Ferroglobe PLC Reports Q2 2024 Results

TL;DR

Ferroglobe dropped Q2 earnings report on Aug 5th. Check the 6-K for details.

AI Summary

Ferroglobe PLC announced its results for the quarter ended June 30, 2024, via a press release dated August 5, 2024. The company also provided its second quarter 2024 earnings call presentation. This filing is made under the Securities Exchange Act of 1934.

Why It Matters

This filing provides investors with the latest financial performance data for Ferroglobe PLC, crucial for understanding the company's current operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine financial reporting filing (6-K) that does not introduce new risks but rather discloses existing financial information.

Key Players & Entities

• Ferroglobe PLC (company) — Registrant
• August 5, 2024 (date) — Date of press release and filing
• June 30, 2024 (date) — End of reporting quarter

FAQ

Key Financial Figures

• $150 — arrowing annual Adj. EBITDA guidance to $150-170 million from $130-170 million previ
• $130 — BITDA guidance to $150-170 million from $130-170 million previously Posted solid a
• $58 million — ously Posted solid adjusted EBITDA of $58 million for the second quarter of 2024 Net cas
• $64 million — d quarter of 2024 Net cash positive of $64 million and adjusted gross debt of $81 million
• $81 million — $64 million and adjusted gross debt of $81 million U.S. Department of Commerce announced
• $0.013 — growth Paid quarterly cash dividend of $0.013 per share in June; next dividend on Sep
• $170 million — djusted EBITDA guidance range from $130-$170 million to $150-$170 million. The strong second
• $451 m — 2024, Ferroglobe reported net sales of $451 million, an increase of 15% over the prio
• $36 million — and manganese-based alloys contributed $36 million and $32 million of the increase, respec
• $32 million — ased alloys contributed $36 million and $32 million of the increase, respectively, partiall
• $7 million — se, respectively, partially offset by a $7 million decrease in silicon-based alloy sales.
• $,000 — Category Highlights Silicon Metal ($,000) Q2 2024 Q1 2024 % Q/Q Q2 2023
• $204.0 m — metal revenue in the second quarter was $204.0 million, an increase of 21.6% over the pr
• $34.6 million — d EBITDA for silicon metal increased to $34.6 million during the second quarter, an increase
• $16.1 million — er, an increase of 115.2% compared with $16.1 million for the prior quarter. The improvement

Filing Documents

• tmb-20240805x6k.htm (6-K) — 997KB
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• 0001558370-24-010874.txt ( ) — 4786KB

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: August 5, 2024 FERROGLOBE PLC by /s/ Marco Levi Name: Marco Levi Title: Chief Executive Officer (Principal Executive Officer) Ferroglobe Reports Strong Second Quarter 2024 Financial Results Narrowing annual Adj. EBITDA guidance to $150-170 million from $130-170 million previously Posted solid adjusted EBITDA of $58 million for the second quarter of 2024 Net cash positive of $64 million and adjusted gross debt of $81 million U.S. Department of Commerce announced preliminary duties on Russian FeSi imports Coreshell advanced EV battery testing yields promising results French operations restarted in Q2, driving silicon metal volume growth Paid quarterly cash dividend of $0.013 per share in June; next dividend on September 27 Shareholders approved the share buyback program at the June annual general meeting LONDON, August 5, 2024 (GLOBE NEWSWIRE) – Ferroglobe PLC (NASDAQ: GSM) ("Ferroglobe", the "Company", or the "Parent"), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the second quarter of 2024. Financial Highlights % % % ($ in millions, except EPS) Q2 2024 Q1 2024 Q/Q Q2 2023 Y/Y YTD 2024 YTD 2023 Y/Y Sales $ 451.0 $ 391.9 15% $ 456.4 (1%) $ 842.9 $ 857.3 (2%) Net income (loss) $ 34.9 $ (2.0) 1.844% $ 31.9 9% $ 32.9 $ 52.9 (38%) Adjusted diluted EPS $ 0.13 $ (0.00) 4.000% $ 0.30 (58%) $ 0.13 $ 0.34 (61%) Adj. EBITDA $ 57.7 $ 25.8 124% $ 105.7 (45%) $ 83.5 $ 150.4 (44%) Operating cash flow $ 2.0 $ 198.0 (99%) $ 23.6 (91%) $ 200.1 $ 158.4 26% Capital expenditures 1 $ 21.9 $ 18.2 20% $ 23.6 (7%) $ 40.1 $ 41.6

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 inf

Forward-Looking Statements and

Forward-Looking Statements and Non-IFRS Financial Metrics 2 This presentation contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe our future plans, strategies and expectations. Forward-looking "anticipate," "estimate," "plan," "intend," "forecast," “aim,” “target,” or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements contained in this presentation are based on information presently available to Ferroglobe PLC (“we,” “us,” “Ferroglobe,” the “Company” or the “Parent”) and assumptions that we believe to be reasonable, but are inherently uncertain. As a result, our 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 our control. You are cautioned that all such statements involve risks and uncertainties, including without limitation, risks that Ferroglobe will not successfully integrate the businesses of Globe Specialty Metals, Inc. and Grupo FerroAtlántica SAU, that we will not realize estimated cost savings, value of certain tax assets, synergies and growth, and/or that such benefits may take longer to

View Full Filing

View this 6-K filing on SEC EDGAR