Financial Data and Key Metrics Changes - The company reported revenue of $1.6 billion for 2024, with adjusted EBITDA of $154 million and free cash flow of $164 million [6][41] - Adjusted EBITDA for Q4 was $10 million, down from $60 million in the previous quarter, impacted by lower prices, higher costs, and softer volumes [25][38] - The full year adjusted EBITDA decreased from $315 million in 2023 to $154 million in 2024, primarily due to higher energy costs and lower realized prices [41][42] Business Line Data and Key Metrics Changes - Silicon metal revenue declined 17% in Q4 to $161 million, with adjusted EBITDA dropping to $17 million due to higher costs and reduced volumes [26][27] - Silicon-based alloys segment adjusted EBITDA improved slightly to $3 million in Q4, driven by cost improvements despite lower volumes [29] - Manganese alloys revenue decreased 13% to $78 million in Q4, with adjusted EBITDA down $9 million due to tighter spreads and higher costs [32][33] Market Data and Key Metrics Changes - In the U.S., the International Trade Commission imposed antidumping duties exceeding 1,000% on Russian ferrosilicon, which is expected to benefit domestic producers [14][15] - The European market has seen a decline in silicon metal consumption by approximately 12% from 2019 to 2024, with increased imports from Eastern countries impacting local pricing [16][17] - The World Steel Association forecasts a 3.5% growth in European steel production for 2025, which may drive demand for the company's products [19] Company Strategy and Development Direction - The company is focusing on a capital return program, including quarterly dividends and share buybacks, while maintaining a strong balance sheet [7][10] - The implementation of Sales and Operation Planning (S&OP) is expected to drive operational efficiency and improve cash flow [21] - The company is optimistic about the role of silicon metal in EV batteries and is increasing investment in innovative technologies [23] Management's Comments on Operating Environment and Future Outlook - Management noted that the first half of 2025 may continue to face challenging market conditions, but signs of market stabilization are emerging [18] - The company anticipates a gradual improvement in market conditions in the second half of 2025, supported by trade measures and increased steel production [19][50] - The guidance for adjusted EBITDA in 2025 is set between $100 million and $170 million, reflecting uncertainty in market conditions and trade measures [24][47] Other Important Information - The company paid an initial dividend in Q1 2024 and plans to increase it by approximately 8% in Q1 2025 [8][44] - A noncash impairment and goodwill write-off of $61 million was recognized in Q4 [42] - The company ended Q4 with a cash balance of $133 million and a positive net cash position of $39 million [45] Q&A Session Summary Question: Annual guidance and its components - Management explained that the wider guidance range reflects a volatile environment and uncertainty regarding trade measures, with the low end being conservative and the high end dependent on potential government duties [55][56] Question: Sensitivity of volumes and pricing - Management indicated that a 1% variance in pricing impacts EBITDA by approximately $14 million [58] Question: Growth markets for silicon metal - Management expressed confidence in silicon's role in battery technology and noted challenges in the solar market due to overcapacity in polysilicon [60][62] Question: Share repurchase strategy - Management confirmed an opportunistic approach to share buybacks, emphasizing no additional debt will be taken to support the program [68] Question: Impact of European quota system on production costs - Management stated that increased capacity utilization in Europe would favor better cost absorption, but specifics on cost per ton remain uncertain [90] Question: Ferrosilicon import reductions and pricing cadence - Management noted a significant reduction in imports from Russia and anticipated a positive impact on ferrosilicon demand due to new contracts signed [92][95] Question: Rate of return expectations for new U.S. facility - Management expects a return higher than the company's weighted average cost of capital (WACC) for the new facility investment [97]

Core Viewpoint - Ferroglobe PLC reported a challenging financial performance for Q4 2024, with significant declines in sales and adjusted EBITDA, while providing guidance for 2025 adjusted EBITDA between $100 million and $170 million, reflecting market uncertainties [2][4]. Financial Highlights - Q4 2024 sales were $367.5 million, down 15.2% from Q3 2024 and 2.2% year-over-year [3][5]. - Net loss attributable to the parent was $46.4 million in Q4 2024, compared to a profit of $18.8 million in Q3 2024 [3][13]. - Adjusted EBITDA for Q4 2024 was $9.8 million, a decrease of 83.7% from Q3 2024 [3][15]. - Full-year 2024 adjusted EBITDA was $153.8 million, down 51.2% from $315.2 million in 2023 [3][16]. Product Category Performance - **Silicon Metal**: Revenue decreased by 16.6% in Q4 2024 to $161.3 million, with shipments down 12.5% [7][9]. - **Silicon-Based Alloys**: Revenue fell 16.4% in Q4 2024 to $85.1 million, with shipments down 13.3% [8][9]. - **Manganese-Based Alloys**: Revenue decreased by 12.5% in Q4 2024 to $78.5 million, despite a 5.0% increase in shipments [10][11]. Cash Flow and Capital Management - Operating cash flow for Q4 2024 was $32.1 million, with full-year operating cash flow at $243.3 million [18][19]. - The company repurchased approximately 482,000 shares in Q4 2024 and increased its quarterly dividend by 7.7% to $0.014 per share [5][21]. Trade Measures and Market Outlook - Ferroglobe is benefiting from trade measures in the U.S. and Europe aimed at stabilizing the market by imposing duties on imports from certain countries [2][5]. - The company anticipates demand improvement in the second half of 2025, despite current market uncertainties [2][4].

Core Viewpoint - Ferroglobe PLC will release its fourth quarter and full-year 2024 financial results on February 19, 2025, and will conduct a quarterly earnings call on February 20, 2025 [1] Company Overview - Ferroglobe is a leading global producer of silicon metal and silicon and manganese-based ferroalloys, serving diverse and rapidly growing markets such as solar, automotive, consumer products, construction, and energy [2] - The company is headquartered in London [2] Investor and Media Contacts - Investor relations are managed by Alex Rotonen, CFA, Vice President of Investor Relations [3] - Media inquiries can be directed to Cristina Feliu Roig, Vice President of Communications & Public Affairs [3]

Core Viewpoint - Ferroglobe PLC (NASDAQ: GSM) has faced weak demand throughout 2024, but recent developments may enhance demand in 2025, despite the stock being negatively affected [1]. Group 1 - The company has struggled with soft demand for all of 2024 [1]. - There is potential for improved demand in 2025 due to recent positive news [1].

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2024 was $60 million, up from $58 million in the previous quarter, driven by higher realized pricing, improved spreads in manganese alloys, and lower energy costs [3][15][28] - Revenue decreased by 4% in Q3 to $434 million, with lower volumes across all three segments [26] - Operating cash flow improved to $11 million, an increase of $9 million over the prior quarter, while free cash flow was negative $10 million, an improvement of $10 million from the previous quarter [15][31] Business Line Data and Key Metrics Changes - Silicon metal revenue declined 5% in Q3 to $196 million, with adjusted EBITDA increasing by 17% due to a 5% improvement in realized pricing [16][29] - Silicon-based alloys segment had an adjusted EBITDA of $2 million in Q3, down from $10 million in the previous quarter, primarily due to lower fixed cost absorption [19] - Manganese alloys revenue decreased 9% to $90 million in Q3, but adjusted EBITDA increased by 100% to $28 million due to a 16% price increase [22][29] Market Data and Key Metrics Changes - U.S. ferrosilicon market is expected to improve in early 2025 due to trade cases initiated earlier in the year, which resulted in duties on imports from several countries [4][6] - European FeSi index is at a four-year low, reflecting weak demand and increased imports [20] - Global steel demand is forecasted to rebound by more than 3% in 2025, excluding China [10] Company Strategy and Development Direction - The company is implementing a new sales and operation planning process to optimize demand planning, raw material purchases, production, logistics, and sales [7] - Long-term brownfield expansion plans are underway to increase silicon metal capacity in the U.S. to meet expected demand from solar and EV batteries [8] - The company is focused on maintaining a strong balance sheet to withstand the current downcycle while investing in growth markets [25] Management's Comments on Operating Environment and Future Outlook - Management expects end markets to improve in the second half of 2025, with the U.S. FeSi market improving in the first half due to favorable trade cases [10][34] - The aluminum market is anticipated to see better conditions in the second half of 2025 as interest rates decline [11] - Management highlighted the importance of the new silicon metal supply contract in the Middle East for renewable energy initiatives [12] Other Important Information - The company paid a quarterly dividend of $0.013 per share in Q3 and executed a small portion of its stock buyback program [13] - The company is committed to reducing carbon emissions by at least 26% by 2030 compared to the 2020 baseline [14] Q&A Session Summary Question: Can you provide more details on the U.S. expansion? - Management confirmed that the brownfield expansion will be cost-competitive, with estimated CapEx between 30% and 50% lower than greenfield projects, and a minimum capacity of 60,000 tons expected [37][40] Question: What is the outlook for free cash flow in Q4? - Management expects a release of working capital around $15 million in Q4, with the early idling of French plants contributing to this [41][42] Question: Can you elaborate on the silicon-based alloy segment's performance? - Management noted that the flat demand in Europe and increased imports have led to price erosion and margin compression in the silicon-based alloy segment [44][46] Question: Are the U.S. ferrosilicon import tariffs sufficient? - Management indicated that the tariffs on imports from Russia exceeded expectations, while the final decisions on tariffs for Kazakhstan, Malaysia, and Brazil are still pending [50][52] Question: Can you provide details on the new silicon contract in the Middle East? - Management confirmed a new contract for silicon metal related to a large polysilicon production unit in the Middle East, with a capacity of 100,000 tons ramping up in 2025 [54]

NASDAQ: GSM Driving innovation of critical materials essential to a sustainable future Third Quarter 2024 Results November 7, 2024 NASDAQ: GSM Forward-Looking Statements and Non-IFRS Financial Metrics 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 assumpt ...

Core Viewpoint - Globe Specialty Metals reported quarterly earnings of $0.11 per share, missing the Zacks Consensus Estimate of $0.21 per share, and down from $0.27 per share a year ago [1][2] Financial Performance - The company posted revenues of $433.53 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 2.25%, compared to $416.81 million in the same quarter last year [3] - The earnings surprise for the quarter was -47.62%, while the company had a positive surprise of 62.50% in the previous quarter [2] Stock Performance - Globe Specialty Metals shares have declined approximately 34.6% since the beginning of the year, contrasting with the S&P 500's gain of 21.2% [4] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [7] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.01 on revenues of $395.6 million, and for the current fiscal year, it is $0.28 on revenues of $1.68 billion [8] - The estimate revisions trend for the company is mixed, which may change following the recent earnings report [7] Industry Context - The Mining - Miscellaneous industry, to which Globe Specialty Metals belongs, is currently ranked in the bottom 32% of over 250 Zacks industries, indicating potential challenges ahead [9] - The performance of Globe Specialty Metals may be influenced by the overall outlook for the industry [9]

Core Viewpoint - Ferroglobe PLC reported its financial results for Q3 2024, highlighting a positive adjusted EBITDA of $60 million, a net cash position of $32 million, and ongoing efforts to enhance sustainability through an upcoming ESG report [1][16]. Financial Performance - Adjusted EBITDA for Q3 2024 was $60.4 million, representing a 5% increase from Q2 2024 and a 42% decrease year-over-year [2][13]. - Net income for Q3 2024 was $18.8 million, down 46% from Q2 2024 and down 54% from Q3 2023 [2][12]. - Sales for Q3 2024 totaled $433.5 million, a decrease of 4% from Q2 2024 but an increase of 4% compared to Q3 2023 [2][5]. Product Category Highlights - Silicon metal revenue in Q3 2024 was $193.6 million, down 5.1% from Q2 2024, with shipments decreasing by 9.5% [7]. - Silicon-based alloys revenue was $101.8 million, a decrease of 3.3% from Q2 2024, with adjusted EBITDA dropping 76.9% [8]. - Manganese-based alloys revenue was $89.7 million, down 8.5% from Q2 2024, but up 52.1% year-over-year, with adjusted EBITDA increasing by 101.4% [10]. Market and Regulatory Environment - The U.S. Department of Commerce imposed significant duties on ferrosilicon imports from Russia, Brazil, Kazakhstan, and Malaysia, which may create opportunities for Ferroglobe in the U.S. market [3]. - The company anticipates improved demand in the U.S. ferrosilicon market in 2025 due to these regulatory changes [3]. Cash Flow and Capital Management - The company generated $11.1 million in cash flow from operations in Q3 2024, with total working capital increasing to $528.6 million [14][16]. - Ferroglobe repurchased approximately 117,000 shares at an average price of $4.22 per share and paid a quarterly cash dividend of $0.013 per share [1][16]. Sustainability Initiatives - Ferroglobe is preparing to issue an ESG report that will outline its decarbonization targets, aiming for a reduction of scope 1 and 2 carbon emissions by at least 26% by 2030 from a 2020 baseline [4].

LONDON, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) announced today that it will issue third quarter financial results after the market closes on Wednesday, November 6, 2024, and will host the quarterly earnings call on Thursday, November 7, 2024, at 8:30 a.m. Eastern Time. To join via phone: Conference call participants should dial 800-715-9871 (US toll-free) or 646-307-1963 (international) approximately 15 minutes prior to start time. To join via webcast: A simultaneous audio webcast, a ...

Just_Super/iStock via Getty Images Introduction For readers new to Ferroglobe (NASDAQ:GSM), please read my previous article from January this year, which will provide some background to the business. Ferroglobe reported Q2 results last week, results were positive with signs of price stabilisation and better volume. Management expect price / volume to be stable going into 2025. Management also narrowed EBITDA outlook to $150-170m for FY24. Q2 Actual Estimate Beat / Miss Sales $451m $426m +6% EBITDA $58m $45m ...