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Print[Ferro-Alloys.com] Ferroglobe Reports Results for Fourth Quarter and Full Year 2019
Q4 2019 results:
Sales of $364.4 million compared to $381.7 million in Q3 2019, and $591.1 million in Q4 2018
Net loss of $(75.7) million compared to $(140.1) million in Q3 2019, and $(74.2) million in Q4 2018
Adjusted EBITDA of $(38.1) million compared to $(7.2) million in Q3 2019 and $23.2 million in Q4 2018
Full Year 2019 results:
Sales of $1.60 billion compared to $2.24 billion in 2018
Net loss of $(288.1) million, including a goodwill impairment charge of $174.0 million, compared to a net profit of $24.6 million in 2018
Adjusted net loss attributable to Parent of $(114.0) million compared to a net profit of $64.4 million in 2018
Adjusted EBITDA of $(37.0) million in 2019 compared to $230.1 million in 2018
Gross debt of $481 million at the end of Q4 2019, compared to $556 million at the end of Q3 2019
Successful refinancings, providing additional financial flexibility and liquidity
North American asset-based revolving credit facility closed on October 11, 2019
European accounts receivable securitization program closed on December 10, 2019
Operational changes implemented to the global production platform: adapting production to reduced demand and decreasing inventory levels
Discussion of Fourth Quarter 2019 Results
Sales
Sales for Q4 2019 were $364.4 million, a decrease of 4.5% compared to $381.7 million in Q3 2019. For Q4 2019, total shipments were down 1.2% and the average selling price was down 3.5% compared with Q3 2019.
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Quarter Ended |
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Quarter Ended |
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Quarter Ended |
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Year Ended |
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Year Ended |
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December 31, 2019 |
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September 30, 2019 |
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Change |
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December 31, 2018 |
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Change |
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December 31, 2019 |
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December 31, 2018 |
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Change |
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Shipments in metric tons: |
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Silicon Metal |
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61,613 |
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60,225 |
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2.3 |
% |
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93,364 |
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-34.0 |
% |
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238,192 |
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352,578 |
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-32.4 |
% |
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Silicon-based Alloys |
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64,485 |
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69,879 |
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-7.7 |
% |
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81,197 |
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-20.6 |
% |
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295,429 |
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311,703 |
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-5.2 |
% |
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Manganese-based Alloys |
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95,235 |
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93,996 |
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1.3 |
% |
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147,445 |
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-35.4 |
% |
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392,456 |
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424,358 |
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-7.5 |
% |
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Total shipments* |
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221,333 |
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224,100 |
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-1.2 |
% |
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322,006 |
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-31.3 |
% |
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926,077 |
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1,088,639 |
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-14.9 |
% |
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Average selling price ($/MT): |
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Silicon Metal |
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$ |
2,175 |
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$ |
2,175 |
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0.0 |
% |
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$ |
2,429 |
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-10.5 |
% |
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$ |
2,256 |
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$ |
2,647 |
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-14.8 |
% |
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Silicon-based Alloys |
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$ |
1,424 |
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$ |
1,490 |
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-4.4 |
% |
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$ |
1,719 |
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-17.2 |
% |
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$ |
1,547 |
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$ |
1,845 |
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-16.2 |
% |
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Manganese-based Alloys |
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$ |
1,054 |
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$ |
1,140 |
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-7.5 |
% |
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$ |
1,158 |
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-9.0 |
% |
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$ |
1,140 |
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$ |
1,244 |
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-8.4 |
% |
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Total* |
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$ |
1,474 |
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$ |
1,527 |
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-3.5 |
% |
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$ |
1,668 |
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-11.6 |
% |
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$ |
1,557 |
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$ |
1,870 |
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-16.8 |
% |
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Average selling price ($/lb.): |
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Silicon Metal |
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$ |
0.99 |
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$ |
0.99 |
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0.0 |
% |
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$ |
1.10 |
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-10.5 |
% |
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$ |
1.02 |
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$ |
1.20 |
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-14.8 |
% |
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Silicon-based Alloys |
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$ |
0.65 |
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$ |
0.68 |
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-4.4 |
% |
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$ |
0.78 |
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-17.2 |
% |
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$ |
0.70 |
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$ |
0.84 |
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-16.2 |
% |
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Manganese-based Alloys |
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$ |
0.48 |
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$ |
0.52 |
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-7.5 |
% |
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$ |
0.53 |
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-9.0 |
% |
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$ |
0.52 |
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$ |
0.56 |
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-8.4 |
% |
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Total* |
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$ |
0.67 |
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$ |
0.69 |
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-3.5 |
% |
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$ |
0.76 |
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-11.6 |
% |
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$ |
0.71 |
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$ |
0.85 |
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-16.8 |
% |
* Excludes by-products and other
Sales Prices & Volumes By Product
During Q4 2019, total product average selling prices decreased by 3.5% versus Q3 2019. Q4 average selling prices of silicon metal remained unchanged, silicon-based alloys prices decreased 4.4%, and manganese-based alloys prices decreased 7.5%.
Sales volumes in Q4 declined by 1.2% versus the prior quarter. Q4 sales volumes of silicon metal increased 2.3%, silicon-based alloys decreased 7.7%, and manganese-based alloys increased 1.3% versus Q4 2019.
- [Editor:tianyawei]
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