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Ferroglobe Reports Strong Third Quarter 2024 Financial Results

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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.

Positive
  • 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
Negative
  • 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 $60.4M Adj. EBITDA slightly improved from Q2, it represents a significant 42% decline year-over-year. The company maintains a healthy balance sheet with $32M net cash position, but working capital increased by $29.5M, potentially signaling inventory management challenges.

Key metrics raise caution flags: net income dropped 46% Q/Q to $18.8M, while silicon-based alloys' EBITDA margin collapsed to 2.3% from 9.7%. The planned production idling and weak demand outlook suggest near-term headwinds, though anti-dumping duties on FeSi imports could provide relief in 2025.

The market dynamics present a complex picture. While silicon metal pricing improved 4.8% Q/Q, volumes declined across most segments, with manganese-based alloys seeing a sharp 20.8% drop in shipments. The U.S. Department of Commerce's duties on FeSi imports (up to 748% on Russian imports) create a significant competitive advantage for Ferroglobe in the U.S. market.

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 $150-170 million

  • 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 $0.013 per share in September; next dividend of $0.013 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 $60 million, slightly higher than in the second quarter, while volumes were impacted by soft demand. We are taking appropriate actions to reduce production in response to current demand trends. We are optimistic that demand will improve in 2025 as the year progresses.

“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 283% and 748%, respectively, on all Russian ferrosilicon imports. On November 1, the U.S. Department of Commerce announced preliminary anti-dumping duties on Brazil, Kazakhstan, and Malaysia, ranging from 1% to 22%. In addition, preliminary countervailing duties ranging from 2.4% to 61.7% were announced in September against Brazil, Kazakhstan and Malaysia.

“As part of our next ESG Report, we will announce a decarbonization objective of reducing scope 1 and 2 carbon emissions by at least 26% by 2030 from a 2020 baseline as part of our goal to enhance sustainability and transparency,” concluded Dr. Levi.

Consolidated Sales

In the third quarter of 2024, Ferroglobe reported net sales of $433.5 million, a decrease of 3.9% over the prior quarter and an increase of 4.0% from the comparable prior year period. This decrease over the prior quarter is primarily attributable to lower sales volumes in our portfolio products, partially offset by higher pricing in silicon metal and manganese-based specialty alloys. Silicon metal, silicon-based alloys and manganese-based alloys declined in sales by $10.4 million, $3.5 million and $8.4 million, respectively.

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 $193.6 million, a decrease of 5.1% over the prior quarter and a decrease of 2.5% from the comparable prior period. Average realized selling price increased by 4.8%, and shipments decreased due to lower volumes in EMEA and the U.S. The adjusted EBITDA for silicon metal increased 17.3% to $40.6 million during the third quarter, compared with $34.6 million for the prior quarter. The improvement in adjusted EBITDA margin in the quarter was mainly driven by higher average selling price and energy compensation in France.

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 $101.8 million, a decrease of 3.3% over the prior quarter and a decrease of 11.4% from the comparable prior period. Shipments decreased by 3.1%, which was attributable to demand weakness. Adjusted EBITDA for the silicon-based alloys decreased to $2.4 million in the third quarter of 2024, a decrease of 76.9% compared with $10.2 million for the prior quarter. Adjusted EBITDA margin decreased mainly due to cost deterioration attributed to volume declines, lower fixed cost absorption and decreasing efficiency.

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 $89.7 million, a decrease of 8.5% over the prior quarter and an increase of 52.1% from the comparable prior period. The average realized selling price increased by 15.5% and total shipments decreased by 20.8%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $27.9 million in the third quarter of 2024, an increase of 101.4% compared with $13.8 million for the prior quarter. The increase in adjusted EBITDA margin was mainly driven by higher sales prices and the energy compensation in France in the third quarter of 2024.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $256.2 million in the third quarter of 2024 versus $264.3 million in the prior quarter, a decrease of 3.1%. As a percentage of sales, raw materials and energy consumption for production was 59% in the third quarter of 2024, equivalent to the prior quarter. Cost improvement compared to the previous quarter was driven by a decrease in energy costs in France and Spain and lower raw material prices, primarily manganese ore.

Net Income Attributable to the Parent

In the third quarter of 2024, net income attributable to the parent was $18.8 million, or $0.10 per diluted share, compared to a net income attributable to the parent of $34.9 million, or $0.18 per diluted share in the second quarter. The Company reported adjusted diluted earnings per share of $0.11 for the third quarter, compared with adjusted earnings per share of $0.13 per share in the prior quarter.

Adjusted EBITDA

In the third quarter of 2024, adjusted EBITDA was $60.4 million, or 13.9% of sales, an increase of 1% compared to adjusted EBITDA of $57.7 million, or 12.8% of sales, from the second quarter of 2024. This was mainly driven by stronger pricing.

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 $120.8 million as of September 30, 2024, down $23.7 million from $144.5 million as of June 30, 2024.

During the third quarter, the Company generated $11.1 million in cash flow from operations, used $20.4 million in cash flow from investing activities and used $16.4 million in cash flows from financing activities, mainly due to loan repayments of $6.6 million, payments for lease liabilities of $5.8 million and dividend payments of $2.4 million

Total working capital was $528.6 million on September 30, 2024, up from $499.1 million on June 30, 2024. The $29.5 million increase in working capital balance during the quarter was mainly due to a $12.3 million increase in trade and other receivables, $10.3 million increase in inventories and $6.9 million decrease in trade and other payables .

Beatriz García-Cos, Ferroglobe’s Chief Financial Officer, commented, “We posted a strong adjusted EBITDA of $60 million in the third quarter and are reiterating our annual adjusted EBITDA guidance of $150 million to $170 million. Our working capital increased during the quarter as we are preparing for earlier idling of certain operations in the fourth quarter to manage inventory and preserve cash.”

Capital Returns

During the third quarter, Ferroglobe repurchased approximately 117,000 shares at an average price of $4.22 per share and paid a quarterly cash dividend of $0.013 per share on September 27, 2024. Our next cash dividend of $0.013 per share will be paid on December 27, 2024, to shareholders of record as of December 20, 2024.

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?

Ferroglobe reported Q3 2024 revenue of $433.5 million, representing a 3.9% decrease from Q2 2024 but a 4.0% increase year-over-year.

What is Ferroglobe's (GSM) adjusted EBITDA guidance for 2024?

Ferroglobe maintains its adjusted EBITDA guidance of $150-170 million for 2024.

What dividend did Ferroglobe (GSM) announce for December 2024?

Ferroglobe announced a cash dividend of $0.013 per share, payable on December 27, 2024, to shareholders of record as of December 20, 2024.

What duties did the U.S. Department of Commerce impose on FeSi imports affecting Ferroglobe (GSM)?

The U.S. Department of Commerce imposed final anti-dumping and countervailing duties of 283% and 748% on Russian FeSi imports, and preliminary duties ranging from 1% to 22% on imports from Brazil, Kazakhstan, and Malaysia.

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