Mineral operation Ferroglobe (NASDAQ:GSM) blasted upward following the release of its earnings report. An incredible set of numbers caught a lot of attention, and investors piled in, sending shares of Ferroglobe up over 19% at the time of writing.
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Ferroglobe blew away consensus estimates, with earnings coming in at $0.42, which was double consensus estimates of $0.21. That also swept last year’s EPS, which came in at $0.23. Revenue, meanwhile, had a win of its own, coming in at $448.6 million. That was down 21.3% over the same time last year, oddly enough, but still led to a substantial earnings win.
Ferroglobe also got to work paying down its debt load. It had $194 million in debt in the third quarter, but by the fourth quarter, that number dropped to $137 million. That represents a record-low debt load for Ferroglobe, which is solid enough news on its own. This is particularly true as interest rates begin their climb again. Interestingly, this comes just weeks after Grupo Villar Mir filed a 13G/A form with the Securities and Exchange Commission detailing that it reduced its share of Ferroglobe’s ownership from 48.7% to 43.7%.
However, other investors have been doing the opposite of Grupo Villar Mir. Currently, hedge funds have a Very Positive confidence level around Ferroglobe. Indeed, they put their money where their collective mouths were as well, picking up an extra 476,600 shares of Ferroglobe stock last quarter.
