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Ferroglobe Reports Results for the Third Quarter of 2020

Sales of $262.7 million; Net loss of $(46.8) million; Adjusted EBITDA of $22.2 million


Q3 sales of $262.7 million compared to $250.0 million in Q2 2020, and $381.7 million in Q3 2019



Adjusted EBITDA of $22.2 million compared to $22.4 million in Q2 2020 and $(7.2) million in Q3 2019



Q3 net loss of $(46.8) million compared to $(14.0) million in Q2 2020, and $(140.1) million in Q3 2019. Q3 net loss includes a property, plant and equipment impairment charge of $34.3 million



Gross debt of $442 million at the end of Q3 2020, compared to $451 million at the end of Q2 2020



Positive operating cash flow of $23.0 million, partially offset by the senior unsecured notes coupon payment of $(16.4) million and partial ABL paydown of $(7.8) million



Successful refinancing of the prior accounts receivable securitization program on October 2, 2020 with the signing of a new factoring program, providing an improvement in financial terms and cash release at closing


LONDON, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ: GSM) (a??Ferroglobea??, the a??Companya??, or the a??Parenta??), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced results for the third quarter of 2020.Q3 2020Earnings HighlightsIn Q3 2020, Ferroglobe posted a net loss of $(46.8) million, or $(0.28) per share on a fully diluted basis. On an adjusted basis, the Q3 2020 net loss was $(9.3) million, or $(0.14) per share on a fully diluted basis.Q3 2020 reported EBITDA was $(12.2) million, down from $22.1 million in the prior quarter. On an adjusted basis, Q3 2020 EBITDA was $22.2 million, down slightly from Q2 2020 adjusted EBITDA of $22.4 million. The Company reported an adjusted EBITDA margin of 8.5% for Q3 2020, compared to an adjusted EBITDA margin of 9.0% for Q2 2020.
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