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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Ferroglobe PLC    GSM   GB00BYW6GV68

FERROGLOBE PLC

(GSM)
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Ferroglobe Reports Results for Fourth Quarter and Full Year 2018

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02/25/2019 | 04:53pm EST
  • Q4 2018 results:
    • Sales of $603.5 million, compared to $526.8 million in Q3 2018 and $468.2 million in Q4 2017
    • Net loss of $(15.2) million compared to a net loss of $(2.9) million in Q3 2018 and a net profit of $6.3 million in Q4 2017
    • Adjusted net loss attributable to the parent of $(7.0) million compared to an adjusted net profit attributable to the parent of $0.1 million in Q3 2018 and $8.1 million in Q4 2017
    • Adjusted EBITDA of $32.1 million compared to $45.0 million in Q3 2018 and $53.7 million in Q4 2017
  • Full Year 2018 results:
    • Sales of $2.27 billion compared to $1.74 billion in 2017
    • Net income of $83.5 million compared to a net loss of $(5.8) million in 2017
    • Adjusted net income of $52.1 million compared to $18.5 million in 2017
    • Adjusted EBITDA of $253.1 million compared to $184.5 million in 2017
  • Net debt at $428.8 million as of December 31, 2018, compared to $510.9 million at the end of the prior quarter
  • On February 22, 2019, Ferroglobe obtained the consent of its lenders for an amendment to its existing revolving credit agreement

LONDON, United Kingdom, Feb. 25, 2019 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (“Ferroglobe”, the “Company”, or the “Parent”), the world’s leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the fourth quarter and full year 2018. 

Q4 2018 Earnings Highlights

“Volumes were strong in Q4, compensating for some of the weakness we experienced at the end of Q3, while pricing in our main products weakened further as a result of challenging market conditions,” said Pedro Larrea, CEO of Ferroglobe. “Our cash generating initiatives in the second half of 2018 delivered a significantly improved balance sheet at the end of the year.”

In Q4 2018, Ferroglobe posted a net loss of $(15.2) million, or $(0.08) per share. On an adjusted basis, Q4 2018 net loss was $(7.0) million, or $(0.05) per share.

Q4 2018 reported EBITDA was $27.1 million, down from $45.0 million in the prior quarter. On an adjusted basis, Q4 2018 EBITDA was $32.1 million, down 28.7% from Q3 2018 adjusted EBITDA of $45.0 million. The Company reported adjusted EBITDA margin of 5.3% for Q4 2018, compared to adjusted EBITDA margin of 8.5% for Q3 2018.

Full Year 2018 Earnings Highlights

For Full Year 2018, Ferroglobe posted a net profit of $83.5 million, or $0.52 per share. On an adjusted basis, Full Year 2018 net profit was $52.1 million, or $0.28 per share.

For the Full Year 2018 reported EBITDA was $296.5 million, up 105.6% from $144.2 million in the prior year. 2018 adjusted EBITDA was $253.1 million, up 37.1% from $184.5 million in 2017. The Company reported adjusted EBITDA margins of 11.1% for Full Year 2018, compared to adjusted EBITDA margins of 10.6% for 2017.

          
 Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
$,000 (Unaudited)December 31, 2018 September 30, 2018 December 31, 2017 December 31, 2018 December 31, 2017
               
Revenue$603,519 $526,838 $468,218 $2,274,038 $1,741,693
Net (loss) profit$(15,244) $(2,916) $6,280 $83,484 $(5,822)
Diluted EPS$(0.08) $(0.01) $0.04 $0.52 $(0.00)
Adjusted net (loss) income attributable to the parent$(7,006) $77 $8,056 $52,050 $18,516
Adjusted diluted EPS$(0.05) $0.00 $0.05 $0.28 $0.11
Adjusted EBITDA$32,111 $45,042 $53,670 $253,053 $184,533
Adjusted EBITDA margin 5.3%  8.5%  11.5%  11.1%  10.6%
               

Mr. Larrea continued: “Full year 2018 results are the strongest in Ferroglobe’s history, although our performance in the latter half of the year suffered as a result of deteriorating market conditions. We reacted promptly to this change by optimizing our global production platform while maintaining the flexibility to seize opportunities as the market recovers.  We have curtailed production in our silicon metal and manganese-based alloys businesses. That said, market conditions remain challenging and we continue to look at further measures to control our costs, improve our financial performace and deliver free cash flow.”  

Cash Flow and Balance Sheet

Cash flow generated by our operations during Q4 2018 was $109.2 million, with working capital decreasing by $84.1 million. Net debt was $428.8 million as of December 31, 2018, significantly down from $510.9 million as of September 30, 2018.  Mr. Larrea added: “We have delivered on all our cash generating initiatives in the second half of 2018 and achieved a greater than expected net debt reduction. Through this effort, we have been able to navigate a complex 2018.  We added significant new assets in the first half and then encountered deteriorating market conditions in the second half and still ended the year overall with nearly breakeven free cash flow, which includes all cash flows used in investing activities.”   

On February 22, 2019, Ferroglobe obtained the consent of its lenders for an amendment to its revolving credit facility that affords the Company additional flexibility under its financial maintenance covenants in the coming quarters.  The amendment suspends the existing covenant to maintain a maximum total net leverage ratio during an interim period beginning with the first quarter of 2019 through the first fiscal quarter of 2020, and provides a new covenant to maintain a maximum secured net leverage ratio and a new covenant to maintain a minimum cash liquidity level. The new covenants will be in effect only during the interim period, after which the existing covenant to maintain a maximum total net leverage ratio will be reinstated.  The amendment also reduced the aggregate commitments under the revolving credit facility from $250 million to $200 million.

“Our top priority remains focusing on our financial performance and generating cash flow through improvements in operations, reductions in working capital, divestiture of non-core assets, and lowered interest expense,” added Mr. Larrea. “We expect to continue to reduce our net debt through the first half of 2019. The renegotiated terms of our revolving credit facility reinforce the strength of our balance sheet and our ability to face evolving market conditions with confidence.”

Discussion of Fourth Quarter 2018 Results

The Company notes that the financial results presented for the fourth quarter and for full year 2018 are unaudited and may be subsequently adjusted for items including impairment of long-lived assets such as the assets associated with our solar-grade silicon project. Any subsequent changes, if required, will be reflected in our audited Annual Report on Form 20-F.

Sales

Sales for the three months ended December 31, 2018 of $603.5 million were 28.9% higher than sales of $468.2 million for the three months ended December 31, 2017. Total shipments in the fourth quarter of 2018 were up 42.1% and the average selling price was down 10.9% versus the same period in the prior year. Sales for the full year 2018 of $2,274 million were up 30.6% compared to $1,742 million for 2017. For the full year, total shipments were up 23.3% and the average selling price was up 5.9% compared with 2017. Sales for the fourth quarter of 2018 and the full year benefited from the Company’s manganese-based alloy plants in Mo i Rana (Norway) and Dunkirk (France), acquired on February 1, 2018, albeit partially offset by lower average selling prices. 

Sales Prices & Volumes By Product

  Quarter Ended Quarter Ended   Quarter Ended   Year Ended Year Ended  
  December 31,
2018
 September 30,
2018
 Change December 31,
2017
 Change December 31,
2018
 December 31,
2017
 Change
Shipments in metric tons:                     
Silicon Metal  93,364  81,686 14.3%  83,785 11.4%  352,578  325,884 8.2%
Silicon-based Alloys  81,197  75,964 6.9%  70,399 15.3%  311,703  283,021 10.1%
Manganese-based Alloys  147,445  98,280 50.0%  72,374 103.7%  424,358  274,119 54.8%
Total shipments*  322,006  255,930 25.8%  226,558 42.1%  1,088,639  883,024 23.3%
                      
Average selling price ($/MT):                     
Silicon Metal $2,429 $2,636 -7.9% $2,440 -0.5% $2,647 $2,270 16.6%
Silicon-based Alloys $1,719 $1,802 -4.6% $1,741 -1.3% $1,845 $1,608 14.7%
Manganese-based Alloys $1,158 $1,211 -4.4% $1,346 -14.0% $1,244 $1,327 -6.3%
Total* $1,668 $1,841 -9.4% $1,873 -10.9% $1,870 $1,765 5.9%
                      
Average selling price ($/lb.):                     
Silicon Metal $1.10 $1.20 -7.9% $1.11 -0.5% $1.20 $1.03 16.6%
Silicon-based Alloys $0.78 $0.82 -4.6% $0.79 -1.3% $0.84 $0.73 14.7%
Manganese-based Alloys $0.53 $0.55 -4.4% $0.61 -14.0% $0.56 $0.60 -6.3%
Total* $0.76 $0.84 -9.4% $0.85 -10.9% $0.85 $0.80 5.9%
                      
* Excludes by-products and other                     
                      

During Q4 2018, the average selling prices decreased between 4% and 8% for all of our products quarter-over-quarter, reflecting weak overall market conditions. Average selling prices for 2018 are well above 2017 for silicon metal and silicon-based alloys. Manganese-based alloys prices in 2018 have deteriorated significantly despite persistently high ore prices.  We expect the relationship between market prices of manganese-based alloys and ore prices to revert to its historical correlation over time. 

Sales volumes in Q4 significantly increased as compared to Q3, partly because of delayed shipments at the end of Q3.  Activity in full year 2018 has shown healthy growth overall, with volume increases over 2017 of 8% to 10% in silicon metal and silicon-based alloys, respectively. A year-to-year comparison of manganese-based alloys volumes is not meaningful in light of the Company’s acquisition of new manganese-based alloy assets in early 2018.

Cost of Sales

Cost of sales was $445.8 million for the three months ended December 31, 2018, an increase from $284.6 million for the three months ended December 31, 2017, primarily driven by higher volumes and higher input costs for raw materials and energy. Cost of sales was $1,444.8 million for the full year 2018, an increase from $1,043.4 million for the same period in 2017, primarily driven by higher sales and increases in energy and raw material prices, particularly the prices of manganese ore and electrodes.

Staff Costs and Other Operating Expenses

Staff costs and other operating expenses for the three months and full year ended December 31, 2018 were $154.4 million and $625.0 million, respectively compared to $142.2 million and $541.9 million for the corresponding periods in 2017. The increases were primarily related to labour costs for the newly acquired manganese-based alloy plants.

Operating (Loss) Profit

Operating (loss) profit was $(3.0) million and $177.4 million, respectively for the three months and full year periods ended December 31, 2018, compared to an operating loss of $(1.6) million and an operating profit of $39.7 million for the three months and full year ended December 31, 2017. Included in the full year 2018 was a $37.3 million bargain purchase gain related to the Company’s purchase of manganese-based alloy plants mentioned above.  The bargain purchase gain was reduced by $7.4 million in the forth quarter of 2018 as a result of purchase price accounting adjustments.

Net (Loss) Profit Attributable to the Parent

As a result of the various factors described above, we reported a net (loss) attributable to the Parent of $(13.3) million, or $(0.08) per share, for the three months ended December 31, 2018 compared to a net profit attributable to the Parent of $6.4 million, or $0.04 for the three months ended December 31, 2017. We reported net income attributable to the Parent of $89.5 million, or $0.52 per share, for the full year 2018, compared to a net loss of $(0.7) million, or ($0.00) per share for 2017. 

Adjusted EBITDA

Adjusted EBITDA of $32.1 million, or 5.3% of sales, for the three months ended December 31, 2018 was lower than adjusted EBITDA of $53.7 million, or 11.5% of sales, for the three months ended December 31, 2017. Adjusted EBITDA of $253.1 million, or 11.1% of sales for the full year 2018, was higher than adjusted EBITDA of $184.5 million, or 10.6% of sales for 2017. 

Other recent developments

Phillip Murnane has taken a temporary medical leave of absence from his duties as Chief Financial Officer and we expect him to be on leave for the next few weeks. During Phil’s absence, José M. Calvo-Sotelo (Deputy CFO and EVP - Corporate Development of Ferroglobe and former CFO of Grupo FerroAtlántica), is assuming the duties of the CFO. 

Conference Call

Ferroglobe management will review the fourth quarter and full year results of 2018 during a conference call at 9:00 a.m. Eastern Time on February 26, 2019.

The dial-in number for participants in the United States is 877‑293‑5491 (conference ID 4581015). International callers should dial +1 914‑495‑8526 (conference ID 4581015). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/m6/p/sjakzohb.  

About Ferroglobe

Ferroglobe is one of the world’s leading suppliers of silicon metal, silicon-based specialty alloys, and ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intends”, “likely”, “may”, “plan”, “potential”, “predicts”, “seek”, “will” and words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

EBITDA, adjusted EBITDA, adjusted (loss) profit per ordinary share, and adjusted (loss) profit are non-IFRS financial metrics that, we believe, are pertinent measures of Ferroglobe’s success.

Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures. 

INVESTOR CONTACT:

José M. Calvo-Sotelo
Deputy Chief Financial Officer & EVP - Corporate Development
Tel:       +44 203-129-2420
Email:   jmcalvosotelo@ferroglobe.com

 
 
 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Income Statement
(in thousands of U.S. dollars, except per share amounts)
               
 Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
 December 31, 2018 September 30, 2018 December 31, 2017 December 31, 2018 December 31, 2017
Sales$603,519 $526,838 $468,218 $2,274,038 $1,741,693
Cost of sales (445,772)  (334,526)  (284,614)  (1,444,793)  (1,043,395)
Other operating income 25,039  5,701  5,158  46,037  18,199
Staff costs (81,209)  (88,668)  (87,127)  (341,043)  (301,963)
Other operating expense (73,160)  (64,524)  (55,052)  (283,930)  (239,926)
Depreciation and amortization charges, operating allowances and write-downs (30,062)  (30,750)  (23,830)  (119,137)  (104,529)
Bargain purchase gain (7,379)      37,254  
Impairment losses (4,435)    (30,859)  (4,435)  (30,957)
Other gain 10,477  221  6,479  13,413  575
Operating (loss) profit   (2,982)    14,292     (1,627)    177,404     39,697
Net finance expense (15,676)  (13,952)  (19,659)  (57,196)  (61,704)
Financial derivatives gain (loss) 1,383  388  (956)  2,838  (6,850)
Exchange differences (846)  (3,071)  2,500  (11,896)  8,214
(Loss) profit before tax   (18,121)    (2,343)    (19,742)    111,150     (20,643)
Income tax benefit (expense) 2,877  (573)  26,022  (27,666)  14,821
(Loss) profit for the period   (15,244)    (2,916)    6,280     83,484     (5,822)
Loss attributable to non-controlling interest 1,895  1,671  84  6,040  5,144
(Loss) profit attributable to the parent$  (13,349) $  (1,245) $  6,364  $  89,524  $  (678)
               
               
EBITDA$27,080 $45,042 $22,203 $296,541 $144,226
Adjusted EBITDA$32,111 $45,042 $53,670 $253,053 $184,533
               
Weighted average shares outstanding              
Basic 170,183  171,935  171,953  171,406  171,949
Diluted 170,183  171,935  172,128  171,530  171,949
               
(Loss) profit per ordinary share              
Basic$(0.08) $(0.01) $0.04 $0.52 $(0.00)
Diluted$(0.08) $(0.01) $0.04 $0.52 $(0.00)
               
               
               

 

Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
         
 December 31, September 30, December 31,
 2018 2018 2017
ASSETS        
Non-current assets        
Goodwill$202,848 $204,264 $205,287
Other intangible assets 65,850  55,997  58,658
Property, plant and equipment 929,421  941,780  917,974
Non-current financial assets 72,865  88,199  89,315
Deferred tax assets 3,304  6,679  5,273
Non-current receivables from related parties 2,288  2,315  2,400
Other non-current assets 16,887  18,206  30,059
Total non-current assets   1,293,463     1,317,440     1,308,966
Current assets        
Inventories 459,257  554,676  361,231
Trade and other receivables 156,781  142,233  111,463
Current receivables from related parties 14,226  5,571  4,572
Current income tax assets 27,517  15,848  17,158
Current financial assets   2  2,469
Other current assets 8,315  12,898  9,926
Cash and cash equivalents 216,562  131,671  184,472
Total current assets   882,658     862,899     691,291
Total assets$  2,176,121  $  2,180,339  $  2,000,257
         
EQUITY AND LIABILITIES        
Equity$  943,788  $  987,388  $  937,758
Non-current liabilities        
Deferred income 1,434  4,336  3,172
Provisions 75,750  78,846  82,397
Bank borrowings 132,821  133,056  
Obligations under finance leases 53,472  57,389  69,713
Debt instruments 341,657  341,102  339,332
Other financial liabilities 32,788  39,867  49,011
Other non-current liabilities 30,369  20,367  3,536
Deferred tax liabilities 68,569  67,513  65,142
Total non-current liabilities   736,860     742,476     612,303
Current liabilities        
Provisions 40,586  24,308  33,095
Bank borrowings 8,191  1,341  1,003
Obligations under finance leases 12,999  13,019  12,920
Debt instruments 10,937  2,734  10,938
Other financial liabilities 52,524  54,027  88,420
Payables to related parties 11,128  12,273  12,973
Trade and other payables 256,823  253,591  192,859
Current income tax liabilities 1,826  6,435  7,419
Other current liabilities 100,459  82,747  90,569
Total current liabilities   495,473     450,475     450,196
Total equity and liabilities$  2,176,121  $  2,180,339  $  2,000,257
         

 

 
 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows
(in thousands of U.S. dollars)
             
             
 Quarter Ended Quarter Ended Year Ended Year Ended
 December 31, 2018 September 30, 2018  December 31, 2018 December 31, 2017
Cash flows from operating activities:            
(Loss) profit for the period$  (15,244) $  (2,916)  $  83,484  $  (5,822)
Adjustments to reconcile net (loss) profit to net cash used by operating activities:            
Income tax (benefit) expense (2,877)  573   27,666  (14,821)
Depreciation and amortization charges, operating allowances and write-downs 30,062  30,750   119,137  104,529
Net finance expense 15,676  13,952   57,196  61,704
Financial derivatives (gain) loss (1,383)  (388)   (2,838)  6,850
Exchange differences 846  3,071   11,896  (8,214)
Impairment losses 4,435     4,435  30,957
Bargain purchase gain 7,379     (37,254)  
Share-based compensation 1,016  1,050   2,798  2,405
Other adjustments (10,477)  (221)   (13,413)  (575)
Changes in operating assets and liabilities            
Decrease (increase) in inventories 88,903  (25,666)   (103,294)  (16,274)
(Increase) decrease in trade receivables (13,051)  6,224   (26,597)  50,168
Increase (decrease) in trade payables 5,772  (21,213)   55,410  17,613
Other 9,518  10,543   (22,892)  (12,251)
Income taxes paid (6,983)  (5,257)   (36,408)  (26,764)
Interest paid (4,360)  (18,400)   (43,018)  (39,130)
Net cash provided (used) by operating activities   109,232     (7,898)     76,308     150,375
Cash flows from investing activities:            
Payments due to investments:            
Other intangible assets (240)  (149)   (3,313)  (811)
Property, plant and equipment (30,239)  (25,696)   (108,244)  (74,616)
Other      (8)  (343)
Disposals:            
Other non-current assets      12,734  
Other   947   6,861  
Acquisition of subsidiary      (20,379)  
Disposal of subsidiary 20,533     20,533  
Interest and finance income received 843  638   3,833  952
Net cash used by investing activities   (9,103)    (24,260)     (87,983)    (74,818)
Cash flows from financing activities:            
Dividends paid   (10,321)   (20,642)  
Payment for debt issuance costs (429)     (4,905)  (16,765)
Repayment of other financial liabilities      (33,096)  
Proceeds from debt issuance        350,000
Increase/(decrease) in bank borrowings:            
Borrowings 6,882  25,286   252,200  31,455
Payments      (106,514)  (453,948)
Proceeds from stock option exercises      240  180
Other amounts paid due to financing activities (3,177)  (3,067)   (13,879)  (24,319)
Payments to acquire or redeem own shares (16,598)  (3,502)   (20,100)  
Net cash (used) provided by financing activities   (13,322)    8,396      53,304     (113,397)
Total net cash flows for the period   86,807     (23,762)     41,629     (37,840)
Beginning balance of cash and cash equivalents 131,671  155,984   184,472  196,982
Exchange differences on cash and cash equivalents in foreign currencies (1,916)  (551)   (9,539)  25,330
Ending balance of cash and cash equivalents$  216,562  $  131,671   $  216,562  $  184,472
             
             
             

Adjusted EBITDA ($,000):

 Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
 December 31, 2018 September 30, 2018 December 31, 2017 December 31, 2018 December 31, 2017
(Loss) profit attributable to the parent$  (13,349) $  (1,245) $  6,364  $  89,524  $  (678)
Loss attributable to non-controlling interest (1,895)  (1,671)  (84)  (6,040)  (5,144)
Income tax (benefit) expense (2,877)  573  (26,022)  27,666  (14,821)
Net finance expense 15,676  13,952  19,659  57,196  61,704
Financial derivatives (gain) loss (1,383)  (388)  956  (2,838)  6,850
Exchange differences 846  3,071  (2,500)  11,896  (8,214)
Depreciation and amortization charges, operating allowances and write-downs 30,062  30,750  23,830  119,137  104,529
EBITDA   27,080     45,042     22,203     296,541     144,226
Non-controlling interest settlement         1,751
Power credit         (3,696)
Long lived asset charge due to reclassification of discontinued operations to continuing operations         2,608
Accrual of contingent liabilities     6,044    12,444
Impairment loss 8,255    30,618  8,255  30,618
Business interruption         (1,980)
Revaluation of biological assets 1,144    (5,195)  1,144  (5,195)
Step-up valuation adjustment         3,757
Bargain purchase gain 7,379      (37,254)  
Gain on sale of hydro plant assets (11,747)      (11,747)  
Share-based compensation       (3,886)  
Adjusted EBITDA$  32,111  $  45,042  $  53,670  $  253,053  $  184,533
               
               
               

Adjusted (loss) profit attributable to Ferroglobe ($,000): 

 Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
 December 31, 2018 September 30, 2018 December 31, 2017 December 31, 2018 December 31, 2017
(Loss) profit attributable to the parent$  (13,349) $  (1,245) $  6,364  $  89,524  $  (678)
Tax rate adjustment 2,922  1,322  (19,705)  (7,902)  (8,215)
Non-controlling interest settlement         1,191
Power credit         (2,513)
Long lived asset charge due to reclassification of discontinued operations to continuing operations         1,773
Accrual of contingent liabilities     4,110    8,462
Impairment loss 5,613    20,820  5,613  20,820
Business interruption         (1,346)
Revaluation of biological assets 778    (3,533)  778  (3,533)
Step-up valuation adjustment         2,555
Bargain purchase gain 5,018      (25,333)  
Gain on sale of hydro plant assets (7,988)      (7,988)  
Share-based compensation       (2,642)  
Adjusted (loss) profit attributable to the parent$  (7,006) $  77  $  8,056  $  52,050  $  18,516
               
               
               

Adjusted diluted (loss) profit per share:

 Quarter Ended Quarter Ended Quarter Ended Year Ended Year Ended
 December 31, 2018 September 30, 2018 December 31, 2017 December 31, 2018 December 31, 2017
Diluted (loss) profit per ordinary share$  (0.08) $  (0.01) $  0.04  $  0.52  $  (0.00)
Tax rate adjustment 0.02  0.01  (0.11)  (0.05)  (0.05)
Non-controlling interest settlement         0.01
Power credit         (0.01)
Long lived asset charge due to reclassification of discontinued operations to continuing operations         0.01
Accrual of contingent liabilities     0.02    0.05
Impairment loss 0.03    0.12  0.03  0.12
Business interruption         (0.01)
Revaluation of biological assets 0.00    (0.02)  0.00  (0.02)
Step-up valuation adjustment         0.01
Bargain purchase gain 0.03      (0.15)  
Gain on sale of hydro plant assets (0.05)      (0.05)  
Share-based compensation       (0.02)  
Adjusted diluted (loss) profit per ordinary share$  (0.05) $  0.00  $  0.05  $  0.28  $  0.11
               

FERROGLOBE_BRAND-01.jpg


© GlobeNewswire 2019
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Financials (USD)
Sales 2019 1 609 M
EBIT 2019 -321 M
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020 -
Capi. / Sales2019 0,11x
Capi. / Sales2020 0,11x
Capitalization 174 M
Chart FERROGLOBE PLC
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Technical analysis trends FERROGLOBE PLC
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 1,08  $
Last Close Price 1,03  $
Spread / Highest target 21,4%
Spread / Average Target 4,37%
Spread / Lowest Target -12,6%
EPS Revisions
Managers
NameTitle
Marco Levi Chief Executive Officer
Francisco Javier López Madrid Executive Chairman
Benoist Ollivier Chief Operating Officer & Deputy CEO
Beatríz García-Cos Muntañola Chief Financial Officer
Greger Hamilton Independent Non-Executive Director