NEWS
Ferroglobe Reports Strong Second Quarter 2024 Financial Results
Positive
▪️Sales increased 15% to $451 million in Q2 2024
▪️Adjusted EBITDA more than doubled to $57.7 million
▪️Net income of $34.9 million, up from a loss in Q1
▪️Net cash positive position of $64 million
▪️Narrowed annual Adj. EBITDA guidance to $150-170 million
▪️U.S. Department of Commerce imposed preliminary duties on Russian FeSi imports
▪️French operations restarted, driving silicon metal volume growth
▪️Silicon metal revenue up 21.6% quarter-over-quarter
▪️Manganese-based alloy revenue up 47.6% quarter-over-quarter
▪️Sales increased 15% to $451 million in Q2 2024
▪️Adjusted EBITDA more than doubled to $57.7 million
▪️Net income of $34.9 million, up from a loss in Q1
▪️Net cash positive position of $64 million
▪️Narrowed annual Adj. EBITDA guidance to $150-170 million
▪️U.S. Department of Commerce imposed preliminary duties on Russian FeSi imports
▪️French operations restarted, driving silicon metal volume growth
▪️Silicon metal revenue up 21.6% quarter-over-quarter
▪️Manganese-based alloy revenue up 47.6% quarter-over-quarter
Negative
▪️Total cash balance decreased by $15.3 million to $144.5 million
▪️Working capital increased by $11.6 million to $499.1 million
▪️Silicon-based alloy revenue decreased by 6.0% quarter-over-quarter
▪️Silicon-based alloys Adj. EBITDA decreased by 29.2% quarter-over-quarter
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