Ferroglobe reports strong third quarter 2023 financial results

London, nov. 07, 2023 (globe newswire) -- ferroglobe plc (nasdaq: gsm) (“ferroglobe”, the “company”, or the “parent”), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announced financial results for the third quarter 2023. financial highlights reported q3-23 revenue of $416.8 million, down 9% over the prior quarter q3-23 adjusted ebitda of $104.5 million, down 1% over the prior quarter q3-23 adjusted ebitda margin improved to 25.1% versus 23.2% in q2-23 q3-23 adjusted eps was $0.27 versus $0.30 in q2-23 gross debt was $237 million at sep-23, down from $400 million at jun-23 and $431 million at sep-22 $100 million available from our abl facility which remained undrawn in q3-23 total cash decreased to $166 million primarily due to the $150 million partial redemption of the 9 ¾ senior secured notes, down from $363 million at jun-23 business highlights acquired a high-quality quartz mine in the u.s. to ensure access to this critical material, enabling ferroglobe to meet the increasing demand for high-quality silicon metal by the solar and ev battery markets continue to develop strategic partnerships and alliances to enhance the company's growth opportunities finalized an additional long-term power agreement to improve the cost competitiveness of the spanish plants favorable u.s. policies continue to benefit ferroglobe implementing a capital allocation policy with details to be announced in the first quarter “the company continued to perform well in a difficult market environment,” commented dr. marco levi, ferroglobe's chief executive officer.
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