Ferroglobe Reports Results for Fourth Quarter and Full Year 2019

  • Thursday, March 05, 2020
  • Source:ferro-alloys.com

  • Keywords:Steel Iron Ore Moly
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[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.

 

 

Quarter Ended

 

Quarter Ended

 

 

 

Quarter Ended

 

 

 

Year Ended

 

Year Ended

 

 

 

 

December 31, 2019

 

September 30, 2019

 

Change

 

December 31, 2018

 

Change

 

December 31, 2019

 

December 31, 2018

 

Change

Shipments in metric tons:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silicon Metal

 

 

 61,613

 

 

 60,225

 

2.3

%

 

 

 93,364

 

-34.0

%

 

 

 238,192

 

 

 352,578

 

-32.4

%

Silicon-based Alloys

 

 

 64,485

 

 

 69,879

 

-7.7

%

 

 

 81,197

 

-20.6

%

 

 

 295,429

 

 

 311,703

 

-5.2

%

Manganese-based Alloys

 

 

 95,235

 

 

 93,996

 

1.3

%

 

 

 147,445

 

-35.4

%

 

 

 392,456

 

 

 424,358

 

-7.5

%

Total shipments*

 

 

 221,333

 

 

 224,100

 

-1.2

%

 

 

 322,006

 

-31.3

%

 

 

 926,077

 

 

 1,088,639

 

-14.9

%

Average selling price ($/MT):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silicon Metal

 

$

 2,175

 

$

 2,175

 

0.0

%

 

$

 2,429

 

-10.5

%

 

$

 2,256

 

$

 2,647

 

-14.8

%

Silicon-based Alloys

 

$

 1,424

 

$

 1,490

 

-4.4

%

 

$

 1,719

 

-17.2

%

 

$

 1,547

 

$

 1,845

 

-16.2

%

Manganese-based Alloys

 

$

 1,054

 

$

 1,140

 

-7.5

%

 

$

 1,158

 

-9.0

%

 

$

 1,140

 

$

 1,244

 

-8.4

%

Total*

 

$

 1,474

 

$

 1,527

 

-3.5

%

 

$

 1,668

 

-11.6

%

 

$

 1,557

 

$

 1,870

 

-16.8

%

Average selling price ($/lb.):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silicon Metal

 

$

 0.99

 

$

 0.99

 

0.0

%

 

$

 1.10

 

-10.5

%

 

$

 1.02

 

$

 1.20

 

-14.8

%

Silicon-based Alloys

 

$

 0.65

 

$

 0.68

 

-4.4

%

 

$

 0.78

 

-17.2

%

 

$

 0.70

 

$

 0.84

 

-16.2

%

Manganese-based Alloys

 

$

 0.48

 

$

 0.52

 

-7.5

%

 

$

 0.53

 

-9.0

%

 

$

 0.52

 

$

 0.56

 

-8.4

%

Total*

 

$

 0.67

 

$

 0.69

 

-3.5

%

 

$

 0.76

 

-11.6

%

 

$

 0.71

 

$

 0.85

 

-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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