- Net sales increased 35 percent to $346 million from $255 million in the third quarter of 2010.
- EBITDA* improved 47 percent to $78 million versus $53 million in the third quarter of 2010. The improvement was driven by increased volumes in our graphite electrode and needle coke businesses.
- Net income increased 55 percent to $40 million, or $0.28 per diluted share, as compared to $26 million, or $0.21 per diluted share, in the third quarter of 2010. Excluding the impact of purchase price accounting in the current quarter and acquisition-related expenses incurred in the third quarter of 2010, net income was $46 million versus $30 million, respectively. Third quarter 2010 net income was negatively impacted by $10 million in non-cash currency losses related to the remeasurement of intercompany loans.
- Net cash provided by operating activities improved $7 million, or 18 percent, to $47 million, versus $40 million in the third quarter of 2010. The increase was largely driven by improved operational profitability.
- Net debt* was $365 million at the end of the third quarter 2011, versus net debt of $375 million at the end of the second quarter 2011. Improvements in free cash flow allowed us to pay down debt in the third quarter of 2011.
- The integration of Seadrift Coke, St. Marys and Micron Research is now complete. EBITDA contributions from these acquisitions are on track to meet our original target of $90 million.
- GrafTech successfully concluded the refinancing of its principal revolving credit facility. The new five-year, $570 million revolver represents a $310 million increase over the prior facility and extends the maturity date to October 2016 with improvements to rates, terms and conditions. The facility will be used to fund traditional working capital requirements and provide a stronger platform for growth, organically and through acquisitions.
GrafTech Reports Third Quarter 2011 Results
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