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 - 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].

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 ...

Financial Data and Key Metrics Changes - In Q2 2024, total sales increased by 15% from the prior quarter to $451 million, and adjusted EBITDA reached $58 million, up from $26 million, driven by strong pricing and sales volumes [9][16][21] - Adjusted EBITDA margin increased from 7% in Q1 to 13% in Q2, primarily due to increased pricing and volumes [17] - Operating cash flow was $2 million, while freight cash flow was negative $20 million due to inventory bills [10] Business Line Data and Key Metrics Changes - Silicon metal revenue in Q2 was $204 million, up 22% from the prior quarter, with shipments increasing by 18.2% to almost 63,000 tons [10] - Silicon-based alloys revenue was $105 million, down 6% from the prior quarter, with shipments down 8% [12] - Manganese-based alloys revenue was $98 million, up 48% from the prior quarter, with shipments increasing by 31% [14] Market Data and Key Metrics Changes - The U.S. Department of Commerce announced preliminary anti-dumping and countervailing duties of 283% and 748% respectively on Russian ferrosilicon imports, which represented approximately 35% of all ferrosilicon imports into the U.S. in 2023 [5] - European index prices for silicon metal were negatively impacted by lower-priced Chinese exports, while North American prices remained strong due to supply constraints [11] Company Strategy and Development Direction - The company signed an MOU with Coreshell to develop silicon-rich anodes for EV batteries, with testing showing significant improvements in battery performance [6][7] - The company is focusing on capital return policies, including a quarterly dividend of $0.13 per share and a share buyback program approved in June [8][19] Management Comments on Operating Environment and Future Outlook - Management expressed caution regarding the fourth quarter due to weak demand in the aluminum, foundry, and steel sectors, despite a strong Q2 performance [8][9] - The company anticipates a positive impact on business in 2025 from the ongoing investigations into ferrosilicon imports from Russia, Kazakhstan, Malaysia, and Brazil [5][9] Other Important Information - The company ended Q2 with a cash balance of $144 million, down from $160 million in Q1, primarily due to inventory build-up [19][20] - The company remains committed to maintaining a conservative balance sheet with gross debt remaining flat at $81 million [20] Q&A Session Summary Question: Outlook for Q4 and pricing dynamics - Management noted that Q4 is expected to be the weakest period due to weak demand in various segments, with pricing expected to weaken [24][25] Question: Results from Coreshell investment - Management highlighted unprecedented results in battery testing, with samples achieving almost 1,000 cycles of charging and discharging [27] Question: Stockpiling of manganese ore and cash flow - Management expects to see a release of working capital in Q4, with a conservative approach to cash and liquidity in the meantime [29][30] Question: Price weakness in silicon metal - Management attributed price weakness to increased low-priced imports from China and a slowdown in solar demand due to U.S. investigations [33][34] Question: Ferrosilicon trade case and future supply - Management confirmed expectations of muted volumes in U.S. ferrosilicon for the remainder of the year but anticipates an uptick in 2025 due to reduced imports from affected countries [35][36]

NASDAQ: GSM Driving innovation of critical materials essential to a sustainable future Second Quarter 2024 Results August 6, 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 assumpti ...

Ferroglobe PLC (GSM) reported break-even adjusted earnings in the first quarter of 2024, beating the Zacks Consensus Estimate of a loss of 2 cents. The company posted earnings per share of 5 cents in the year-ago quarter. Including one-time items, GSM reported a loss of 1 cent per share in the quarter under review against earnings of 11 cents per share in the year-ago quarter. GSM's revenues fell 2.2% year over year to $392 million in the quarter under review, owing to lower pricing in silicon metal and sil ...