LONDON, UK / ACCESSWIRE / January 03, 2018 / Active-Investors.com has just released a free earnings report on Ferroglobe PLC (NASDAQ: GSM). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=GSM. Ferroglobe reported its third quarter fiscal 2017 operating results on November 29, 2017. The world's leading producer of silicon metal outperformed top- and bottom-line expectations. 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 three months ended September 30, 2017, Ferroglobe's net sales totaled $451.63 million, up 24% from $364.73 million in Q3 2016. The Company's sales exceeded analysts' estimates of $436.6 million.
For Q3 2017, Ferroglobe's sales volume was 223,980 metric tons, up 2.7% on a q-o-q basis. The Company's average selling price across all products was $0.82 per pound, up 3.6% on average from $0.79 per pound in the previous quarter.
During Q3 2017, Ferroglobe reported earnings before interest, tax, depreciation, and amortization (EBITDA) of $54.3 million, up from $36.8 million in Q2 2017. On an adjusted basis, the Company's reported quarter EBITDA was $56.1 million, up 27.9% from Q2 2017 adjusted EBITDA of $43.9 million. Ferroglobe posted adjusted EBITDA margins of 12.4% for the reported quarter compared to adjusted EBITDA margins of 10.3% for the previous quarter.
For Q3 2017, Ferroglobe posted a net loss of $4.99 million, or $0.02 per share on a fully diluted basis, compared to net loss of $31.07 million, or $0.17 per diluted share. On an adjusted basis, Q3 2017 net profit was $0.05 per share versus a loss of $0.09 per share in the year ago same period, and came in ahead of Wall Street's estimates for earnings of $0.03 per share.
Operating Results
Ferroglobe's average selling price for silicon metal increased by 5.4% from $2,210/MT in Q2 2017 to $2,330/MT in Q3 2017, a significant improvement, primarily driven by the market impact of the ongoing trade cases in the United States. The Company's average selling price for silicon-based alloys increased 3.7% to $1,645/MT in the reported quarter from $1,586/MT in the prior quarter.
During Q3 2017, Ferroglobe's average selling price for manganese alloys increased 3.1% to $1,349/MT compared to $1,308/MT in Q2 2017. In addition to improved pricing, the Company also saw stabilization of demand and volumes across its key products. In terms of sales volumes, silicon metal experienced a 0.7% increase on a q-o-q basis, manganese alloys experienced a 14.3% growth, and silicon alloys experienced a 5.7% drop q-o-q.
Cash Matters
Ferroglobe's working capital decreased by $11.6 million during Q3 2017, primarily a result of the increased securitization of receivables. On a year-to-date basis, the Company has increased total working capital by $8.6 million due to the recovery cycle.
During Q3 2017, Ferroglobe generated operating cash flows of $67.4 million, free cash flow of $52.7 million, with total free cash flow of $58.5 million on a year-to-date basis. The Company's net debt was $394.3 million at the end of Q3 2017, down compared to $434.6 million at the end of Q2 2017.
Stock Performance Snapshot
January 02, 2018 - At Tuesday's closing bell, Ferroglobe's stock rose 1.30%, ending the trading session at $16.41.
Volume traded for the day: 560.90 thousand shares.
Stock performance in the last month - up 0.55%; previous three-month period - up 23.38%; past twelve-month period - up 51.52%; and year-to-date - up 1.30%
After yesterday's close, Ferroglobe's market cap was at $2.86 billion.
The stock has a dividend yield of 1.95%.
The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry. This sector was up 2.2% at the end of the session.
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