Ferroglobe (GSM) Misses Q3 EPS by 15c, Revenues Miss

Ferroglobe (NASDAQ: GSM) reported Q3 EPS of $0.00, $0.15 worse than the analyst estimate of $0.15. Revenue for the quarter came in at $526.8 million versus the consensus estimate of $564.01 million.

“Following strong growth in our business over several sequential quarters, market conditions in our main products deteriorated through Q3,” said Pedro Larrea, CEO of Ferroglobe. “However, Ferroglobe is still showing solid results overall for the first nine months of 2018, with adjusted EBITDA up 69% year-over-year to $220.9 million, leverage remaining below 2.0x and a comfortable liquidity position.”

Mr. Larrea continued: “In response to the evolving markets for our key products, Ferroglobe has taken swift action to optimize our position across our global production base. In this regard, we are curtailing production in our silicon metal and manganese-based alloys businesses in order to take advantage of our diversified portfolio by optimizing production among our most cost effective plants and geographies. We also continue to look at further measures to control our costs, to draw down inventories, and to enhance our free cash flow profile. That said, we are operating in a volatile environment currently and our financial results may continue to be challenged in the near-term.”

For earnings history and earnings-related data on Ferroglobe (GSM) click here.

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