Ferroglobe PLC Reports Q4 and Full Year 2023 Results

TL;DR

**Ferroglobe just dropped its Q4 and full-year 2023 earnings, so get ready for some market moves!**

AI Summary

Ferroglobe PLC filed a 6-K on February 21, 2024, announcing its financial results for the quarter and year ended December 31, 2023. The filing includes a press release detailing these results and an earnings call presentation for the fourth quarter and full year 2023. This report is furnished to incorporate these materials by reference.

Why It Matters

This filing provides investors with crucial financial performance data for Ferroglobe PLC, impacting their valuation and future investment decisions.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of financial results and does not indicate any immediate new risks.

Key Players & Entities

• Ferroglobe PLC (company) — Registrant
• February 21, 2024 (date) — Filing date and press release date
• December 31, 2023 (date) — End of reporting period for quarter and year
• 001-37668 (other) — Commission File Number

FAQ

Key Financial Figures

• $100 million — ducing 2024 adjusted EBITDA guidance of $100 million to $170 million FINANCIAL HIGHLIGHTS
• $170 million — sted EBITDA guidance of $100 million to $170 million FINANCIAL HIGHLIGHTS 2023 revenue o
• $1.7 b — FINANCIAL HIGHLIGHTS 2023 revenue of $1.7 billion, down 36% Y/Y 2023 adjusted EBIT
• $315 m — , down 36% Y/Y 2023 adjusted EBITDA of $315 million, down 63% Y/Y Q4 adjusted EBITDA
• $60 m — 63% Y/Y Q4 adjusted EBITDA declined to $60 million, down 42% from Q3 and down 54% fr
• $0.09 — r and 29% in Q4-22 Q4 adjusted EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22
• $0.27 — Q4-22 Q4 adjusted EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22 Net debt incr
• $0.39 — ed EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22 Net debt increased to $101 mi
• $101 m — d $0.39 in Q4-22 Net debt increased to $101 million, up from $71 million in Q3 and do
• $71 million — debt increased to $101 million, up from $71 million in Q3 and down from $127 million in Q4-
• $127 million — up from $71 million in Q3 and down from $127 million in Q4-22 Total cash decreased to $138
• $138 m — llion in Q4-22 Total cash decreased to $138 million, down from $166 million in Q3 and
• $166 million — sh decreased to $138 million, down from $166 million in Q3 and $323 million in Q4-22 BUSIN
• $323 million — llion, down from $166 million in Q3 and $323 million in Q4-22 BUSINESS HIGHLIGHTS Posted
• $148 million — 00 million in February as a result of a $148 million redemption on February 16, 2024 Initia

Filing Documents

• tmb-20240221x6k.htm (6-K) — 1050KB
• tmb-20240221x6k_bg001.jpg (GRAPHIC) — 207KB
• tmb-20240221x6k_bg002.jpg (GRAPHIC) — 312KB
• tmb-20240221x6k_bg003.jpg (GRAPHIC) — 90KB
• tmb-20240221x6k_bg004.jpg (GRAPHIC) — 245KB
• tmb-20240221x6k_bg005.jpg (GRAPHIC) — 151KB
• tmb-20240221x6k_bg006.jpg (GRAPHIC) — 150KB
• tmb-20240221x6k_bg007.jpg (GRAPHIC) — 142KB
• tmb-20240221x6k_bg008.jpg (GRAPHIC) — 87KB
• tmb-20240221x6k_bg009.jpg (GRAPHIC) — 232KB
• tmb-20240221x6k_bg010.jpg (GRAPHIC) — 97KB
• tmb-20240221x6k_bg011.jpg (GRAPHIC) — 97KB
• tmb-20240221x6k_bg012.jpg (GRAPHIC) — 125KB
• tmb-20240221x6k_bg013.jpg (GRAPHIC) — 176KB
• tmb-20240221x6k_bg014.jpg (GRAPHIC) — 82KB
• tmb-20240221x6k_bg015.jpg (GRAPHIC) — 155KB
• tmb-20240221x6k_bg016.jpg (GRAPHIC) — 77KB
• tmb-20240221x6k_bg017.jpg (GRAPHIC) — 92KB
• tmb-20240221x6k_bg018.jpg (GRAPHIC) — 115KB
• tmb-20240221x6k_bg019.jpg (GRAPHIC) — 178KB
• tmb-20240221x6k_bg020.jpg (GRAPHIC) — 46KB
• 0001558370-24-001442.txt ( ) — 4986KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 21, 2024 FERROGLOBE PLC by /s/ Marco Levi Name: Marco Levi Title: Chief Executive Officer (Principal Executive Officer) Ferroglobe Reports Solid Fourth Quarter and Full Year 2023 Financial Results LONDON, February 21, 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 announced financial results for the fourth quarter and full year 2023. Introducing 2024 adjusted EBITDA guidance of $100 million to $170 million FINANCIAL HIGHLIGHTS 2023 revenue of $1.7 billion, down 36% Y/Y 2023 adjusted EBITDA of $315 million, down 63% Y/Y Q4 adjusted EBITDA declined to $60 million, down 42% from Q3 and down 54% from Q4-22 Q4 adjusted EBITDA margins were at 16% versus 25% in the prior quarter and 29% in Q4-22 Q4 adjusted EPS was $0.09 versus $0.27 in Q3 and $0.39 in Q4-22 Net debt increased to $101 million, up from $71 million in Q3 and down from $127 million in Q4-22 Total cash decreased to $138 million, down from $166 million in Q3 and $323 million in Q4-22 BUSINESS HIGHLIGHTS Posted solid financial and operational performance for the quarter and the full year despite softening demand and weak pricing Adjusted gross debt remained flat in Q4; declining to less than $100 million in February as a result of a $148 million redemption on February 16, 2024 Initiated a quarterly cash dividend of $0.013 per share, payable on March 28, 2024 to shareholders of record as of the close of business on March 22, 2024 Expecting to request the board of directors and shareholders to approve a share repurchase program Optimized French energy contract to drive strong results in 2023, received majority of related

Forward-Looking Statements

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 i

View Full Filing

View this 6-K filing on SEC EDGAR