Free Post Earnings Research Report: Ferroglobe’s Sales Jumped 19.8%; Adjusted EPS Rocketed 280%

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LONDON, UK / ACCESSWIRE / June 11, 2018 / If you want access to our free earnings report on Ferroglobe PLC (NASDAQ: GSM), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=GSM. The Company reported its first quarter fiscal 2018 operating and financial results on May 21, 2018. The producer of silicon metal and silicon-based alloys outperformed top- and bottom-line expectations. Additionally, the Company announced that it is re-instating its dividend distribution. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Ferroglobe most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the quarter ended March 31, 2018, Ferroglobe’s sales totaled $560.7 million, up 19.8% from $468.2 million in Q4 2017. The Company’s revenue numbers exceeded analysts’ estimates by $1.55 million.

During Q1 2018, Ferroglobe’s reported earnings before interest, tax, depreciation, and amortization (EBITDA) of $93.5 million soared 321.2% compared to reported EBITDA of $22.2 million in Q4 2017. On an adjusted basis, the Company’s EBITDA were $89.6 million in Q1 2018, up 66.9% from adjusted EBITDA of $53.7 million in Q4 2017. Ferroglobe recorded adjusted EBITDA margin of 16.0% in the reported quarter compared to 11.5% in the previous quarter.

For Q1 2018, Ferroglobe posted a net profit of $35.6 million, or $0.21 per diluted share, up from $6.3 million, or $0.04 per diluted share, in Q4 2017. The Company’s adjusted net profit was $33.3 million, or $0.19 per diluted share, in the reported quarter compared to of $8.1 million, or $0.05 per diluted share, in the prior quarter. Ferroglobe’s earnings surpassed Wall Street’s estimates of $0.16 per share.

Operating Results

During Q1 2018, Ferroglobe’s selling prices for key products continued to improve across both the US and Europe. The Company’s average selling price for silicon metal increased 13.2% to $2,762/metric tons (MT) in Q1 2018 compared to $2,440/MT in Q4 2017. Ferroglobe’s average selling price for silicon-based alloys increased 12.3% to $1,956/MT in Q1 2018 compared to $1,741/MT in Q4 2017. The Company’s average selling price for manganese-based alloys increased 2.2% to $1,375/MT in Q1 2018 compared to $1,346/MT in Q4 2017.

In addition to improved pricing, Ferroglobe reported a solid demand across its key products. In terms of sales volumes, silicon metal experienced an increase of 9.3% to 93,515 MT on a q-o-q basis; silicon-based alloys recorded a growth of 8.4% to 76,328 MT compared to the previous quarter; and manganese-based alloys experienced a drop of 1.7% to 71,176 MT on a q-o-q basis.

Cash Matters

During Q1 2018, Ferroglobe’s working capital increased by $57.5 million. The new assets acquired from Glencore AG on February 01, 2018, have contributed $55.5 million to this working capital increase. During Q1 2018, Ferroglobe’s cash flows used for operations was $20.4 million. Excluding cash flows related to Glencore AG, the Company generated operating cash flows of $35.5 million in the reported quarter.

As of March 31, 2018, Ferroglobe’s net debt was $449.3 million, up from $386.9 million as of December 31, 2017. The increase in net debt was primarily due to the $55.5 million working capital increase from the acquisition of the new assets from Glencore AG, including the build-up of inventories of raw materials and finished goods of the new plants. Excluding the impact of the Glencore AG acquisition, the Company’s net debt increased by $6.6 million compared to December 31, 2017.

Reinstating Dividend Payment

In its earnings release, Ferroglobe also announced that its Board of Directors decided to declare an interim dividend of $0.06 per share, reflecting the confidence in the underlying strength of the business and the Company’s long-term outlook. The dividend will have a record date of June 08, 2018, and a payment date of June 29, 2018.

Stock Performance Snapshot

June 08, 2018 – At Friday’s closing bell, Ferroglobe’s stock rose 2.90%, ending the trading session at $10.66.

Volume traded for the day: 1.67 million shares, which was above the 3-month average volume of 959.95 thousand shares.

After last Friday’s close, Ferroglobe’s market cap was at $1.77 billion.

Price to Earnings (P/E) ratio was at 161.52.

The stock has a dividend yield of 2.25%.

The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry.

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