Ferroglobe PLC (GSM) stock plummeted 7.26% in the after-hours trading session at the price of $6.00 after announcing its financial results for the third quarter of 2021.
Ferroglobe is the leading provider of manganese-based and silicon-based specialty alloys, ferroalloys, and metals. It serves the client base in fast-growing end markets, such as automotive, solar, construction, consumer products, and energy.
GSM Third Quarter 2021 Results
On 16th November 2021, GSM published its financial results for the third quarter, ended 30th September 2021, and presented business updates.
Earnings Highlights
For the third quarter of 2021, GSM reported $429.2 million in net sales. It represents a gain of 2.5% from the previous quarter and a rise of 63.4% from the third quarter of 2020. The net loss was ($97.6) million, or per diluted share of ($0.54), for the third quarter of 2021. For the third quarter of 2021, GSM reported an EBITDA of $35.2 million. A gain of 10.3% from $31.9 million in the second quarter of 2021.
For the third quarter of 2021, GSM reported a cost from sales of $295.3 million. The cost of sales was $267.9 million in the second quarter of 2021. Other operating expenses totaled $79.8 million for the third quarter of 2021. An adjusted EBITDA margin was 8.8% for the third quarter ended 30th September 2021. An adjusted EBITDA margin was 8.1% for the second quarter of 2021.
For the third quarter of 2021, net loss attributable to the company was ($96.6) million, or per diluted share of ($0.54). The net profit attributable to the company was $1.9 million, or per diluted share of $0.01, in the second quarter of 2021. GSM reported cash from operations of $34.7 million for the three months ended on 30th September 2021.
Working capital was $395.9 million as of 30th September 2021. It increased by $61.6 million from $334.3 million as of 30th June 2021. For the third quarter ended on 30th September 2021, net debt was $404 million. It represents a gain of $358 million from the second quarter of 2021.
