Ferroglobe reports Q2 EPS 30c, two estimates 11c

Reports Q2 revenue $456.4M, two estimates $441.9M. Dr. Marco Levi, CEO, commented, “We are pleased to report strong second quarter sales growth and an EBITDA improvement of 136%, highlighting our resilience and ability to navigate effectively through this volatile pricing environment as our end markets remain under pressure. Equally importantly, our focus on strengthening our balance sheet has been effective as our cash and net debt positions reached their best levels in the Company’s history as of June 30. Subsequent to quarter-end, we continued our deleveraging efforts by redeeming $150 million of our Senior Secured Notes due in 2025. Recently, the US Department of Energy added Silicon Metal to its critical material list. This is a significant step, validating the onshoring trend and highlighting our opportunity in the US market. As expected, we finalized our first multi-year energy contract in Spain starting in 2024. This is an initial step in the process to sign additional contracts to further hedge our future energy needs. This contract provides us with access to 100% renewable energy at competitive rates and enables Ferroglobe to increase production in Spain.”