Trade measures to ensure fair trade in the U.S. and Europe are progressing well
- Increasing quarterly dividend by
7.7% to$0.01 4 per share - Paid quarterly cash dividend of
$0.01 3 per share in December - Repurchased approximately 482,000 shares during the fourth quarter
LONDON, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the fourth quarter and full year 2024.
Financial Highlights
| % | % | % | |||||||||||||||||||||||||
| ($ in millions, except EPS) | Q4 2024 | Q3 2024 | Q/Q | Q4 2023 | Y/Y | YTD 2024 | YTD 2023 | Y/Y | |||||||||||||||||||
| Sales | $ | 367.5 | $ | 433.5 | (15.2 | )% | $ | 376.0 | (2.2 | )% | $ | 1,643.9 | $ | 1,650.0 | (0.4 | )% | |||||||||||
| Net (loss) income attributable to the parent | $ | (46.4 | ) | $ | 18.8 | (346.8 | )% | $ | (11.1 | ) | (317.6 | )% | $ | 5.2 | $ | 82.7 | (93.7 | )% | |||||||||
| Adj. EBITDA | $ | 9.8 | $ | 60.4 | (83.7 | )% | $ | 60.3 | (83.7 | )% | $ | 153.8 | $ | 315.2 | (51.2 | )% | |||||||||||
| Adjusted diluted EPS | $ | 0.03 | $ | 0.11 | (75.7 | )% | $ | 0.07 | (60.7 | )% | $ | 0.28 | $ | 0.68 | (58.8 | )% | |||||||||||
| Operating cash flow | $ | 32.1 | $ | 11.1 | 188.8 | % | $ | 28.7 | 11.7 | % | $ | 243.3 | $ | 178.4 | 36.4 | % | |||||||||||
| Capital expenditures1 | $ | 17.9 | $ | 21.2 | (15.2 | )% | $ | 25.5 | (29.7 | )% | $ | 79.2 | $ | 86.5 | (8.4 | )% | |||||||||||
| Free cash flow2 | $ | 14.1 | $ | (10.0 | ) | 241.0 | % | $ | 3.2 | 341.1 | % | $ | 164.1 | $ | 91.9 | 78.5 | % | ||||||||||
(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, “2024 was a successful year for Ferroglobe with many accomplishments. We achieved an adjusted EBITDA per our guidance and generated strong free cash flow, which was used to repay our senior secured notes. This strong free cash flow and balance sheet enabled us to initiate the capital return program, including dividends and share repurchases, while positioning the company for growth. We are optimistic that, while there are uncertainties in the markets, demand will begin improving in the second half of 2025.”
“Material progress has been made in implementing trade measures with the US Department of Commerce, imposing strong final anti-dumping and countervailing duties on Russian ferrosilicon imports while continuing to investigate the cases against Brazil, Kazakhstan, and Malaysia. The European Commission initiated its safeguard investigation into the imports of silicon metals, silicon alloys and manganese alloys into the EU. Ferroglobe, being a local producer in both the US and Europe, will be a beneficiary of these trade measures as they will reduce artificially low-priced competitive products in the market, helping the market to stabilize.
“We are issuing adjusted EBITDA guidance for 2025 of
Consolidated Sales
In the fourth quarter of 2024, Ferroglobe reported sales of
For the full year 2024, sales were
Product Category Highlights
Silicon Metal
| ($,000) | Q4 2024 | Q3 2024 | % Q/Q | Q4 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | ||||||||||||||||
| Shipments in metric tons: | 49,797 | 56,910 | (12.5 | )% | 49,761 | 0.1 | % | 222,762 | 194,385 | 14.6 | % | |||||||||||||
| Average selling price ($/MT): | 3,240 | 3,401 | (4.7 | )% | 3,371 | (3.9 | )% | 3,262 | 3,715 | (12.2 | )% | |||||||||||||
| Silicon Metal Revenue | 161,342 | 193,551 | (16.6 | )% | 167,744 | (3.8 | )% | 726,650 | 722,140 | 0.6 | % | |||||||||||||
| Silicon Metal Adj.EBITDA | 16,849 | 40,554 | (58.5 | )% | 22,188 | (24.1 | )% | 108,058 | 216,534 | (50.1 | )% | |||||||||||||
| Silicon Metal Adj.EBITDA Margin | 10.4 | % | 21.0 | % | 13.2 | % | 14.9 | % | 30.0 | % | ||||||||||||||
Silicon metal revenue in the fourth quarter was
Silicon-Based Alloys
| ($,000) | Q4 2024 | Q3 2024 | % Q/Q | Q4 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | ||||||||||||||||
| Shipments in metric tons: | 39,417 | 45,489 | (13.3 | )% | 46,446 | (15.1 | )% | 183,030 | 191,431 | (4.4 | )% | |||||||||||||
| Average selling price ($/MT): | 2,159 | 2,237 | (3.5 | )% | 2,300 | (6.1 | )% | 2,208 | 2,562 | (13.8 | )% | |||||||||||||
| Silicon-based Alloys Revenue | 85,101 | 101,759 | (16.4 | )% | 106,826 | (20.3 | )% | 404,130 | 490,446 | (17.6 | )% | |||||||||||||
| Silicon-based Alloys Adj.EBITDA | 3,093 | 2,356 | 31.3 | % | 34,973 | (91.2 | )% | 30,060 | 114,111 | (73.7 | )% | |||||||||||||
| Silicon-based Alloys Adj.EBITDA Margin | 3.6 | % | 2.3 | % | 32.7 | % | 7.4 | % | 23.3 | % | ||||||||||||||
Silicon-based alloy revenue in the fourth quarter was
Manganese-Based Alloys
| ($,000) | Q4 2024 | Q3 2024 | % Q/Q | Q4 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | ||||||||||||||||
| Shipments in metric tons: | 67,712 | 64,495 | 5.0 | % | 61,404 | 10.3 | % | 275,991 | 227,243 | 21.5 | % | |||||||||||||
| Average selling price ($/MT): | 1,159 | 1,391 | (16.7 | )% | 985 | 17.7 | % | 1,206 | 1,141 | 5.7 | % | |||||||||||||
| Manganese-based Alloys Revenue | 78,478 | 89,713 | (12.5 | )% | 60,483 | 29.8 | % | 332,845 | 259,284 | 28.4 | % | |||||||||||||
| Manganese-based Alloys Adj.EBITDA | 7,091 | 27,854 | (74.5 | )% | 23,886 | (70.3 | )% | 54,297 | 37,994 | 42.9 | % | |||||||||||||
| Manganese-based Alloys Adj.EBITDA Margin | 9.0 | % | 31.0 | % | 39.5 | % | 16.3 | % | 14.7 | % | ||||||||||||||
Manganese-based alloy revenue in the fourth quarter was
Raw materials and energy consumption for production
Raw materials and energy consumption for production was
For the full-year 2024, raw materials and energy consumption for production were
Net (Loss) Income Attributable to the Parent
In the fourth quarter of 2024, net loss attributable to the parent was
For the full year 2024, net profit attributable to the parent was
Adjusted EBITDA
In the fourth quarter of 2024, adjusted EBITDA was
For the full year 2024, adjusted EBITDA was
Total Cash, Adjusted Gross Debt and Working Capital
| % | ||||||||||||||||||||||
| ($ in millions) | Q4 2024 | Q3 2024 | $ | % | Q4 2023 | $ | Y/Y | |||||||||||||||
| Total Cash1 | $ | 133.3 | $ | 120.8 | 12.5 | 10.3 | % | $ | 137.6 | (4.4 | ) | (3.2 | )% | |||||||||
| Adjusted Gross Debt2 | $ | 94.4 | $ | 89.0 | 5.3 | 6.0 | % | $ | 238.5 | (144.1 | ) | (60.4 | )% | |||||||||
| Net Cash/ (Debt) | $ | 38.9 | $ | 31.8 | 7.1 | 22.4 | % | $ | (100.9 | ) | 139.7 | 138.6 | % | |||||||||
| Total Working Capital3 | $ | 460.8 | $ | 528.6 | (67.8 | ) | (12.8 | )% | $ | 510.7 | (49.9 | ) | (9.8 | )% | ||||||||
(1) Total cash is comprised of restricted cash, cash and cash equivalents
(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 for each of the periods presented
(3) Total working capital comprised of inventories, trade receivables and other receivables minus trade and other payables
The Company’s total cash was
During the fourth quarter, the Company generated
For the full year 2024, the Company generated
Total working capital was
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We achieved many of our targets in 2024, including paying off our senior secured notes and achieving a net cash positive position, which was
Capital Returns
During the fourth quarter, Ferroglobe repurchased 481,578 shares at an average price of
Conference Call
Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on February 20, 2025. The call may also be accessed via an audio webcast.
To join via phone:
Conference call participants should pre-register using this link
https://register.vevent.com/register/BIb6e61c804d2b45609dc3abc37310abd0
Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.
To join via webcast:
A simultaneous audio webcast and replay will be accessible here:
https://edge.media-server.com/mmc/p/frvjkywe
About Ferroglobe
Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “target”, “will” and words of similar meaning or the negative thereof.
Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.
Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.
All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.
Non-IFRS Measures
This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, working capital, adjusted net profit, adjusted diluted EPS, adjusted gross debt and net cash(debt), are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.
INVESTOR CONTACT:
Alex Rotonen, CFA
Vice President, Investor Relations
Email: investor.relations@ferroglobe.com
MEDIA CONTACT:
Cristina Feliu Roig
Vice President, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com
| Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts) | ||||||||||||||||||||
| For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Twelve Months Ended | For the Twelve Months Ended | ||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Sales | $ | 367,505 | $ | 433,533 | $ | 375,951 | $ | 1,643,939 | $ | 1,650,034 | ||||||||||
| Raw materials and energy consumption for production | (250,763 | ) | (255,062 | ) | (199,572 | ) | (1,027,130 | ) | (879,286 | ) | ||||||||||
| Other operating income | 18,892 | 27,202 | 34,944 | 84,378 | 100,992 | |||||||||||||||
| Staff costs | (70,241 | ) | (71,885 | ) | (79,761 | ) | (279,864 | ) | (305,859 | ) | ||||||||||
| Other operating expense | (52,289 | ) | (74,475 | ) | (73,071 | ) | (265,182 | ) | (270,090 | ) | ||||||||||
| Depreciation and amortization | (19,020 | ) | (18,899 | ) | (20,090 | ) | (75,463 | ) | (73,532 | ) | ||||||||||
| Impairment loss | (61,348 | ) | — | (23,614 | ) | (61,348 | ) | (25,290 | ) | |||||||||||
| Other (loss) gain | (571 | ) | 189 | (563 | ) | 555 | (29 | ) | ||||||||||||
| Operating (loss) profit | (67,835 | ) | 40,603 | 14,224 | 19,885 | 196,940 | ||||||||||||||
| Finance income | 3,533 | 829 | 1,100 | 7,248 | 5,422 | |||||||||||||||
| Finance costs | (3,089 | ) | (2,983 | ) | (13,431 | ) | (21,942 | ) | (38,793 | ) | ||||||||||
| Exchange differences | 15,167 | (6,576 | ) | (4,897 | ) | 13,565 | (7,551 | ) | ||||||||||||
| Profit (loss) before tax | (52,224 | ) | 31,873 | (3,004 | ) | 18,756 | 156,018 | |||||||||||||
| Income tax benefit/(expense) | 4,376 | (13,301 | ) | (4,160 | ) | (16,252 | ) | (57,540 | ) | |||||||||||
| Total (loss) profit for the period | (47,848 | ) | 18,572 | (7,164 | ) | 2,504 | 98,478 | |||||||||||||
| (Loss) profit attributable to the parent | $ | (46,430 | ) | $ | 18,814 | $ | (11,118 | ) | $ | 5,242 | $ | 82,662 | ||||||||
| (Loss) profit attributable to non-controlling interest | (1,418 | ) | (242 | ) | 3,954 | (2,738 | ) | 15,816 | ||||||||||||
| EBITDA | $ | (33,648 | ) | $ | 52,926 | $ | 29,417 | $ | 108,913 | $ | 262,921 | |||||||||
| Adjusted EBITDA | $ | 9,845 | $ | 60,410 | $ | 60,262 | $ | 153,800 | $ | 315,198 | ||||||||||
| Weighted average number of shares outstanding | ||||||||||||||||||||
| Basic | 188,072 | 188,325 | 187,872 | 188,145 | 187,872 | |||||||||||||||
| Diluted | 188,072 | 190,393 | 190,801 | 188,809 | 190,290 | |||||||||||||||
| (Loss) profit per ordinary share | ||||||||||||||||||||
| Basic | $ | (0.25 | ) | $ | 0.10 | $ | (0.06 | ) | $ | 0.03 | $ | 0.44 | ||||||||
| Diluted | $ | (0.25 | ) | $ | 0.10 | $ | (0.06 | ) | $ | 0.03 | $ | 0.43 | ||||||||
| Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) | |||||||||
| As of December 31, | As of September 30, | As of December 31, | |||||||
| 2024 | 2024 | 2023 | |||||||
| ASSETS | |||||||||
| Non-current assets | |||||||||
| Goodwill | $ | 14,219 | $ | 29,702 | $ | 29,702 | |||
| Intangible assets | 103,095 | 131,183 | 138,345 | ||||||
| Property, plant and equipment | 469,056 | 523,091 | 501,396 | ||||||
| Other financial assets | 19,744 | 16,492 | 19,792 | ||||||
| Deferred tax assets | 6,580 | 8,256 | 8,760 | ||||||
| Receivables from related parties | 1,558 | 1,679 | 1,658 | ||||||
| Other non-current assets | 22,451 | 24,288 | 22,156 | ||||||
| Total non-current assets | 636,703 | 734,691 | 721,809 | ||||||
| Current assets | |||||||||
| Inventories | 347,139 | 407,782 | 383,841 | ||||||
| Trade receivables | 188,816 | 233,228 | 220,330 | ||||||
| Other receivables | 83,103 | 76,048 | 89,913 | ||||||
| Receivables from related parties | — | 2,808 | 2,772 | ||||||
| Current income tax assets | 7,692 | 7,890 | 15,977 | ||||||
| Other financial assets | 5,569 | 3,209 | 2 | ||||||
| Other current assets | 52,014 | 52,468 | 186,477 | ||||||
| Restricted cash and cash equivalents | 298 | 306 | 1,179 | ||||||
| Cash and cash equivalents | 132,973 | 120,504 | 136,470 | ||||||
| Total current assets | 817,604 | 904,243 | 1,036,961 | ||||||
| Total assets | $ | 1,454,307 | $ | 1,638,934 | $ | 1,758,770 | |||
| EQUITY AND LIABILITIES | |||||||||
| Equity | $ | 816,105 | $ | 915,707 | $ | 869,886 | |||
| Non-current liabilities | |||||||||
| Deferred income | 8,014 | 34,619 | 26,980 | ||||||
| Provisions | 24,384 | 25,964 | 19,970 | ||||||
| Provision for pensions | 27,618 | 31,213 | 29,805 | ||||||
| Bank borrowings | 13,911 | 14,207 | 14,913 | ||||||
| Lease liabilities | 56,585 | 57,864 | 54,483 | ||||||
| Debt instruments | — | — | 149,015 | ||||||
| Other financial liabilities | 25,688 | 27,280 | 65,231 | ||||||
| Other non-current liabilities | 13,759 | 6,359 | 1,903 | ||||||
| Deferred tax liabilities | 19,629 | 31,197 | 32,582 | ||||||
| Total non-current liabilities | 189,588 | 228,703 | 394,882 | ||||||
| Current liabilities | |||||||||
| Provisions | 83,132 | 88,986 | 122,757 | ||||||
| Provision for pensions | 168 | 166 | 169 | ||||||
| Bank borrowings | 43,251 | 61,474 | 31,635 | ||||||
| Lease liabilities | 12,867 | 12,182 | 11,766 | ||||||
| Debt instruments | 10,135 | — | 5,765 | ||||||
| Other financial liabilities | 48,117 | 45,942 | 16,052 | ||||||
| Payables to related parties | 2,664 | 2,759 | 2,429 | ||||||
| Trade and other payables | 158,251 | 188,443 | 183,375 | ||||||
| Current income tax liabilities | 10,623 | 7,795 | 8,351 | ||||||
| Other current liabilities | 79,406 | 86,777 | 111,703 | ||||||
| Total current liabilities | 448,614 | 494,524 | 494,002 | ||||||
| Total equity and liabilities | $ | 1,454,307 | $ | 1,638,934 | $ | 1,758,770 | |||
| Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows | ||||||||||||||||||||
| For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Twelve Months Ended | For the Twelve Months Ended | ||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Profit for the period | $ | (47,848 | ) | $ | 18,572 | $ | (7,164 | ) | $ | 2,504 | $ | 98,478 | ||||||||
| Adjustments to reconcile net profit to net cash provided by operating activities: | ||||||||||||||||||||
| Income tax (benefit)/expense | (4,376 | ) | 13,301 | 4,160 | 16,252 | 57,540 | ||||||||||||||
| Depreciation and amortization | 19,020 | 18,899 | 20,090 | 75,463 | 73,532 | |||||||||||||||
| Finance income | (3,533 | ) | (829 | ) | (1,100 | ) | (7,248 | ) | (5,422 | ) | ||||||||||
| Finance costs | 3,089 | 2,983 | 13,431 | 21,942 | 38,793 | |||||||||||||||
| Exchange differences | (15,167 | ) | 6,576 | 4,897 | (13,565 | ) | 7,551 | |||||||||||||
| Impairment loss | 61,348 | — | 23,614 | 61,348 | 25,290 | |||||||||||||||
| Share-based compensation | 1,587 | 1,496 | 683 | 4,924 | 7,402 | |||||||||||||||
| Other loss (gain) | 571 | (189 | ) | 562 | (555 | ) | 29 | |||||||||||||
| Changes in operating assets and liabilities | ||||||||||||||||||||
| Decrease (increase) in inventories | 23,146 | (5,414 | ) | (1,746 | ) | 47 | 102,179 | |||||||||||||
| Decrease (increase) in trade receivables | 31,756 | 27,018 | 16,439 | 22,765 | 80,766 | |||||||||||||||
| Decrease (increase) in other receivables | (12,885 | ) | (28,656 | ) | (21,838 | ) | 770 | 45,692 | ||||||||||||
| Decrease (increase) in energy receivable | (5,735 | ) | (10,508 | ) | (33,456 | ) | 131,959 | (159,807 | ) | |||||||||||
| (Decrease) increase in trade payables | (19,039 | ) | (13,678 | ) | 6,483 | (17,255 | ) | (70,573 | ) | |||||||||||
| Other changes in operating assets and liabilities | 4,936 | (11,610 | ) | 16,389 | (40,294 | ) | (9,770 | ) | ||||||||||||
| Income taxes paid | (4,776 | ) | (6,847 | ) | (12,701 | ) | (15,799 | ) | (113,308 | ) | ||||||||||
| Net cash provided by operating activities: | 32,094 | 11,114 | 28,743 | 243,258 | 178,372 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Interest and finance income received | 692 | 766 | 1,349 | 2,799 | 3,725 | |||||||||||||||
| Payments due to investments: | ||||||||||||||||||||
| Intangible assets | (855 | ) | (850 | ) | (1,331 | ) | (3,024 | ) | (2,787 | ) | ||||||||||
| Property, plant and equipment | (17,090 | ) | (20,302 | ) | (24,204 | ) | (76,165 | ) | (83,679 | ) | ||||||||||
| Other financial assets | — | — | — | (3,000 | ) | — | ||||||||||||||
| Disposals: | ||||||||||||||||||||
| Other non-current assets | — | — | 935 | — | 935 | |||||||||||||||
| Receipt of asset-related government grant | 12,453 | — | — | 12,453 | — | |||||||||||||||
| Net cash used in investing activities | (4,800 | ) | (20,386 | ) | (23,251 | ) | (66,937 | ) | (81,806 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Dividends paid | (2,436 | ) | (2,441 | ) | — | (9,758 | ) | — | ||||||||||||
| Payment for debt and equity issuance costs | (6 | ) | (6 | ) | ||||||||||||||||
| Repayment of debt instruments | — | — | (1,050 | ) | (147,624 | ) | (179,075 | ) | ||||||||||||
| Proceeds from debt issuance | 10,255 | — | — | 10,255 | — | |||||||||||||||
| Increase/(decrease) in bank borrowings: | ||||||||||||||||||||
| Borrowings | 122,809 | 145,804 | 39,239 | 509,186 | 432,274 | |||||||||||||||
| Payments | (137,650 | ) | (144,292 | ) | (58,052 | ) | (495,726 | ) | (456,506 | ) | ||||||||||
| Payments for lease liabilities | (4,511 | ) | (5,834 | ) | (6,913 | ) | (16,201 | ) | (14,967 | ) | ||||||||||
| Proceeds from other financing liabilities | 6,054 | — | — | 6,054 | — | |||||||||||||||
| Other (payments) receipts from financing activities | (411 | ) | (2,176 | ) | (4,289 | ) | (3,068 | ) | (21,666 | ) | ||||||||||
| Payments to acquire own shares | (1,936 | ) | (492 | ) | — | (2,428 | ) | — | ||||||||||||
| Interest paid | (2,029 | ) | (6,955 | ) | (2,923 | ) | (26,192 | ) | (42,207 | ) | ||||||||||
| Net cash (used in) financing activities | (9,861 | ) | (16,386 | ) | (33,988 | ) | (175,508 | ) | (282,147 | ) | ||||||||||
| Total net increase (decrease) in cash and cash equivalents | 17,433 | (25,658 | ) | (28,496 | ) | 813 | (185,581 | ) | ||||||||||||
| Beginning balance of cash and cash equivalents | 120,810 | 144,487 | 165,973 | 137,649 | 322,943 | |||||||||||||||
| Foreign exchange (losses) gains on cash and cash equivalents | (4,972 | ) | 1,981 | 172 | (5,191 | ) | 287 | |||||||||||||
| Ending balance of cash and cash equivalents | $ | 133,271 | $ | 120,810 | $ | 137,649 | $ | 133,271 | $ | 137,649 | ||||||||||
| Restricted cash and cash equivalents | 298 | 306 | 1,179 | 298 | 1,179 | |||||||||||||||
| Cash and cash equivalents | 132,973 | 120,504 | 136,470 | 132,973 | 136,470 | |||||||||||||||
| Ending balance of cash and cash equivalents | $ | 133,271 | $ | 120,810 | $ | 137,649 | $ | 133,271 | $ | 137,649 | ||||||||||
| Adjusted EBITDA ($,000): | ||||||||||||||||||||
| Q4´24 | Q3´24 | Q4´23 | YTD´24 | YTD´23 | ||||||||||||||||
| (Loss) profit attributable to the parent | $ | (46,430 | ) | $ | 18,814 | $ | (11,118 | ) | $ | 5,242 | $ | 82,662 | ||||||||
| (Loss) profit attributable to non-controlling interest | (1,418 | ) | (242 | ) | 3,954 | (2,738 | ) | 15,816 | ||||||||||||
| Income tax expense | (4,376 | ) | 13,301 | 4,160 | 16,252 | 57,540 | ||||||||||||||
| Finance income | (3,533 | ) | (829 | ) | (1,100 | ) | (7,248 | ) | (5,422 | ) | ||||||||||
| Finance costs | 3,089 | 2,983 | 13,431 | 21,942 | 38,793 | |||||||||||||||
| Depreciation and amortization charges | 19,020 | 18,899 | 20,090 | 75,463 | 73,532 | |||||||||||||||
| EBITDA | (33,648 | ) | 52,926 | 29,417 | 108,913 | 262,921 | ||||||||||||||
| Exchange differences | (15,167 | ) | 6,576 | 4,897 | (13,565 | ) | 7,551 | |||||||||||||
| Impairment | 61,348 | — | 23,614 | 61,348 | 25,290 | |||||||||||||||
| Restructuring and termination costs | (2,693 | ) | — | — | (7,233 | ) | 5,535 | |||||||||||||
| New strategy implementation | 1,629 | 1,413 | (1,000 | ) | 5,416 | 973 | ||||||||||||||
| Subactivity | 1,457 | 657 | 2,995 | 3,164 | 12,589 | |||||||||||||||
| PPA Energy | (3,081 | ) | (1,162 | ) | 339 | (4,243 | ) | 339 | ||||||||||||
| Adjusted EBITDA | $ | 9,845 | $ | 60,410 | $ | 60,262 | $ | 153,800 | $ | 315,198 | ||||||||||
| Adjusted profit attributable to Ferroglobe ($,000): | ||||||||||||||||||||
| Q4´24 | Q3´24 | Q4´23 | YTD´24 | YTD´23 | ||||||||||||||||
| (Loss) Profit attributable to the parent | $ | (46,430 | ) | $ | 18,814 | $ | (11,118 | ) | $ | 5,242 | $ | 82,662 | ||||||||
| Tax rate adjustment | 12,059 | 3,271 | 4,959 | 10,349 | 16,039 | |||||||||||||||
| Impairment | 41,209 | — | 17,333 | 41,209 | 18,563 | |||||||||||||||
| Restructuring and termination costs | (1,846 | ) | — | — | (4,957 | ) | 4,063 | |||||||||||||
| New strategy implementation | 1,116 | 968 | (734 | ) | 3,712 | 714 | ||||||||||||||
| Subactivity | 998 | 450 | 2,198 | 2,168 | 9,240 | |||||||||||||||
| PPA Energy | (2,111 | ) | (796 | ) | 249 | (2,908 | ) | 249 | ||||||||||||
| Adjusted profit attributable to the parent | $ | 4,996 | $ | 22,707 | $ | 12,888 | $ | 54,816 | $ | 131,529 | ||||||||||
| Adjusted diluted profit per share: | |||||||||||||||||||
| Q4´24 | Q3´24 | Q4´23 | YTD´24 | YTD´23 | |||||||||||||||
| Diluted (loss) profit per ordinary share | $ | (0.25 | ) | $ | 0.10 | $ | (0.06 | ) | $ | 0.03 | $ | 0.43 | |||||||
| Tax rate adjustment | 0.06 | 0.02 | 0.03 | 0.05 | 0.08 | ||||||||||||||
| Impairment | 0.22 | — | 0.09 | 0.22 | 0.10 | ||||||||||||||
| Restructuring and termination costs | (0.01 | ) | — | — | (0.03 | ) | 0.02 | ||||||||||||
| New strategy implementation | 0.01 | 0.01 | (0.00 | ) | 0.02 | 0.00 | |||||||||||||
| Subactivity | 0.01 | 0.00 | 0.01 | 0.01 | 0.05 | ||||||||||||||
| PPA Energy | (0.01 | ) | (0.00 | ) | 0.00 | (0.02 | ) | 0.00 | |||||||||||
| Adjusted diluted profit per ordinary share | $ | 0.03 | $ | 0.11 | $ | 0.07 | $ | 0.28 | $ | 0.68 | |||||||||
FAQ
What is Ferroglobe's (GSM) adjusted EBITDA guidance for 2025?
How much free cash flow did GSM generate in 2024?
What was GSM's Q4 2024 net income/loss?
How much did GSM increase its dividend in Q4 2024?
How many shares did GSM repurchase in Q4 2024?
