Ferroglobe reports solid fourth quarter and full year 2023 financial results
London, feb. 21, 2024 (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 fourth quarter and full year 2023. introducing 2024 adjusted ebitda guidance of $100 million to $170 million financial highlights 2023 revenue of $1.7 billion, down 36% y/y 2023 adjusted ebitda of $315 million, down 63% y/y q4 adjusted ebitda declined to $60 million, down 42% from q3 and down 54% from q4-22 q4 adjusted ebitda margins were at 16% versus 25% in the prior quarter and 29% in q4-22 q4 adjusted eps was $0.09 versus $0.27 in q3 and $0.39 in q4-22 net debt increased to $101 million, up from $71 million in q3 and down from $127 million in q4-22 total cash decreased to $138 million, down from $166 million in q3 and $323 million in q4-22 business highlights posted solid financial and operational performance for the quarter and the full year despite softening demand and weak pricing adjusted gross debt remained flat in q4; declining to less than $100 million in february as a result of a $148 million redemption on february 16, 2024 initiated a quarterly cash dividend of $0.013 per share, payable on march 28, 2024, to shareholders of record as of the close of business on march 22, 2024 expecting to request the board of directors and shareholders to approve a share repurchase program optimized french energy contract to drive strong results in 2023, received majority of related cash in 2024 signed a term sheet for a partnership with a leading battery materials company in europe and a memorandum of understanding with an advanced silicon-rich ev battery technology company in the us dr. marco levi, ferroglobe's chief executive officer, commented, “2023 was a successful year for ferroglobe with strong financial, operating and strategic performance as we significantly reduced our debt, acquired a strategic quartz mine and entered into two ev battery agreements while operating our plants at high efficiency levels.
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