Ferroglobe Reports Strong Second Quarter 2024 Financial Results
Ferroglobe PLC (NASDAQ: GSM) reported strong Q2 2024 financial results, with sales increasing 15% to $451 million and adjusted EBITDA more than doubling to $57.7 million. The company narrowed its annual Adj. EBITDA guidance to $150-170 million. Key highlights include:
- Net income of $34.9 million, or $0.18 per diluted share
- Net cash positive position of $64 million
- U.S. Department of Commerce announced preliminary duties on Russian FeSi imports
- French operations restarted, driving silicon metal volume growth
- Paid quarterly cash dividend of $0.013 per share; next dividend on September 27
- Shareholders approved share buyback program for up to 37.8 million shares
The company saw increased sales volumes in silicon metal and manganese-based alloys, with silicon metal revenue up 21.6% and manganese-based alloy revenue up 47.6% quarter-over-quarter.
Ferroglobe PLC (NASDAQ: GSM) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, con le vendite che sono aumentate del 15% a 451 milioni di dollari e l'EBITDA rettificato che è più che raddoppiato a 57,7 milioni di dollari. L'azienda ha ristretto le sue previsioni annuali di EBITDA rettificato a 150-170 milioni di dollari. I punti salienti includono:
- Utile netto di 34,9 milioni di dollari, ovvero 0,18 dollari per azione diluita
- Posizione di cassa netta positiva di 64 milioni di dollari
- Il Dipartimento del Commercio degli Stati Uniti ha annunciato dazi preliminari sulle importazioni di FeSi dalla Russia
- Le operazioni francesi sono riprese, aumentando la crescita del volume di silicio metallico
- Dividendo in contante trimestrale di 0,013 dollari per azione; prossimo dividendo il 27 settembre
- Gli azionisti hanno approvato un programma di riacquisto di azioni fino a 37,8 milioni di azioni
L'azienda ha visto un aumento dei volumi di vendita nel silicio metallico e nelle leghe a base di manganese, con i ricavi del silicio metallico aumentati del 21,6% e i ricavi delle leghe a base di manganese aumentati del 47,6% rispetto al trimestre precedente.
Ferroglobe PLC (NASDAQ: GSM) informó resultados financieros sólidos para el segundo trimestre de 2024, con ventas que aumentaron un 15% a $451 millones y un EBITDA ajustado que se más que duplicó a $57,7 millones. La empresa ajustó su guía anual de EBITDA ajustado a $150-170 millones. Los principales aspectos destacan:
- Ingreso neto de $34,9 millones, es decir, $0,18 por acción diluida
- Posición de efectivo neto de $64 millones
- El Departamento de Comercio de EE. UU. anunció derechos preliminares sobre las importaciones de FeSi de Rusia
- Las operaciones en Francia se reanudaron, impulsando el crecimiento del volumen de metal de silicio
- Se pagó un dividendo en efectivo trimestral de $0,013 por acción; próximo dividendo el 27 de septiembre
- Los accionistas aprobaron un programa de recompra de acciones de hasta 37,8 millones de acciones
La empresa vio un aumento en los volúmenes de ventas de metal de silicio y aleaciones a base de manganeso, con un aumento del 21,6% en los ingresos por metal de silicio y un aumento del 47,6% en los ingresos por aleaciones a base de manganeso en comparación con el trimestre anterior.
Ferroglobe PLC (NASDAQ: GSM)는 2024년 2분기 재무 실적이 강력하다고 보고했으며, 판매가 15% 증가하여 4억 5,100만 달러에 달하고 조정된 EBITDA는 5,770만 달러로 두 배 이상 증가했습니다. 회사는 연간 조정 EBITDA 가이드를 1억 5,000만 ~ 1억 7,000만 달러로 조정했습니다. 주요 하이라이트는 다음과 같습니다:
- 순이익 3,490만 달러, 즉 희석된 주당 0.18 달러
- 순 현금 자산 6,400만 달러
- 미국 상무부가 러시아 FeSi 수입에 대한 초기 세금을 발표
- 프랑스에서의 운영이 재개되어 실리콘 금속 수량 증가 촉진
- 주당 현금 배당금 0.013 달러 지급; 다음 배당금은 9월 27일
- 주주들이 최대 3,780만 주의 자사주 매입 프로그램을 승인했습니다.
회사는 실리콘 금속 및 망간 기반 합금의 판매량 증가를 경험했으며, 실리콘 금속 수익은 분기 대비 21.6% 증가하고 망간 기반 합금 수익은 47.6% 증가했습니다.
Ferroglobe PLC (NASDAQ: GSM) a annoncé des résultats financiers solides pour le deuxième trimestre 2024, avec des ventes en hausse de 15% à 451 millions de dollars et un EBITDA ajusté plus que doublé à 57,7 millions de dollars. L'entreprise a réduit ses prévisions annuelles d'EBITDA ajusté à 150-170 millions de dollars. Les points saillants comprennent :
- Résultat net de 34,9 millions de dollars, soit 0,18 dollar par action diluée
- Position nette de trésorerie positive de 64 millions de dollars
- Le département du Commerce des États-Unis a annoncé des droits préliminaires sur les importations de FeSi en provenance de Russie
- Les opérations en France ont redémarré, stimulant la croissance des volumes de silice métallique
- A versé un dividende trimestriel en espèces de 0,013 dollar par action ; prochain dividende le 27 septembre
- Les actionnaires ont approuvé un programme de rachat d'actions allant jusqu'à 37,8 millions d'actions
L'entreprise a constaté une augmentation des volumes de ventes de silice métallique et des alliages à base de manganèse, avec des revenus du silice métallique en hausse de 21,6% et des revenus des alliages à base de manganèse en hausse de 47,6% par rapport au trimestre précédent.
Ferroglobe PLC (NASDAQ: GSM) hat starke Finanzzahlen für das zweite Quartal 2024 gemeldet, mit einem Umsatzanstieg von 15% auf 451 Millionen Dollar und einem mehr als verdopplten bereinigten EBITDA von 57,7 Millionen Dollar. Das Unternehmen hat seine Jahresprognose für das bereinigte EBITDA auf 150-170 Millionen Dollar verengt. Zu den wichtigsten Punkten gehören:
- Nettogewinn von 34,9 Millionen Dollar, oder 0,18 Dollar pro verwässerter Aktie
- Positive Netto-Cash-Position von 64 Millionen Dollar
- Das US-Handelsministerium hat vorläufige Einfuhrzölle auf FeSi-Importe aus Russland angekündigt
- Die französischen Betriebe wurden wieder aufgenommen, was das Wachstum des Siliziummetallvolumens antreibt
- Quartalsweise Barausschüttung von 0,013 Dollar pro Aktie; nächste Ausschüttung am 27. September
- Die Aktionäre genehmigten ein Aktienrückkaufprogramm von bis zu 37,8 Millionen Aktien
Das Unternehmen verzeichnete steigende Verkaufsvolumen bei Siliziummetall und manganbasierten Legierungen, mit einem Umsatzanstieg von 21,6% bei Siliziummetall und 47,6% bei manganbasierten Legierungen im Vergleich zum Vorquartal.
- Sales increased 15% to $451 million in Q2 2024
- Adjusted EBITDA more than doubled to $57.7 million
- Net income of $34.9 million, up from a loss in Q1
- Net cash positive position of $64 million
- Narrowed annual Adj. EBITDA guidance to $150-170 million
- U.S. Department of Commerce imposed preliminary duties on Russian FeSi imports
- French operations restarted, driving silicon metal volume growth
- Silicon metal revenue up 21.6% quarter-over-quarter
- Manganese-based alloy revenue up 47.6% quarter-over-quarter
- Total cash balance decreased by $15.3 million to $144.5 million
- Working capital increased by $11.6 million to $499.1 million
- Silicon-based alloy revenue decreased by 6.0% quarter-over-quarter
- Silicon-based alloys Adj. EBITDA decreased by 29.2% quarter-over-quarter
Ferroglobe's Q2 2024 results show significant improvement, with adjusted EBITDA more than doubling to
Key positives include:
- Net cash position of
$64 million - Successful restart of French operations
- Favorable U.S. trade ruling on Russian ferrosilicon imports
- Promising EV battery testing results
Overall, Ferroglobe's financial position remains solid, with continued dividend payments and a new share buyback program, suggesting management's confidence in future performance.
Ferroglobe's Q2 results reflect a mixed market environment. The silicon metal segment saw an 18.2% increase in shipments, driven by higher volumes in EMEA, indicating recovering demand. However, the
The silicon-based alloys segment faced challenges with an 8.2% decrease in shipments, primarily due to weak U.S. demand. This could signal broader economic concerns in key markets.
Notably, the manganese-based alloys segment showed strong performance with a 30.7% increase in shipments and 12.9% price improvement. This might be linked to the strategic purchase of manganese ore amid supply disruptions.
The preliminary duties on Russian ferrosilicon imports in the U.S. could significantly benefit Ferroglobe's market position from early 2025. Additionally, the promising EV battery testing results could open new growth avenues in the rapidly expanding electric vehicle market.
The promising results from Coreshell nanocoating technology with silicon-rich anode for EV batteries is a significant technological development for Ferroglobe. This validates the company's strategic focus on high-grade silicon metal for advanced battery applications.
As the EV market continues to grow rapidly, demand for high-performance battery materials is expected to surge. Ferroglobe's expertise in silicon metal production positions it well to capitalize on this trend. The successful integration of silicon-rich anodes could lead to batteries with higher energy density and faster charging capabilities, addressing key consumer concerns in EV adoption.
However, it's important to note that the path from promising test results to large-scale commercial application can be long and uncertain. Ferroglobe will need to navigate potential challenges in scaling production, meeting stringent quality requirements and competing with other emerging battery technologies.
If successful, this development could significantly diversify Ferroglobe's revenue streams and enhance its long-term growth prospects in the evolving energy storage landscape.
Narrowing annual Adj. EBITDA guidance to
- Posted solid adjusted EBITDA of
$58 million for the second quarter of 2024 - Net cash positive of
$64 million and adjusted gross debt of$81 million - U.S. Department of Commerce announced preliminary duties on Russian FeSi imports
- Coreshell advanced EV battery testing yields promising results
- French operations restarted in Q2, driving silicon metal volume growth
- Paid quarterly cash dividend of
$0.01 3 per share in June; next dividend on September 27 - Shareholders approved the share buyback program at the June annual general meeting
LONDON, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the second quarter of 2024.
Financial Highlights
| ($ 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 | $ | 456.4 | ( | $ | 842.9 | $ | 857.3 | ( | |||||||||||
| Net income (loss) | $ | 34.9 | $ | (2.0 | ) | ( | $ | 31.9 | $ | 32.9 | $ | 52.9 | ( | ||||||||||
| Adjusted diluted EPS | $ | 0.13 | $ | (0.00 | ) | ( | $ | 0.30 | ( | $ | 0.13 | $ | 0.34 | ( | |||||||||
| Adj. EBITDA | $ | 57.7 | $ | 25.8 | $ | 105.7 | ( | $ | 83.5 | $ | 150.4 | ( | |||||||||||
| Operating cash flow | $ | 2.0 | $ | 198.0 | ( | $ | 23.6 | ( | $ | 200.1 | $ | 158.4 | |||||||||||
| Capital expenditures1 | $ | 21.9 | $ | 18.2 | $ | 23.6 | ( | $ | 40.1 | $ | 41.6 | ( | |||||||||||
| Free cash flow2 | $ | (19.9 | ) | $ | 179.8 | ( | $ | 0.9 | ( | $ | 160.0 | $ | 118.4 | ||||||||||
| (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
“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
“We are narrowing the adjusted EBITDA guidance range from
Consolidated Sales
In the second quarter of 2024, Ferroglobe reported net sales of
Product Category Highlights
Silicon Metal
| ($,000) | Q2 2024 | Q1 2024 | % Q/Q | Q2 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||
| Shipments in metric tons: | 62,872 | 53,183 | 18.2 | % | 50,651 | 24.1 | % | 116,055 | 87,593 | 32.5 | % | ||||||||||||||||||
| Average selling price ($/MT): | 3,244 | 3,155 | 2.8 | % | 3,855 | (15.8 | )% | 3,203 | 4,064 | (21.2 | )% | ||||||||||||||||||
| Silicon Metal Revenue | 203,957 | 167,792 | 21.6 | % | 195,260 | 4.5 | % | 371,724 | 355,995 | 4.4 | % | ||||||||||||||||||
| Silicon Metal Adj.EBITDA | 34,584 | 16,071 | 115.2 | % | 82,403 | (58.0 | )% | 50,655 | 113,523 | (55.4 | )% | ||||||||||||||||||
| Silicon Metal Adj.EBITDA Margin | 17.0 | % | 9.6 | % | 42.2 | % | 13.6 | % | 31.9 | % | |||||||||||||||||||
Silicon metal revenue in the second quarter was
Silicon-Based Alloys
| ($,000) | Q2 2024 | Q1 2024 | % Q/Q | Q2 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||
| Shipments in metric tons: | 46,953 | 51,171 | (8.2 | )% | 49,457 | (5.1 | )% | 98,124 | 98,557 | (0.4 | )% | ||||||||||||||||||
| Average selling price ($/MT): | 2,241 | 2,188 | 2.4 | % | 2,697 | (16.9 | )% | 2,213 | 2,726 | (18.8 | )% | ||||||||||||||||||
| Silicon-based Alloys Revenue | 105,222 | 111,962 | (6.0 | )% | 133,386 | (21.1 | )% | 217,148 | 268,706 | (19.2 | )% | ||||||||||||||||||
| Silicon-based Alloys Adj.EBITDA | 10,199 | 14,412 | (29.2 | )% | 31,812 | (67.9 | )% | 24,611 | 53,736 | (54.2 | )% | ||||||||||||||||||
| Silicon-based Alloys Adj.EBITDA Margin | 9.7 | % | 12.9 | % | 23.8 | % | 11.3 | % | 20.0 | % | |||||||||||||||||||
Silicon-based alloy revenue in the second quarter was
Manganese-Based Alloys
| ($,000) | Q2 2024 | Q1 2024 | % Q/Q | Q2 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||
| Shipments in metric tons: | 81,464 | 62,320 | 30.7 | % | 62,573 | 30.2 | % | 143,784 | 109,440 | 31.4 | % | ||||||||||||||||||
| Average selling price ($/MT): | 1,204 | 1,066 | 12.9 | % | 1,248 | (3.5 | )% | 1,144 | 1,277 | (10.4 | )% | ||||||||||||||||||
| Manganese-based Alloys Revenue | 98,083 | 66,433 | 47.6 | % | 78,091 | 25.6 | % | 164,489 | 139,768 | 17.7 | % | ||||||||||||||||||
| Manganese-based Alloys Adj.EBITDA | 13,832 | 5,520 | 150.6 | % | 1,065 | 1198.8 | % | 19,352 | 3,108 | 522.7 | % | ||||||||||||||||||
| Manganese-based Alloys Adj.EBITDA Margin | 14.1 | % | 8.3 | % | 1.4 | % | 11.8 | % | 2.2 | % | |||||||||||||||||||
Manganese-based alloy revenue in the second quarter was
Raw materials and energy consumption for production
Raw materials and energy consumption for production was
Net Income (Loss) Attributable to the Parent
In the second quarter of 2024, net income attributable to the parent was
Adjusted EBITDA
In the second quarter of 2024, adjusted EBITDA was
Total Cash, Adjusted Gross Debt and Working Capital
| ($ in millions) | Q2 2024 | Q1 2024 | $ | % | Q2 2023 | $ | % Y/Y | |||||||||||||||||||
| Total Cash1 | $ | 144.5 | $ | 159.8 | (15.3 | ) | (10 | %) | $ | 363.2 | (218.7 | ) | (60 | %) | ||||||||||||
| Adjusted Gross Debt2 | $ | 80.7 | $ | 80.8 | (0.1 | ) | (0 | %) | $ | 400.1 | (319.4 | ) | (80 | %) | ||||||||||||
| Net (Cash)/Debt | $ | (63.7 | ) | $ | (79.0 | ) | 15.3 | 19 | % | $ | 36.8 | (100.5 | ) | (273 | %) | |||||||||||
| Total Working Capital | $ | 499.1 | $ | 487.5 | 11.6 | 2 | % | $ | 475.0 | 24.2 | 5 | % | ||||||||||||||
| (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 | ||||||||||||||||||||||||||
The total cash balance was
During the second quarter, the Company generated
Total working capital was
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We continued our strong performance in the second quarter, increasing our adjusted EBITDA by
Enhanced Capital Return Policy
After Ferroglobe's board of directors approved a share buyback program, shareholders approved it at the June annual general meeting. We are authorized to repurchase up to 37.8 million shares, or approximately
The Company paid a quarterly cash dividend of
Conference Call
Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 6, 2024. Please dial in at least five minutes prior to the call to register. 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/BI13217e2c34d24a3384eaac756b699a70
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/wczmto79
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 profit per share, 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 Six Months Ended | For the Six Months Ended | ||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| Sales | $ | 451,048 | $ | 391,854 | $ | 456,441 | $ | 842,902 | $ | 857,309 | ||||||||||
| Raw materials and energy consumption for production | (264,285 | ) | (257,357 | ) | (229,077 | ) | (521,642 | ) | (484,113 | ) | ||||||||||
| Energy consumption for production (PPA impact) | 2,270 | (1,932 | ) | (23,193 | ) | 338 | — | |||||||||||||
| Other operating income | 27,448 | 10,836 | 27,689 | 38,284 | 42,503 | |||||||||||||||
| Staff costs | (67,220 | ) | (70,519 | ) | (74,972 | ) | (137,739 | ) | (142,515 | ) | ||||||||||
| Other operating expense | (86,071 | ) | (52,348 | ) | (77,202 | ) | (138,419 | ) | (131,347 | ) | ||||||||||
| Depreciation and amortization charges | (18,875 | ) | (18,669 | ) | (16,452 | ) | (37,544 | ) | (34,442 | ) | ||||||||||
| Impairment (loss) gain | — | — | (887 | ) | — | (641 | ) | |||||||||||||
| Other gain | 238 | 696 | 499 | 934 | 546 | |||||||||||||||
| Operating profit | 44,553 | 2,561 | 62,846 | 47,114 | 107,300 | |||||||||||||||
| Net finance income (expense) | (5,315 | ) | (7,669 | ) | (895 | ) | (12,984 | ) | (11,875 | ) | ||||||||||
| Exchange differences | 3,591 | 1,383 | (5,367 | ) | 4,974 | (3,912 | ) | |||||||||||||
| Profit (loss) profit before tax | 42,829 | (3,725 | ) | 56,584 | 39,104 | 91,513 | ||||||||||||||
| Income tax (expense) benefit | (8,481 | ) | 1,155 | (20,520 | ) | (7,326 | ) | (29,981 | ) | |||||||||||
| Total profit (loss) for the period | 34,348 | (2,570 | ) | 36,064 | 31,778 | 61,532 | ||||||||||||||
| Profit (loss) attributable to the parent | $ | 34,880 | $ | (2,024 | ) | $ | 31,908 | $ | 32,856 | $ | 52,899 | |||||||||
| Profit (loss) profit attributable to non-controlling interest | 532 | 546 | (4,156 | ) | 1,078 | (8,633 | ) | |||||||||||||
| EBITDA | $ | 67,019 | $ | 22,613 | $ | 73,931 | $ | 89,632 | $ | 137,830 | ||||||||||
| Adjusted EBITDA | $ | 57,739 | $ | 25,803 | $ | 105,674 | $ | 83,542 | $ | 150,441 | ||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||
| Basic | 189,298 | 187,927 | 187,872 | 189,237 | 187,873 | |||||||||||||||
| Diluted | 191,006 | 187,927 | 190,174 | 190,915 | 189,914 | |||||||||||||||
| Profit (loss) per ordinary share | ||||||||||||||||||||
| Basic | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.17 | $ | 0.28 | |||||||||
| Diluted | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.17 | $ | 0.28 | |||||||||
| Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) | |||||||||
| As of June 30, | As of March 31, | As of December 31, | |||||||
| 2024 | 2024 | 2023 | |||||||
| ASSETS | |||||||||
| Non-current assets | |||||||||
| Goodwill | $ | 29,702 | $ | 29,702 | $ | 29,702 | |||
| Intangible assets | 192,127 | 193,592 | 138,345 | ||||||
| Property, plant and equipment | 502,610 | 500,940 | 501,396 | ||||||
| Other financial assets | 15,744 | 13,944 | 19,792 | ||||||
| Deferred tax assets | 9,501 | 10,636 | 8,760 | ||||||
| Receivables from related parties | 1,606 | 1,622 | 1,658 | ||||||
| Other non-current assets | 22,003 | 21,770 | 22,156 | ||||||
| Total non-current assets | 773,293 | 772,206 | 721,809 | ||||||
| Current assets | |||||||||
| Inventories | 397,436 | 361,602 | 383,841 | ||||||
| Trade and other receivables | 296,980 | 303,942 | 310,243 | ||||||
| Receivables from related parties | 2,685 | 2,712 | 2,772 | ||||||
| Current income tax assets | 8,901 | 10,740 | 15,977 | ||||||
| Other financial assets | 275 | 2 | 2 | ||||||
| Other current assets | 46,528 | 27,894 | 186,477 | ||||||
| Restricted cash and cash equivalents | 301 | 298 | 1,179 | ||||||
| Cash and cash equivalents | 144,186 | 159,470 | 136,470 | ||||||
| Total current assets | 897,292 | 866,660 | 1,036,961 | ||||||
| Total assets | $ | 1,670,585 | $ | 1,638,866 | $ | 1,758,770 | |||
| EQUITY AND LIABILITIES | |||||||||
| Equity | $ | 876,006 | $ | 843,702 | $ | 869,886 | |||
| Non-current liabilities | |||||||||
| Deferred income | 59,267 | 77,185 | 26,980 | ||||||
| Provisions | 23,434 | 22,102 | 19,970 | ||||||
| Provision for pensions | 29,760 | 29,293 | 29,805 | ||||||
| Bank borrowings | 14,397 | 14,643 | 14,913 | ||||||
| Lease liabilities | 54,463 | 54,361 | 20,304 | ||||||
| Debt instruments | — | — | 149,015 | ||||||
| Other financial liabilities | 28,116 | 68,186 | 65,231 | ||||||
| Other obligations | 5,444 | 1,536 | 35,883 | ||||||
| Other non-current liabilities | 194 | 224 | 199 | ||||||
| Deferred tax liabilities | 30,265 | 30,253 | 32,582 | ||||||
| Total non-current liabilities | 245,340 | 297,783 | 394,882 | ||||||
| Current liabilities | |||||||||
| Provisions | 137,094 | 127,533 | 122,757 | ||||||
| Provision for pensions | 163 | 165 | 169 | ||||||
| Bank borrowings | 57,573 | 42,762 | 31,635 | ||||||
| Lease liabilities | 11,229 | 12,297 | 8,083 | ||||||
| Debt instruments | — | — | 5,765 | ||||||
| Other financial liabilities | 49,338 | 15,190 | 16,052 | ||||||
| Payables to related parties | 4,537 | 3,527 | 2,429 | ||||||
| Trade and other payables | 195,275 | 178,038 | 183,375 | ||||||
| Current income tax liabilities | 5,632 | 6,262 | 8,351 | ||||||
| Other obligations | 11,608 | 11,999 | 14,183 | ||||||
| Other current liabilities | 76,790 | 99,608 | 101,203 | ||||||
| Total current liabilities | 549,239 | 497,381 | 494,002 | ||||||
| Total equity and liabilities | $ | 1,670,585 | $ | 1,638,866 | $ | 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 Six Months Ended | For the Six Months Ended | ||||||||||||||||
| June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Profit (loss) for the period | $ | 34,348 | $ | (2,570 | ) | $ | 36,064 | $ | 31,778 | $ | 61,532 | |||||||||
| Adjustments to reconcile net profit (loss) to net cash provided by operating activities: | ||||||||||||||||||||
| Income tax (benefit) expense | 8,481 | (1,155 | ) | 20,520 | 7,326 | 29,981 | ||||||||||||||
| Depreciation and amortization charges | 18,875 | 18,669 | 16,452 | 37,544 | 34,442 | |||||||||||||||
| Net finance expense | 5,315 | 7,669 | 895 | 12,984 | 11,875 | |||||||||||||||
| Exchange differences | (3,591 | ) | (1,383 | ) | 5,367 | (4,974 | ) | 3,912 | ||||||||||||
| Impairment loss (gain) | — | — | 887 | — | 641 | |||||||||||||||
| Share-based compensation | 913 | 928 | 2,041 | 1,841 | 3,946 | |||||||||||||||
| Other loss (gain) | (238 | ) | (696 | ) | (499 | ) | (934 | ) | (546 | ) | ||||||||||
| Changes in operating assets and liabilities | ||||||||||||||||||||
| Decrease (increase) in inventories | (36,696 | ) | 19,011 | 30,132 | (17,685 | ) | 116,407 | |||||||||||||
| Decrease (increase) in trade receivables | 5,982 | 320 | 29,326 | 6,302 | 148,040 | |||||||||||||||
| (Decrease) increase in trade payables | 17,387 | (1,925 | ) | 19,169 | 15,462 | (54,695 | ) | |||||||||||||
| Other changes in operating assets and liabilities | (40,014 | ) | 154,596 | (61,617 | ) | 114,582 | (105,717 | ) | ||||||||||||
| Income taxes (paid) received | (8,756 | ) | 4,580 | (75,165 | ) | (4,176 | ) | (91,463 | ) | |||||||||||
| Net cash provided by (used in ) operating activities: | 2,006 | 198,044 | 23,572 | 200,050 | 158,355 | |||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Interest and finance income received | 600 | 741 | 969 | 1,341 | 1,637 | |||||||||||||||
| Payments due to investments: | ||||||||||||||||||||
| Intangible assets | (735 | ) | (584 | ) | (940 | ) | (1,319 | ) | (940 | ) | ||||||||||
| Property, plant and equipment | (21,132 | ) | (17,641 | ) | (22,662 | ) | (38,773 | ) | (40,622 | ) | ||||||||||
| Disposals: | ||||||||||||||||||||
| Other non-current assets | (3,000 | ) | — | — | (3,000 | ) | ||||||||||||||
| Net cash used in by investing activities | (24,267 | ) | (17,484 | ) | (22,633 | ) | (41,751 | ) | (39,925 | ) | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Dividends paid | (2,443 | ) | (2,438 | ) | — | (4,881 | ) | — | ||||||||||||
| Proceeds from debt issuance | — | (147,624 | ) | — | (147,624 | ) | — | |||||||||||||
| Repayment of debt instruments | — | — | (1,742 | ) | — | (28,025 | ) | |||||||||||||
| Increase/(decrease) in bank borrowings: | ||||||||||||||||||||
| Borrowings | 145,962 | 94,611 | 152,210 | 240,573 | 261,972 | |||||||||||||||
| Payments | (130,772 | ) | (83,012 | ) | (126,840 | ) | (213,784 | ) | (268,740 | ) | ||||||||||
| Payments for lease liabilities | (2,883 | ) | (2,973 | ) | (2,851 | ) | (5,856 | ) | (5,098 | ) | ||||||||||
| Other (payments) receipts from financing activities | (289 | ) | (192 | ) | — | (481 | ) | (17,377 | ) | |||||||||||
| Interest paid | (2,574 | ) | (14,634 | ) | (1,721 | ) | (17,208 | ) | (19,913 | ) | ||||||||||
| Net cash (used in) provided by financing activities | 7,001 | (156,262 | ) | 19,056 | (149,261 | ) | (77,181 | ) | ||||||||||||
| Total net (decrease) increase in cash and cash equivalents | (15,260 | ) | 24,298 | 19,995 | 9,038 | 41,249 | ||||||||||||||
| Beginning balance of cash and cash equivalents | 159,768 | 137,649 | 344,197 | 137,649 | 322,943 | |||||||||||||||
| Exchange differences on cash and cash equivalents in foreign currencies | (21 | ) | (2,179 | ) | (1,011 | ) | (2,200 | ) | (1,011 | ) | ||||||||||
| Ending balance of cash and cash equivalents | $ | 144,487 | $ | 159,768 | $ | 363,181 | $ | 144,487 | $ | 363,181 | ||||||||||
| Restricted cash and cash equivalents | 301 | 298 | 4,579 | 301 | 4,579 | |||||||||||||||
| Cash and cash equivalents | 144,186 | 159,470 | 358,602 | 144,186 | 358,602 | |||||||||||||||
| Ending balance of cash and cash equivalents | $ | 144,487 | $ | 159,768 | $ | 363,181 | $ | 144,487 | $ | 363,181 | ||||||||||
| Adjusted EBITDA ($,000): | |||||||||||||||||||
| Q2´24 | Q1´24 | Q2´23 | YTD´24 | YTD´23 | |||||||||||||||
| Profit (loss) attributable to the parent | $ | 34,880 | $ | (2,024 | ) | $ | 31,908 | $ | 32,856 | $ | 52,899 | ||||||||
| Profit (loss) attributable to non-controlling interest | (532 | ) | (546 | ) | 4,156 | (1,078 | ) | 8,633 | |||||||||||
| Income tax (benefit) expense | 8,481 | (1,155 | ) | 20,520 | 7,326 | 29,981 | |||||||||||||
| Net finance expense | 5,315 | 7,669 | 895 | 12,984 | 11,875 | ||||||||||||||
| Depreciation and amortization charges | 18,875 | 18,669 | 16,452 | 37,544 | 34,442 | ||||||||||||||
| EBITDA | 67,019 | 22,613 | 73,931 | 89,632 | 137,830 | ||||||||||||||
| Exchange differences | (3,591 | ) | (1,383 | ) | 5,367 | (4,974 | ) | 3,912 | |||||||||||
| Impairment | — | — | 887 | — | 641 | ||||||||||||||
| Restructuring and termination costs | (4,540 | ) | — | — | (4,540 | ) | — | ||||||||||||
| New strategy implementation | 1,012 | 1,361 | (77 | ) | 2,373 | 1,972 | |||||||||||||
| Subactivity | 109 | 942 | 2,373 | 1,051 | 6,086 | ||||||||||||||
| PPA Energy | (2,270 | ) | 2,270 | 23,193 | — | — | |||||||||||||
| Adjusted EBITDA | $ | 57,739 | $ | 25,803 | $ | 105,674 | $ | 83,542 | $ | 150,441 | |||||||||
| Adjusted profit attributable to Ferroglobe ($,000): | |||||||||||||||||||
| Q2´24 | Q1´24 | Q2´23 | YTD´24 | YTD´23 | |||||||||||||||
| Profit (loss) profit attributable to the parent | $ | 34,880 | $ | (2,024 | ) | $ | 31,908 | $ | 32,856 | $ | 52,899 | ||||||||
| Tax rate adjustment | (4,997 | ) | 17 | 5,469 | (4,980 | ) | 5,639 | ||||||||||||
| Impairment | — | — | 651 | — | 470 | ||||||||||||||
| Restructuring and termination costs | (3,111 | ) | — | — | (3,111 | ) | — | ||||||||||||
| New strategy implementation | 694 | 933 | (57 | ) | 1,626 | 1,447 | |||||||||||||
| Subactivity | 75 | 646 | 1,742 | 720 | 4,467 | ||||||||||||||
| PPA Energy | (1,556 | ) | 1,556 | 17,024 | — | — | |||||||||||||
| Adjusted profit attributable to the parent | $ | 25,984 | $ | 1,168 | $ | 56,737 | $ | 27,111 | $ | 64,922 | |||||||||
| Adjusted diluted profit per share: | |||||||||||||||||||
| Q2´24 | Q1´24 | Q2´23 | YTD´24 | YTD´23 | |||||||||||||||
| Diluted profit (loss) per ordinary share | $ | 0.18 | $ | (0.01 | ) | $ | 0.17 | $ | 0.17 | $ | 0.28 | ||||||||
| Tax rate adjustment | (0.03 | ) | 0.00 | 0.03 | (0.03 | ) | 0.03 | ||||||||||||
| Restructuring and termination costs | (0.02 | ) | — | — | (0.02 | ) | — | ||||||||||||
| New strategy implementation | 0.00 | 0.00 | (0.00 | ) | 0.01 | 0.01 | |||||||||||||
| Subactivity | 0.00 | 0.00 | 0.01 | 0.00 | 0.02 | ||||||||||||||
| PPA Energy | (0.01 | ) | 0.01 | 0.09 | — | — | |||||||||||||
| Adjusted diluted profit (loss) per ordinary share | $ | 0.13 | $ | (0.00 | ) | $ | 0.30 | $ | 0.13 | $ | 0.34 | ||||||||
FAQ
What was Ferroglobe's (GSM) revenue in Q2 2024?
How much did Ferroglobe's (GSM) adjusted EBITDA increase in Q2 2024?
What is Ferroglobe's (GSM) updated annual Adj. EBITDA guidance for 2024?
When did Ferroglobe (GSM) restart its French operations in 2024?
