This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GrafTech Reports First Quarter 2011 Results

Stocks in this article: GTI

GrafTech International Ltd. (NYSE:GTI) today announced financial results for the first quarter ended March 31, 2011.

2011 First Quarter Highlights

  • Net sales increased to $306 million from $216 million in the first quarter of 2010. The increase in revenue was driven by improved demand in both of our business segments as well as growth in sales of $65 million related to the acquisitions of Seadrift Coke and our St. Marys facility.
  • EBITDA* was $57 million versus $55 million in the first quarter of 2010. Excluding the elimination of $10 million in intercompany profit in inventory on sales of needle coke and $3 million in acquisition-related inventory step-up, EBITDA was $70 million for the quarter, representing our largest quarterly EBITDA in over two years.
  • Net income was $27 million (including $10 million of purchase price accounting expenses related to the acquisitions), or $0.19 per diluted share, as compared to $35 million (including $4 million in currency gains on the remeasurement of intercompany loans), or $0.29 per diluted share, in the first quarter of 2010.
  • As previously announced, on February 9, 2011, GrafTech acquired the business and assets of Micron Research Corporation, a privately held producer of super fine grain graphite, for $6.5 million.
  • Net cash used in operating activities was $1 million, versus net cash provided by operating activities of $20 million in the first quarter of 2010. The decline year-over-year was primarily driven by a $55 million increase in working capital to support our growing sales. Also contributing to the increase in working capital was the addition of our three recently completed acquisitions, which were not part of our Company in the first quarter of 2010.
  • Net debt* was $321 million at the end of the first quarter 2011. This compares to a year end 2010 net debt position of $288 million. We increased our debt primarily to fund planned capital expenditures to support growth and funding requirements related to the acquisition of Micron Research.

GrafTech Chief Executive Officer Craig Shular commented, “First quarter 2011 results benefited from improved demand year-over-year for both business segments and the incorporation of Seadrift and St. Marys into our consolidated results. First quarter 2011 EBITDA improved more than 25 percent year-over-year to $70 million, excluding special items related to the acquisitions. On a total year basis, we expect to deliver record sales and, per our guidance, our second best year in EBITDA performance.”

1 of 7

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs