Ferroglobe Reports Strong Third Quarter 2024 Financial Results
Ferroglobe (NASDAQ: GSM) reported Q3 2024 financial results with sales of $433.5 million, down 3.9% from Q2 2024 but up 4.0% year-over-year. Adjusted EBITDA reached $60.4 million, a 5% increase from Q2. Net income was $18.8 million, down 46% quarter-over-quarter. The company maintains its adjusted EBITDA guidance of $150-170 million and reports a positive net cash position of $32 million. Notable developments include U.S. Department of Commerce's duties on FeSi imports and implementation of a quarterly dividend of $0.013 per share.
Ferroglobe (NASDAQ: GSM) ha riportato i risultati finanziari del terzo trimestre 2024 con vendite di 433,5 milioni di dollari, in calo del 3,9% rispetto al secondo trimestre 2024, ma in aumento del 4,0% rispetto allo stesso trimestre dell'anno precedente. L'EBITDA rettificato ha raggiunto i 60,4 milioni di dollari, con un incremento del 5% rispetto al secondo trimestre. L'utile netto è stato di 18,8 milioni di dollari, in calo del 46% rispetto al trimestre precedente. L'azienda mantiene la guida per l'EBITDA rettificato tra 150 e 170 milioni di dollari e segnala una posizione di cassa netta positiva di 32 milioni di dollari. Tra gli sviluppi significativi ci sono i dazi del Dipartimento del Commercio degli Stati Uniti sulle importazioni di FeSi e l'implementazione di un dividendo trimestrale di 0,013 dollari per azione.
Ferroglobe (NASDAQ: GSM) informó los resultados financieros del tercer trimestre de 2024 con ventas de 433,5 millones de dólares, una disminución del 3,9% en comparación con el segundo trimestre de 2024, pero un aumento del 4,0% en comparación con el año anterior. El EBITDA ajustado alcanzó los 60,4 millones de dólares, un incremento del 5% respecto al segundo trimestre. La utilidad neta fue de 18,8 millones de dólares, una caída del 46% en comparación con el trimestre anterior. La compañía mantiene su guía de EBITDA ajustado de 150 a 170 millones de dólares y reporta una posición de efectivo neto positiva de 32 millones de dólares. Entre los desarrollos notables se encuentran los aranceles del Departamento de Comercio de EE. UU. sobre las importaciones de FeSi y la implementación de un dividendo trimestral de 0,013 dólares por acción.
Ferroglobe (NASDAQ: GSM)는 2024년 3분기 재무 결과를 보고했으며, 매출은 4억 3천3백50만 달러로 2024년 2분기 대비 3.9% 감소했지만, 전년 대비 4.0% 증가했습니다. 조정 EBITDA는 6천4백만 달러에 도달하여 2분기 대비 5% 증가했습니다. 순이익은 1천8백80만 달러로, 전분기 대비 46% 감소했습니다. 회사는 1억5천만에서 1억7천만 달러의 조정 EBITDA 가이던스를 유지하며, 3천2백만 달러의 긍정적인 순 현금 위치를 보고합니다. 주요 개발사항으로는 미국 상무부의 FeSi 수입에 대한 관세와 주당 0.013달러의 분기 배당금 시행이 있습니다.
Ferroglobe (NASDAQ: GSM) a annoncé ses résultats financiers pour le troisième trimestre 2024, avec des ventes de 433,5 millions de dollars, en baisse de 3,9 % par rapport au deuxième trimestre 2024, mais en hausse de 4,0 % par rapport à l'année précédente. L'EBITDA ajusté a atteint 60,4 millions de dollars, soit une augmentation de 5 % par rapport au deuxième trimestre. Le revenu net s'est élevé à 18,8 millions de dollars, en baisse de 46 % par rapport au trimestre précédent. L'entreprise maintient ses prévisions d'EBITDA ajusté entre 150 et 170 millions de dollars et signale une position de trésorerie nette positive de 32 millions de dollars. Parmi les développements notables figurent les droits de douane du Département du Commerce des États-Unis sur les importations de FeSi et la mise en place d'un dividende trimestriel de 0,013 dollar par action.
Ferroglobe (NASDAQ: GSM) hat die finanziellen Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit einem Umsatz von 433,5 Millionen Dollar, was einem Rückgang von 3,9% im Vergleich zum 2. Quartal 2024 entspricht, jedoch einem Anstieg von 4,0% im Jahresvergleich. Das bereinigte EBITDA erreichte 60,4 Millionen Dollar, was einem Anstieg von 5% im Vergleich zum 2. Quartal entspricht. Der Nettogewinn betrug 18,8 Millionen Dollar, ein Rückgang von 46% im Quartalsvergleich. Das Unternehmen bestätigt seine Prognose für das bereinigte EBITDA von 150 bis 170 Millionen Dollar und berichtet von einer positiven Netto-Cash-Position von 32 Millionen Dollar. Zu den bedeutenden Entwicklungen gehören die Zölle des US-Handelsministeriums auf FeSi-Importe und die Einführung einer vierteljährlichen Dividende von 0,013 Dollar pro Aktie.
- Adjusted EBITDA increased 5% quarter-over-quarter to $60.4 million
- Positive net cash position of $32 million
- Operating cash flow improved to $11.1 million from $2.0 million in Q2
- U.S. Department of Commerce imposed significant duties on FeSi imports, potentially benefiting market position
- Net income decreased 46% quarter-over-quarter to $18.8 million
- Sales declined 3.9% from previous quarter to $433.5 million
- Adjusted diluted EPS decreased 13% quarter-over-quarter to $0.11
- Working capital increased by $29.5 million to $528.6 million
Insights
Ferroglobe's Q3 2024 results show mixed performance with some concerning trends. While
Key metrics raise caution flags: net income dropped
The market dynamics present a complex picture. While silicon metal pricing improved
The company's strategic response through production idling and inventory management demonstrates proactive adaptation to soft demand, though this could pressure margins in the short term. The 2025 outlook appears cautiously optimistic, supported by trade protection measures.
Maintaining Adj. EBITDA guidance of
- Recorded improved adjusted EBITDA of
$60 million for the third quarter of 2024 - Positive net cash position of
$32 million and adjusted gross debt of$89 million - U.S. Department of Commerce announced duties on Russian, Brazilian, Kazakhstan and Malaysian FeSi imports
- Paid quarterly cash dividend of
$0.01 3 per share in September; next dividend of$0.01 3 per share on December 27 - Repurchased shares during the third quarter and implemented a 10b5-1 plan
- Preparing to issue ESG report highlighting the company’s 2030 decarbonization targets and other milestones
LONDON, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the third quarter of 2024.
Financial Highlights
($ in millions, except EPS) | Q3 2024 | Q2 2024 | % Q/Q | Q3 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||||
Sales | $ | 433.5 | $ | 451.0 | (4 | %) | $ | 416.8 | 4 | % | $ | 1,276.4 | $ | 1,274.1 | 0 | % | |||||||||||||||
Net income | $ | 18.8 | $ | 34.9 | (46 | %) | $ | 40.9 | (54 | %) | $ | 51.7 | $ | 93.8 | (45 | %) | |||||||||||||||
Adjusted diluted EPS | $ | 0.11 | $ | 0.13 | (13 | %) | $ | 0.27 | (59 | %) | $ | 0.25 | $ | 0.63 | (60 | %) | |||||||||||||||
Adj. EBITDA | $ | 60.4 | $ | 57.7 | 5 | % | $ | 104.5 | (42 | %) | $ | 144.0 | $ | 254.9 | (44 | %) | |||||||||||||||
Operating cash flow | $ | 11.1 | $ | 2.0 | 454 | % | $ | (8.7 | ) | 227 | % | $ | 211.2 | $ | 149.6 | 41 | % | ||||||||||||||
Capital expenditures1 | $ | 21.2 | $ | 21.9 | (3 | %) | $ | 19.4 | 9 | % | $ | 61.2 | $ | 60.9 | 1 | % | |||||||||||||||
Free cash flow2 | $ | (10.0 | ) | $ | (19.9 | ) | 49 | % | $ | (28.1 | ) | 64 | % | $ | 149.9 | $ | 88.7 | 69 | % |
(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, “Despite the market headwinds, third quarter results were in line with our expectations with adjusted EBITDA of
“We see significant potential in 2025 in the U.S. ferrosilicon market. The US Department of Commerce has imposed final anti-dumping and countervailing duties of
“As part of our next ESG Report, we will announce a decarbonization objective of reducing scope 1 and 2 carbon emissions by at least
Consolidated Sales
In the third quarter of 2024, Ferroglobe reported net sales of
Product Category Highlights
Silicon Metal
($,000) | Q3 2024 | Q2 2024 | % Q/Q | Q3 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||||
Shipments in metric tons: | 56,910 | 62,872 | (9.5 | )% | 57,031 | (0.2 | )% | 172,965 | 144,624 | 19.6 | % | ||||||||||||||||||||
Average selling price ($/MT): | 3,401 | 3,244 | 4.8 | % | 3,481 | (2.3 | )% | 3,268 | 3,834 | (14.8 | )% | ||||||||||||||||||||
Silicon Metal Revenue | 193,551 | 203,957 | (5.1 | )% | 198,525 | (2.5 | )% | 565,250 | 554,488 | 1.9 | % | ||||||||||||||||||||
Silicon Metal Adj.EBITDA | 40,554 | 34,584 | 17.3 | % | 80,823 | (49.8 | )% | 91,209 | 194,347 | (53.1 | )% | ||||||||||||||||||||
Silicon Metal Adj.EBITDA Margin | 21.0 | % | 17.0 | % | 40.7 | % | 16.1 | % | 35.0 | % | |||||||||||||||||||||
Silicon metal revenue in the third quarter was
Silicon-Based Alloys
($,000) | Q3 2024 | Q2 2024 | % Q/Q | Q3 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||||
Shipments in metric tons: | 45,489 | 46,953 | (3.1 | )% | 46,427 | (2.0 | )% | 143,613 | 144,984 | (0.9 | )% | ||||||||||||||||||||
Average selling price ($/MT): | 2,237 | 2,241 | (0.2 | )% | 2,475 | (9.6 | )% | 2,221 | 2,645 | (16.0 | )% | ||||||||||||||||||||
Silicon-based Alloys Revenue | 101,759 | 105,222 | (3.3 | )% | 114,907 | (11.4 | )% | 318,964 | 383,483 | (16.8 | )% | ||||||||||||||||||||
Silicon-based Alloys Adj.EBITDA | 2,356 | 10,199 | (76.9 | )% | 25,402 | (90.7 | )% | 26,967 | 79,138 | (65.9 | )% | ||||||||||||||||||||
Silicon-based Alloys Adj.EBITDA Margin | 2.3 | % | 9.7 | % | 22.1 | % | 8.5 | % | 20.6 | % | |||||||||||||||||||||
Silicon-based alloy revenue in the third quarter was
Manganese-Based Alloys
($,000) | Q3 2024 | Q2 2024 | % Q/Q | Q3 2023 | % Y/Y | YTD 2024 | YTD 2023 | % Y/Y | |||||||||||||||||||||||
Shipments in metric tons: | 64,495 | 81,464 | (20.8 | )% | 56,399 | 14.4 | % | 208,279 | 165,839 | 25.6 | % | ||||||||||||||||||||
Average selling price ($/MT): | 1,391 | 1,204 | 15.5 | % | 1,046 | 33.0 | % | 1,221 | 1,198 | 1.9 | % | ||||||||||||||||||||
Manganese-based Alloys Revenue | 89,713 | 98,083 | (8.5 | )% | 58,993 | 52.1 | % | 254,309 | 198,675 | 28.0 | % | ||||||||||||||||||||
Manganese-based Alloys Adj.EBITDA | 27,854 | 13,832 | 101.4 | % | 11,000 | 153.2 | % | 47,206 | 14,107 | 234.6 | % | ||||||||||||||||||||
Manganese-based Alloys Adj.EBITDA Margin | 31.0 | % | 14.1 | % | 18.6 | % | 18.6 | % | 7.1 | % | |||||||||||||||||||||
Manganese-based alloy revenue in the third quarter was
Raw materials and energy consumption for production
Raw materials and energy consumption for production was
Net Income Attributable to the Parent
In the third quarter of 2024, net income attributable to the parent was
Adjusted EBITDA
In the third quarter of 2024, adjusted EBITDA was
Total Cash, Adjusted Gross Debt and Working Capital
($ in millions) | Q3 2024 | Q2 2024 | $ | % | Q3 2023 | $ | % Y/Y | ||||||||||||||||||||
Total Cash1 | $ | 120.8 | $ | 144.5 | (23.7 | ) | (16 | %) | $ | 166.0 | (45.2 | ) | (27 | %) | |||||||||||||
Adjusted Gross Debt2 | $ | 89.0 | $ | 80.7 | 8.3 | 10 | % | $ | 237.1 | (148.0 | ) | (62 | %) | ||||||||||||||
Net (Cash)/Debt | $ | (31.8 | ) | $ | (63.7 | ) | 31.9 | 50 | % | $ | 71.1 | (102.9 | ) | (145 | %) | ||||||||||||
Total Working Capital | $ | 528.6 | $ | 499.1 | 29.5 | 6 | % | $ | 510.1 | 18.6 | 4 | % |
(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 Company’s cash and cash equivalents was
During the third quarter, the Company generated
Total working capital was
Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We posted a strong adjusted EBITDA of
Capital Returns
During the third quarter, Ferroglobe repurchased approximately 117,000 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 November 7, 2024. The call may also be accessed via an audio webcast.
To join via phone:
Conference call participants should dial 800-715-9871 (US toll-free) or 646-307-1963 (international) approximately 15 minutes prior to start time.
To join via webcast:
A simultaneous audio webcast, and replay will be accessible here:
https://edge.media-server.com/mmc/p/ej52hvj2
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 Nine Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
Sales | $ | 433,533 | $ | 451,048 | $ | 416,810 | $ | 1,276,434 | $ | 1,274,083 | |||||||||
Raw materials and energy consumption for production | (256,224 | ) | (264,285 | ) | (195,600 | ) | (777,528 | ) | (679,714 | ) | |||||||||
Energy consumption for production (PPA impact) | 1,162 | 2,270 | — | 1,162 | — | ||||||||||||||
Other operating income | 27,202 | 27,448 | 23,546 | 65,485 | 66,049 | ||||||||||||||
Staff costs | (71,885 | ) | (67,220 | ) | (83,582 | ) | (209,624 | ) | (226,097 | ) | |||||||||
Other operating expense | (74,475 | ) | (86,071 | ) | (65,708 | ) | (212,893 | ) | (197,020 | ) | |||||||||
Depreciation and amortization charges | (18,899 | ) | (18,875 | ) | (19,000 | ) | (56,443 | ) | (53,442 | ) | |||||||||
Impairment (loss) | — | — | (1,035 | ) | — | (1,676 | ) | ||||||||||||
Other gain (loss) | 189 | 238 | (12 | ) | 1,125 | 533 | |||||||||||||
Operating profit | 40,603 | 44,553 | 75,419 | 87,718 | 182,716 | ||||||||||||||
Net finance income (expense) | (2,154 | ) | (5,315 | ) | (9,165 | ) | (15,138 | ) | (21,041 | ) | |||||||||
Exchange differences | (6,576 | ) | 3,591 | 1,258 | (1,602 | ) | (2,654 | ) | |||||||||||
Profit (loss) profit before tax | 31,873 | 42,829 | 67,512 | 70,978 | 159,021 | ||||||||||||||
Income tax (expense) | (13,301 | ) | (8,481 | ) | (23,399 | ) | (20,627 | ) | (53,380 | ) | |||||||||
Total profit for the period | 18,572 | 34,348 | 44,113 | 50,351 | 105,641 | ||||||||||||||
Profit attributable to the parent | $ | 18,814 | $ | 34,880 | $ | 40,884 | $ | 51,671 | $ | 93,779 | |||||||||
(Profit) loss profit attributable to non-controlling interest | 242 | 532 | (3,229 | ) | 1,320 | (11,862 | ) | ||||||||||||
EBITDA | $ | 52,926 | $ | 67,019 | $ | 95,677 | $ | 142,559 | $ | 233,504 | |||||||||
Adjusted EBITDA | $ | 60,410 | $ | 57,739 | $ | 104,496 | $ | 143,953 | $ | 254,937 | |||||||||
Weighted average shares outstanding | |||||||||||||||||||
Basic | 188,325 | 189,298 | 187,872 | 188,168 | 187,872 | ||||||||||||||
Diluted | 190,393 | 191,006 | 190,531 | 190,176 | 190,242 | ||||||||||||||
Profit per ordinary share | |||||||||||||||||||
Basic | $ | 0.10 | $ | 0.18 | $ | 0.22 | $ | 0.27 | $ | 0.50 | |||||||||
Diluted | $ | 0.10 | $ | 0.18 | $ | 0.21 | $ | 0.27 | $ | 0.49 |
Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars) | |||||||||||
As of September 30, | As of June 30, | As of December 31, | |||||||||
2024 | 2024 | 2023 | |||||||||
ASSETS | |||||||||||
Non-current assets | |||||||||||
Goodwill | $ | 29,702 | $ | 29,702 | $ | 29,702 | |||||
Intangible assets | 131,183 | 192,127 | 138,345 | ||||||||
Property, plant and equipment | 523,091 | 502,610 | 501,396 | ||||||||
Other financial assets | 16,492 | 15,744 | 19,792 | ||||||||
Deferred tax assets | 8,256 | 9,501 | 8,760 | ||||||||
Receivables from related parties | 1,679 | 1,606 | 1,658 | ||||||||
Other non-current assets | 24,288 | 22,003 | 22,156 | ||||||||
Total non-current assets | 734,691 | 773,293 | 721,809 | ||||||||
Current assets | |||||||||||
Inventories | 407,782 | 397,436 | 383,841 | ||||||||
Trade and other receivables | 309,276 | 296,980 | 310,243 | ||||||||
Receivables from related parties | 2,808 | 2,685 | 2,772 | ||||||||
Current income tax assets | 7,890 | 8,901 | 15,977 | ||||||||
Other financial assets | 3,209 | 275 | 2 | ||||||||
Other current assets | 52,468 | 46,528 | 186,477 | ||||||||
Restricted cash and cash equivalents | 306 | 301 | 1,179 | ||||||||
Cash and cash equivalents | 120,504 | 144,186 | 136,470 | ||||||||
Total current assets | 904,243 | 897,292 | 1,036,961 | ||||||||
Total assets | $ | 1,638,934 | $ | 1,670,585 | $ | 1,758,770 | |||||
EQUITY AND LIABILITIES | |||||||||||
Equity | $ | 915,707 | $ | 876,006 | $ | 869,886 | |||||
Non-current liabilities | |||||||||||
Deferred income | 34,619 | 59,267 | 26,980 | ||||||||
Provisions | 25,964 | 23,434 | 19,970 | ||||||||
Provision for pensions | 31,213 | 29,760 | 29,805 | ||||||||
Bank borrowings | 14,207 | 14,397 | 14,913 | ||||||||
Lease liabilities | 57,864 | 54,463 | 20,304 | ||||||||
Debt instruments | — | — | 149,015 | ||||||||
Other financial liabilities | 27,280 | 28,116 | 65,231 | ||||||||
Other obligations | 6,116 | 5,444 | 35,883 | ||||||||
Other non-current liabilities | 243 | 194 | 199 | ||||||||
Deferred tax liabilities | 31,197 | 30,265 | 32,582 | ||||||||
Total non-current liabilities | 228,703 | 245,340 | 394,882 | ||||||||
Current liabilities | |||||||||||
Provisions | 88,986 | 137,094 | 122,757 | ||||||||
Provision for pensions | 166 | 163 | 169 | ||||||||
Bank borrowings | 61,474 | 57,573 | 31,635 | ||||||||
Lease liabilities | 12,182 | 11,229 | 8,083 | ||||||||
Debt instruments | — | — | 5,765 | ||||||||
Other financial liabilities | 45,942 | 49,338 | 16,052 | ||||||||
Payables to related parties | 2,759 | 4,537 | 2,429 | ||||||||
Trade and other payables | 188,443 | 195,275 | 183,375 | ||||||||
Current income tax liabilities | 7,795 | 5,632 | 8,351 | ||||||||
Other obligations | 12,975 | 11,608 | 14,183 | ||||||||
Other current liabilities | 73,802 | 76,790 | 101,203 | ||||||||
Total current liabilities | 494,524 | 549,239 | 494,002 | ||||||||
Total equity and liabilities | $ | 1,638,934 | $ | 1,670,585 | $ | 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 Nine Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, 2024 | June 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Profit for the period | $ | 18,572 | $ | 34,348 | $ | 44,113 | $ | 50,351 | $ | 105,641 | |||||||||
Adjustments to reconcile net profit to net cash provided by operating activities: | |||||||||||||||||||
Income tax expense | 13,301 | 8,481 | 23,399 | 20,627 | 53,380 | ||||||||||||||
Depreciation and amortization charges | 18,899 | 18,875 | 19,000 | 56,443 | 53,442 | ||||||||||||||
Net finance expense | 2,154 | 5,315 | 9,165 | 15,138 | 21,041 | ||||||||||||||
Exchange differences | 6,576 | (3,591 | ) | (1,258 | ) | 1,602 | 2,654 | ||||||||||||
Impairment loss | — | — | 1,035 | — | 1,676 | ||||||||||||||
Net loss (gain) due to changes in the value of asset | (193 | ) | — | 4 | (301 | ) | (365 | ) | |||||||||||
Loss (gain) on disposal of non-current assets | 4 | — | — | (42 | ) | (183 | ) | ||||||||||||
Share-based compensation | 1,496 | 913 | 2,773 | 3,337 | 6,719 | ||||||||||||||
Other loss (gain) | — | (238 | ) | 8 | (782 | ) | 14 | ||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||||
Decrease (increase) in inventories | (5,414 | ) | (36,696 | ) | (12,482 | ) | (23,099 | ) | 103,925 | ||||||||||
Decrease (increase) in trade receivables | (1,638 | ) | 5,982 | (16,183 | ) | 4,664 | 131,857 | ||||||||||||
(Decrease) increase in trade payables | (13,678 | ) | 17,387 | (22,361 | ) | 1,784 | (77,056 | ) | |||||||||||
Other changes in operating assets and liabilities | (22,118 | ) | (40,014 | ) | (46,796 | ) | 92,465 | (152,510 | ) | ||||||||||
Income taxes (paid) | (6,847 | ) | (8,756 | ) | (9,144 | ) | (11,023 | ) | (100,607 | ) | |||||||||
Net cash provided by (used in ) operating activities: | 11,114 | 2,006 | (8,727 | ) | 211,164 | 149,628 | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Interest and finance income received | 766 | 600 | 739 | 2,107 | 2,376 | ||||||||||||||
Payments due to investments: | |||||||||||||||||||
Intangible assets | (850 | ) | (735 | ) | (516 | ) | (2,169 | ) | (1,456 | ) | |||||||||
Property, plant and equipment | (20,302 | ) | (21,132 | ) | (18,853 | ) | (59,075 | ) | (59,475 | ) | |||||||||
Other financial assets | — | (3,000 | ) | — | (3,000 | ) | — | ||||||||||||
Net cash used in by investing activities | (20,386 | ) | (24,267 | ) | (18,630 | ) | (62,137 | ) | (58,555 | ) | |||||||||
Cash flows from financing activities: | |||||||||||||||||||
Dividends paid | (2,441 | ) | (2,443 | ) | — | (7,322 | ) | — | |||||||||||
Repayment of debt instruments | — | — | (150,000 | ) | (147,624 | ) | (178,025 | ) | |||||||||||
Increase/(decrease) in bank borrowings: | |||||||||||||||||||
Borrowings | 145,804 | 145,962 | 131,063 | 386,377 | 393,035 | ||||||||||||||
Payments | (144,292 | ) | (130,772 | ) | (129,714 | ) | (358,076 | ) | (398,454 | ) | |||||||||
Payments for lease liabilities | (5,834 | ) | (2,883 | ) | (2,956 | ) | (11,690 | ) | (8,054 | ) | |||||||||
Other (payments) receipts from financing activities | (2,176 | ) | (289 | ) | — | (2,657 | ) | (17,377 | ) | ||||||||||
Payments to acquire or redeem own shares | (492 | ) | — | — | (492 | ) | — | ||||||||||||
Interest paid | (6,955 | ) | (2,574 | ) | (19,371 | ) | (24,163 | ) | (39,284 | ) | |||||||||
Net cash (used in) provided by financing activities | (16,386 | ) | 7,001 | (170,978 | ) | (165,647 | ) | (248,159 | ) | ||||||||||
Total net (decrease) in cash and cash equivalents | (25,658 | ) | (15,260 | ) | (198,335 | ) | (16,620 | ) | (157,086 | ) | |||||||||
Beginning balance of cash and cash equivalents | 144,487 | 159,768 | 363,181 | 137,649 | 322,943 | ||||||||||||||
Exchange differences on cash and cash equivalents in foreign currencies | 1,981 | (21 | ) | 1,127 | (219 | ) | 116 | ||||||||||||
Ending balance of cash and cash equivalents | $ | 120,810 | $ | 144,487 | $ | 165,973 | $ | 120,810 | $ | 165,973 | |||||||||
Restricted cash and cash equivalents | 306 | 301 | 4,525 | 306 | 4,525 | ||||||||||||||
Cash and cash equivalents | 120,504 | 144,186 | 161,448 | 120,504 | 161,448 | ||||||||||||||
Ending balance of cash and cash equivalents | $ | 120,810 | $ | 144,487 | $ | 165,973 | $ | 120,810 | $ | 165,973 |
Adjusted EBITDA ($,000):
Q3´24 | Q2´24 | Q3´23 | YTD´24 | YTD´23 | |||||||||||||||
Profit attributable to the parent | $ | 18,814 | $ | 34,880 | $ | 40,884 | $ | 51,671 | $ | 93,779 | |||||||||
Profit (loss) attributable to non-controlling interest | (242 | ) | (532 | ) | 3,229 | (1,320 | ) | 11,862 | |||||||||||
Income tax expense | 13,301 | 8,481 | 23,399 | 20,627 | 53,380 | ||||||||||||||
Net finance expense | 2,154 | 5,315 | 9,165 | 15,138 | 21,041 | ||||||||||||||
Depreciation and amortization charges | 18,899 | 18,875 | 19,000 | 56,443 | 53,442 | ||||||||||||||
EBITDA | 52,926 | 67,019 | 95,677 | 142,559 | 233,504 | ||||||||||||||
Exchange differences | 6,576 | (3,591 | ) | (1,258 | ) | 1,602 | 2,654 | ||||||||||||
Impairment | — | — | 1,035 | — | 1,676 | ||||||||||||||
Restructuring and termination costs | — | (4,540 | ) | 5,535 | (4,540 | ) | 5,535 | ||||||||||||
New strategy implementation | 1,413 | 1,012 | — | 3,786 | 1,973 | ||||||||||||||
Subactivity | 657 | 109 | 3,507 | 1,708 | 9,595 | ||||||||||||||
PPA Energy | (1,162 | ) | (2,270 | ) | — | (1,162 | ) | — | |||||||||||
Adjusted EBITDA | $ | 60,410 | $ | 57,739 | $ | 104,496 | $ | 143,953 | $ | 254,937 |
Adjusted profit attributable to Ferroglobe ($,000):
Q3´24 | Q2´24 | Q3´23 | YTD´24 | YTD´23 | |||||||||||||||
Profit attributable to the parent | $ | 18,814 | $ | 34,880 | $ | 40,884 | $ | 51,671 | $ | 93,779 | |||||||||
Tax rate adjustment | 3,271 | (4,997 | ) | 5,441 | (1,710 | ) | 11,080 | ||||||||||||
Impairment | — | — | 760 | — | 1,230 | ||||||||||||||
Restructuring and termination costs | — | (3,111 | ) | 4,063 | (3,111 | ) | 4,063 | ||||||||||||
New strategy implementation | 968 | 694 | — | 2,595 | 1,448 | ||||||||||||||
Subactivity | 450 | 75 | 2,574 | 1,170 | 7,043 | ||||||||||||||
PPA Energy | (796 | ) | (1,556 | ) | — | (796 | ) | — | |||||||||||
Adjusted profit attributable to the parent | $ | 22,707 | $ | 25,984 | $ | 53,722 | $ | 49,819 | $ | 118,642 |
Adjusted diluted profit per share:
Q3´24 | Q2´24 | Q3´23 | YTD´24 | YTD´23 | |||||||||||||||
Diluted profit per ordinary share | $ | 0.10 | $ | 0.18 | $ | 0.21 | $ | 0.27 | $ | 0.49 | |||||||||
Tax rate adjustment | 0.02 | (0.03 | ) | 0.03 | (0.01 | ) | 0.06 | ||||||||||||
Impairment | — | — | 0.00 | — | 0.01 | ||||||||||||||
Restructuring and termination costs | — | (0.02 | ) | 0.02 | (0.02 | ) | 0.02 | ||||||||||||
New strategy implementation | 0.01 | 0.00 | — | 0.01 | 0.01 | ||||||||||||||
Subactivity | 0.00 | 0.00 | 0.01 | 0.01 | 0.04 | ||||||||||||||
PPA Energy | (0.00 | ) | (0.01 | ) | — | (0.00 | ) | — | |||||||||||
Adjusted diluted profit per ordinary share | $ | 0.11 | $ | 0.13 | $ | 0.27 | $ | 0.25 | $ | 0.63 |
FAQ
What was Ferroglobe's (GSM) Q3 2024 revenue?
What is Ferroglobe's (GSM) adjusted EBITDA guidance for 2024?
What dividend did Ferroglobe (GSM) announce for December 2024?