Ferroglobe Reports Strong Third Quarter 2023 Financial Results

Rhea-AI Summary

Ferroglobe PLC (NASDAQ: GSM) announced Q3-23 financial results with revenue of $416.8M, down 9% over the prior quarter. Adjusted EBITDA was $104.5M, down 1% over the prior quarter. The company acquired a high-quality quartz mine in the U.S. to meet increasing demand for silicon metal by solar and EV battery markets.

Positive

• Ferroglobe's Q3-23 revenue decreased by 9% from the prior quarter, but adjusted EBITDA margin improved to 25.1%.
• The acquisition of a high-quality quartz mine in the U.S. positions Ferroglobe to meet increasing demand for high-quality silicon metal by solar and EV battery markets.
• The company's long-term growth story is intact despite recent weakness in end markets.

Negative

• Q3-23 adjusted EBITDA decreased by 1% from the prior quarter.
• Total cash decreased to $166M primarily due to the $150M partial redemption of the 9 ¾ senior secured notes.
• Working capital increased by $35M during the quarter.

LONDON, Nov. 07, 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 third quarter 2023.

FINANCIAL HIGHLIGHTS

• Reported Q3-23 revenue of $416.8 million, down 9% over the prior quarter
• Q3-23 Adjusted EBITDA of $104.5 million, down 1% over the prior quarter
• Q3-23 Adjusted EBITDA margin improved to 25.1% versus 23.2% in Q2-23
• Q3-23 Adjusted EPS was $0.27 versus $0.30 in Q2-23
• Gross debt was $237 million at Sep-23, down from $400 million at Jun-23 and $431 million at Sep-22
• $100 million available from our ABL facility which remained undrawn in Q3-23
• Total cash decreased to $166 million primarily due to the $150 million partial redemption of the 9 ¾ senior secured notes, down from $363 million at Jun-23
  

BUSINESS HIGHLIGHTS

• Acquired a high-quality quartz mine in the U.S. to ensure access to this critical material, enabling Ferroglobe to meet the increasing demand for high-quality silicon metal by the solar and EV battery markets
• Continue to develop strategic partnerships and alliances to enhance the company’s growth opportunities
• Finalized an additional long-term power agreement to improve the cost competitiveness of the Spanish plants
• Favorable U.S. policies continue to benefit Ferroglobe
• Implementing a capital allocation policy with details to be announced in the first quarter
  

“The company continued to perform well in a difficult market environment,” commented Dr. Marco Levi, Ferroglobe’s Chief Executive Officer. “Our strong EBITDA of $104 million benefited from our proactive energy agreements, strong operating efficiency and effective energy management at our plants. Overall, our operations in all regions continue to perform at a high level amid the global uncertainty and tepid end markets.

“The high-quality quartz mine that we acquired in South Carolina positions us to take advantage of the shift toward increased production and adoption of solar panels and lithium-ion EV batteries in the U.S. in the coming years. Recently, there has been weakness in these end markets; however, we continue to believe the long-term growth story is intact.

“We reiterate our guidance for full year adjusted EBITDA of $270 to $300 million,” concluded Dr. Levi.

Third Quarter 2023 Financial Highlights

		Quarter Ended				Quarter Ended				Quarter Ended				%				%					Nine Months Ended				Nine Months Ended				%
$,000 (unaudited)		September 30, 2023				June 30, 2023				September 30, 2022				Q/Q				Y/Y					September 30, 2023				September 30, 2022				Y/Y
Sales		$	416,810			$	456,441			$	593,218				(9	%)			(30	%)			$	1,274,083			$	2,149,291			(41	%)
Raw materials and energy consumption for production		$	(195,600	)		$	(229,077	)		$	(285,210	)			(15	%)			(31	%)			$	(679,714	)		$	(995,514	)		(32	%)
Energy consumption for production (PPA impact)			—				(23,193	)			—													—				—
Operating profit (loss)		$	75,419			$	62,846			$	154,424				20	%			(51	%)			$	182,716			$	630,853			(71	%)
Operating margin			18.1	%			13.8	%			26.0	%												14.3	%			29.4	%
Adjusted net income attributable to the parent		$	53,721			$	56,737			$	118,264				(5	%)			(55	%)			$	118,642			$	496,737			(76	%)
Adjusted diluted EPS		$	0.27			$	0.30			$	0.64												$	0.63			$	2.66
Adjusted EBITDA		$	104,496			$	105,674			$	185,293				(1	%)			(44	%)			$	254,937			$	729,568			(65	%)
Adjusted EBITDA margin			25.1	%			23.2	%			31.2	%												20.0	%			33.9	%
Operating cash flow		$	(8,727	)		$	23,572			$	54,972				(137	%)			(116	%)			$	149,628			$	285,698			(48	%)
Free cash flow1		$	(27,357	)		$	939			$	40,141				(3.013	%)			(168	%)			$	91,073			$	248,033			(63	%)
Working Capital		$	510,064			$	474,971			$	717,283				7	%			(29	%)			$	510,064			$	717,283			(29	%)
Cash and Restricted Cash		$	165,973			$	363,181			$	236,789				(54	%)			(30	%)			$	165,973			$	236,789			(30	%)
Adjusted Gross Debt2		$	237,056			$	400,066			$	431,207				(41	%)			(45	%)			$	237,056			$	431,207			(45	%)
Equity		$	859,723			$	823,595			$	700,340				4	%			23	%			$	859,723			$	700,340			23	%

(1) Free cash flow is calculated as operating cash flow plus investing cash flow
(2) Adjusted gross debt excludes factoring program and impact of leasing standard IFRS16

Sales

Ferroglobe reported third quarter net sales of $417 million, a decrease of 9% over the prior quarter and a decrease of 30% over Q3-22. The $40 million decrease in sales over the prior quarter was primarily driven by manganese-based alloys, which accounted for $19 million of the decrease, and silicon-based alloys, which accounted for $18 million, partially offset by silicon metal, which increased by $3 million.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $196 million in the third quarter of 2023 versus $253 million in the prior quarter, a decrease of 22%. As a percentage of sales, raw materials and energy consumption for production improved to 47% in the third quarter of 2023 versus 55% in the prior quarter. Excluding the PPA impact, raw materials and energy consumption for production was 50% of sales in the second quarter.

Net Income (Loss) Attributable to the Parent

In the third quarter, net income attributable to the parent was $41 million, or $0.21 per diluted share, compared to $32 million, or $0.17 per diluted share, in the second quarter.

Adjusted EBITDA

Adjusted EBITDA in the third quarter was $104 million, down 1% over the second quarter. Adjusted EBITDA margin was 25% in the third quarter, up from 23% in the second quarter.

Total Cash

The total cash balance was $166 million as of September 30, 2023, down $197 million from $363 million as of June 30, 2023. The decline was primarily due to the $150 million partial redemption of the 9 3/8% Senior Secured Notes on July 31, 2023.

During the third quarter, operating cash flow was negative $9 million, cash flow from investing activities was negative $19 million, and cash flow from financing activities was negative $170 million. The significant negative cash flow from financing activities was primarily due to the redemption of the senior secured notes in July.

Total Working Capital

Total working capital was $510 million at September 30, 2023 versus $475 million at June 30, 2023. The $35 million increase in working capital during the quarter was primarily due to a decrease in trade and other payables of $25 million and an increase in trade and other receivables of $11 million.

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “During the quarter, we continued deleveraging our balance sheet by reducing our gross debt to $237 million, down from $400 million in the prior quarter, which was a result of redeeming $150 million of our 9 3/8% senior secured notes. This redemption saves us approximately $14 million in annual interest expenses.

“As we commented last quarter, we expect to build inventory in preparation for the gradual idling of our French operations toward the end of the fourth quarter as planned, as we optimize our energy costs. The French plants are scheduled to be idle during the first quarter,” concluded Mrs. Garcia-Cos.        

Product Category Highlights

Silicon Metal

		Quarter Ended				Quarter Ended							Quarter Ended							Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				% Q/Q			September 30, 2022				% Y/Y			September 30, 2023				September 30, 2022				% Y/Y
Shipments in metric tons:			57,031				50,651			12.6	%			50,545			12.8	%			144,624				169,883			(14.9	)%
Average selling price ($/MT):			3,481				3,855			(9.7	)%			5,220			(33.3	)%			3,834				5,489			(30.2	)%
Silicon Metal Revenue ($,000)			198,525				195,260			1.7	%			263,845			(24.8	)%			554,488				932,488			(40.5	)%
Silicon Metal Adj.EBITDA ($,000)			80,823				82,403			(1.9	)%			113,151			(28.6	)%			194,347				439,920			(55.8	)%
Silicon Metal Adj.EBITDA Mgns			40.7	%			42.2	%						42.9	%						35.0	%			47.2	%

Silicon metal revenue in the third quarter was $199 million, an increase of 1.7% over the prior quarter. Average realized prices declined 9.7%, driven by lower market index pricing in the U.S. and Europe. Volumes increased 12.6% over the prior quarter as a result of strong shipments in North America. Adjusted EBITDA for this segment was $81 million, approximately flat versus the prior quarter and adjusted EBITDA margin was 41%, down slightly from the second quarter. An improvement in costs was primarily attributable to the higher energy compensation, offsetting the price declines.

Silicon-Based Alloys

		Quarter Ended				Quarter Ended							Quarter Ended							Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				% Q/Q			September 30, 2022				% Y/Y			September 30, 2023				September 30, 2022				% Y/Y
Shipments in metric tons:			46,427				49,457			(6.1	)%			48,977			(5.2	)%			144,984				164,230			(11.7	)%
Average selling price ($/MT):			2,475				2,697			(8.2	)%			3,655			(32.3	)%			2,645				3,819			(30.7	)%
Silicon-based Alloys Revenue ($,000)			114,907				133,386			(13.9	)%			179,011			(35.8	)%			383,483				627,194			(38.9	)%
Silicon-based Alloys Adj.EBITDA ($,000)			25,402				31,812			(20.1	)%			59,668			(57.4	)%			79,138				235,220			(66.4	)%
Silicon-based Alloys Adj.EBITDA Mgns			22.1	%			23.8	%						33.3	%						20.6	%			37.5	%

Silicon-based alloy revenue in the third quarter was $115 million, a decrease of 13.9% over the prior quarter. Shipments decreased by 6.1% versus the prior quarter while average realized selling prices declined by 8.2% over the same period. Adjusted EBITDA for the silicon-based alloys portfolio decreased to $25 million in the third quarter, a decrease of 20.1% compared with $32 million in the prior quarter. EBITDA margin decreased slightly in the quarter, as costs were positive impacted by lower raw material prices, primarily coal.

Manganese-Based Alloys

		Quarter Ended				Quarter Ended							Quarter Ended							Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				% Q/Q			September 30, 2022				% Y/Y			September 30, 2023				September 30, 2022				% Y/Y
Shipments in metric tons:			56,399				62,573			(9.9	)%			61,583			(8.4	)%			165,839				233,672			(29.0	)%
Average selling price ($/MT):			1,046				1,248			(16.2	)%			1,584			(34.0	)%			1,198				1,860			(35.6	)%
Manganese-based Alloys Revenue ($,000)			58,993				78,091			(24.5	)%			97,547			(39.5	)%			198,675				434,630			(54.3	)%
Manganese-based Alloys Adj.EBITDA ($,000)			11,000				1,065			932.9	%			14,681			(25.1	)%			14,107				67,923			(79.2	)%
Manganese-based Alloys Adj.EBITDA Mgns			18.6	%			1.4	%						15.1	%						7.1	%			15.6	%

Manganese-based alloy revenue in the third quarter was $59 million, a decrease of 24.5% over the prior quarter. Average realized selling prices decreased by 16.2% linked to continued index price declines while total shipments decreased 9.9%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $11 million in the third quarter versus $1 million for the prior quarter. EBITDA margin in the quarter increased as costs were positively impacted by higher energy and CO2 compensation in France and lower manganese ore prices.

Subsequent Events

Acquisition of a strategic high-quality quartz mine in the U.S.

On October 27, 2023, the company announced that it had acquired a high-quality quartz mine in the U.S. for approximately $11 million. The South Carolina mine has the capacity to produce more than 300kt of quartz per year, with more than ten years of reserve life. It is located near a rail line with a lower cost of production than Ferroglobe’s existing quartz operations in Alabama. Production is expected to begin in the second half of 2024.

This acquisition helps ensure that Ferroglobe has access to this critical material, enabling it to meet the increasing demand for high-quality silicon metal, while its proximity to our operations secures the long-term competitiveness of our US footprint.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on November 8, 2023. 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/BI5d42f1befd9f406fbbd89e0d59f58215
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/6vdhrozz

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, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt and net 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
Executive Director, 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)

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Sales		$	416,810			$	456,441			$	593,218			$	1,274,083			$	2,149,291
Raw materials and energy consumption for production			(195,600	)			(229,077	)			(285,210	)			(679,714	)			(995,514	)
Energy consumption for production (PPA impact)			—				(23,193	)			—				—				—
Other operating income			23,546				27,689				19,711				66,049				68,942
Staff costs			(83,582	)			(74,972	)			(75,689	)			(226,097	)			(238,379	)
Other operating expense			(65,708	)			(77,202	)			(77,954	)			(197,020	)			(292,122	)
Depreciation and amortization charges, operating allowances and write-downs			(19,000	)			(16,452	)			(19,719	)			(53,442	)			(61,012	)
Impairment (loss) gain			(1,035	)			(887	)			—				(1,676	)			—
Other gain (loss)			(12	)			499				67				533				(353	)
Operating profit			75,419				62,846				154,424				182,716				630,853
Net finance income (expense)			(9,165	)			(895	)			(16,630	)			(21,041	)			(41,914	)
Exchange differences			1,258				(5,367	)			(1,770	)			(2,654	)			(14,045	)
Profit before tax			67,512				56,584				136,024				159,021				574,894
Income tax (loss)			(23,399	)			(20,520	)			(37,184	)			(53,380	)			(140,207	)
Profit for the period			44,113				36,064				98,840				105,641				434,687
Profit (loss) attributable to non-controlling interest			(3,229	)			(4,156	)			(1,212	)			(11,862	)			(570	)
Profit attributable to the parent		$	40,884			$	31,908			$	97,628			$	93,779			$	434,117
EBITDA		$	94,419			$	79,298			$	174,143			$	236,158			$	691,865
Adjusted EBITDA		$	104,496			$	105,674			$	185,293			$	254,937			$	729,568
Weighted average shares outstanding
Basic			187,872				187,872				187,424				187,872				187,454
Diluted			190,531				190,174				188,850				190,242				188,804
Profit (loss) per ordinary share
Basic		$	0.22			$	0.17			$	0.52			$	0.50			$	2.32
Diluted		$	0.21			$	0.17			$	0.52			$	0.49			$	2.30

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)

		September 30,				June 30,				December 31,
		2023				2023				2022
ASSETS
Non-current assets
Goodwill		$	29,702			$	29,702			$	29,702
Other intangible assets			120,602				125,403				111,797
Property, plant and equipment			494,912				500,546				486,247
Other non-current financial assets			15,591				14,175				14,186
Deferred tax assets			7,169				8,683				7,136
Non-current receivables from related parties			1,589				1,630				1,600
Other non-current assets			19,410				19,633				18,218
Non-current restricted cash and cash equivalents			2,119				2,173				2,133
Total non-current assets			691,094				701,945				671,019
Current assets
Inventories			383,452				384,526				500,080
Trade and other receivables			293,234				281,821				425,474
Current receivables from related parties			2,657				2,726				2,675
Current income tax assets			12,500				16,290				6,104
Other current financial assets			359				2				3
Other current assets			155,767				104,237				30,608
Assets and disposal groups classified as held for sale			795				1,087				1,067
Current restricted cash and cash equivalents			2,406				2,406				2,875
Cash and cash equivalents			161,448				358,602				317,935
Total current assets			1,012,618				1,151,697				1,286,821
Total assets		$	1,703,712			$	1,853,642			$	1,957,840
EQUITY AND LIABILITIES
Equity		$	859,723			$	823,595			$	756,813
Non-current liabilities
Deferred income			49,467				77,514				3,842
Provisions			52,515				52,664				47,670
Bank borrowings			15,073				15,354				15,774
Lease liabilities			11,570				11,634				12,942
Debt instruments			150,167				302,572				330,655
Other financial liabilities			64,592				66,558				38,279
Other Obligations			30,363				31,763				37,502
Other non-current liabilities			166				137				12
Deferred tax liabilities			35,449				34,265				35,854
Total non-current liabilities			409,362				592,461				522,530
Current liabilities
Provisions			84,308				55,935				145,507
Bank borrowings			52,071				64,793				62,059
Lease liabilities			7,058				7,551				8,929
Debt instruments			2,321				11,668				12,787
Other financial liabilities			13,538				12,500				60,382
Financial Instruments			—				—				—
Payables to related parties			3,065				2,521				1,790
Trade and other payables			166,622				191,376				219,666
Current income tax liabilities			11,901				3,494				53,234
Other Obligations			11,780				13,589				9,580
Other current liabilities			81,963				74,159				104,563
Total current liabilities			434,627				437,586				678,497
Total equity and liabilities		$	1,703,712			$	1,853,642			$	1,957,840

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Cash flows from operating activities:
Profit for the period		$	44,113			$	36,064			$	98,840			$	105,641			$	434,687
Adjustments to reconcile net (loss) profit to net cash used by operating activities:
Income tax (benefit) expense			23,399				20,520				37,184				53,380				140,207
Depreciation and amortization charges, operating allowances and write-downs			19,000				16,452				19,719				53,442				61,012
Net finance expense			9,165				895				16,630				21,041				41,914
Exchange differences			(1,258	)			5,367				1,770				2,654				14,045
Impairment losses			1,035				887				—				1,676				—
Net loss (gain) due to changes in the value of asset			4				(344	)			(124	)			(365	)			(140	)
Gain on disposal of non-current assets			—				(161	)			142				(183	)			444
Share-based compensation			2,773				2,041				1,118				6,719				3,895
Other adjustments			8				6				(85	)			14				48
Changes in operating assets and liabilities
(Increase) decrease in inventories			(12,482	)			30,132				(129,210	)			103,925				(262,389	)
(Increase) decrease in trade receivables			(16,183	)			29,326				60,654				131,857				(87,076	)
Increase (decrease) in trade payables			(22,361	)			19,169				1,656				(77,056	)			30,770
Other			(46,796	)			(61,617	)			(40,841	)			(152,510	)			(47,650	)
Income taxes paid			(9,144	)			(75,165	)			(12,481	)			(100,607	)			(44,069	)
Net cash provided (used) by operating activities			(8,727	)			23,572				54,972				149,628				285,698
Cash flows from investing activities:
Interest and finance income received			739				969				1,055				2,376				1,263
Payments due to investments:
Other intangible assets			(516	)			(940	)			(229	)			(1,456	)			(229	)
Property, plant and equipment			(18,853	)			(22,662	)			(15,657	)			(59,475	)			(38,705	)
Other			—				—				—				—				6
Net cash (used) provided by investing activities			(18,630	)			(22,633	)			(14,831	)			(58,555	)			(37,665	)
Cash flows from financing activities:
Payment for debt and equity issuance costs			—				—				(693	)			—				(793	)
Repayment of other financial liabilities			(150,000	)			—				—				(150,000	)			—
Proceeds from debt issuance			—				—				—				—				(4,943	)
Repayment of debt instruments							(1,742	)							(28,025	)			—
Increase/(decrease) in bank borrowings:
Borrowings			131,063				152,210				193,502				393,035				739,026
Payments			(129,714	)			(126,840	)			(218,593	)			(398,454	)			(748,473	)
Amounts paid due to leases			(2,956	)			(2,851	)			(2,412	)			(8,054	)			(7,207	)
Proceeds from other financing liabilities			—				—
Other amounts received/(paid) due to financing activities			—				—				(60,655	)			(17,377	)			(41,476	)
Interest paid			(19,371	)			(1,721	)			(20,078	)			(39,284	)			(57,253	)
Net cash (used) provided by financing activities			(170,978	)			19,056				(108,929	)			(248,159	)			(121,119	)
Total net cash flows for the period			(198,335	)			19,995				(68,788	)			(157,086	)			126,914
Beginning balance of cash and cash equivalents			363,181				344,197				306,511				322,943				116,663
Exchange differences on cash and cash equivalents in foreign currencies			1,127				(1,011	)			(934	)			116				(6,788	)
Ending balance of cash and cash equivalents		$	165,973			$	363,181			$	236,789			$	165,973			$	236,789
Cash from continuing operations			161,448				358,602				234,839				161,448				234,839
Current/Non-current restricted cash and cash equivalents			4,525				4,579				1,950				4,525				1,950
Cash and restricted cash in the statement of financial position		$	165,973			$	363,181			$	236,789			$	165,973			$	236,789

Adjusted EBITDA ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Profit attributable to the parent		$	40,884			$	31,908			$	97,628			$	93,779			$	434,117
Profit (loss) attributable to non-controlling interest			3,229				4,156				1,212				11,862				570
Income tax expense			23,399				20,520				37,184				53,380				140,207
Net finance expense			9,165				895				16,630				21,041				41,914
Exchange differences			(1,258	)			5,367				1,770				2,654				14,045
Depreciation and amortization charges, operating allowances and write-downs			19,000				16,452				19,719				53,442				61,012
EBITDA			94,419				79,298				174,143				236,158				691,865
Impairment			1,035				887				—				1,676				—
Restructuring and termination costs			5,535				—				—				5,535				9,315
New strategy implementation			—				(77	)			7,354				1,973				24,592
Subactivity			3,507				2,373				3,796				9,595				3,796
PPA Energy			—				23,193				—				—				—
Adjusted EBITDA		$	104,496			$	105,674			$	185,293			$	254,937			$	729,568

Adjusted profit attributable to Ferroglobe ($,000):

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Profit attributable to the parent		$	40,884			$	31,908			$	97,628			$	93,779			$	434,117
Tax rate adjustment			5,441				5,469				11,584				11,080				32,012
Impairment			760				651				—				1,230				—
Restructuring and termination costs			4,063				—				—				4,063				7,562
New strategy implementation			—				(57	)			5,970				1,448				19,964
Subactivity			2,574				1,742				3,082				7,043				3,082
PPA Energy			—				17,024								—
Adjusted profit attributable to the parent		$	53,721			$	56,737			$	118,264			$	118,642			$	496,737

Adjusted diluted profit per share:

		Quarter Ended				Quarter Ended				Quarter Ended				Nine Months Ended				Nine Months Ended
		September 30, 2023				June 30, 2023				September 30, 2022				September 30, 2023				September 30, 2022
Diluted profit per ordinary share		$	0.21			$	0.17			$	0.52			$	0.49			$	2.30
Tax rate adjustment			0.03				0.03				0.06				0.06				0.18
Impairment			0.00				0.00				—				0.01				—
Restructuring and termination costs			0.02				—				0.01				0.02				0.04
New strategy implementation			—				—				0.03				0.01				0.12
Subactivity			0.01				0.01				0.02				0.04				0.02
PPA Energy			—				0.09				—				—
Adjusted diluted profit per ordinary share		$	0.27			$	0.30			$	0.64			$	0.63			$	2.66

FAQ

What are Ferroglobe's Q3-23 financial results?

Ferroglobe reported Q3-23 revenue of $416.8M, down 9% over the prior quarter, with adjusted EBITDA of $104.5M, down 1% over the prior quarter.

What did Ferroglobe acquire in the U.S.?

Ferroglobe acquired a high-quality quartz mine in the U.S. to meet increasing demand for high-quality silicon metal by solar and EV battery markets.

What is Ferroglobe's long-term growth story?

Ferroglobe's long-term growth story is intact despite recent weakness in end markets.