GrafTech reports Q4 adjusted EPS (27c), consensus (12c)

Reports Q4 revenue $137.14M, consensus $141.21M. “2023 was a challenging year for our business, marked by soft industry demand, the residual impact of the temporary suspension of our operations in Mexico that occurred in late 2022, and significantly higher costs,” said Timothy Flanagan, Interim CEO. “Against this backdrop, results fell short of our expectations. Yet we continue to be encouraged by the resiliency of our team and remain proud of their efforts to manage what is within our control. Specifically, our initiatives to manage working capital led to a more than $100M reduction in inventory levels in 2023, resulting in positive free cash flow for the year. Further, our disciplined efforts to reduce costs drove a nearly 10% decline in our period costs for 2023. While doing so, we continued to make targeted investments to improve our commercial capabilities and product offerings.”