- Net sales were $241 million, down 21 percent versus $306 million in the first quarter of 2011, primarily the result of lower volumes associated with the reduction in demand for graphite electrodes.
- EBITDA* was $40 million, down 30 percent versus $57 million in the first quarter of 2011. Current quarter EBITDA was negatively impacted by $4 million in severance charges as a result of previously reported right sizing initiatives in response to weak end market demand. EBITDA in the prior year was unfavorably impacted by $3 million of costs associated with acquisition-related inventory step-up.
- Net income was $18 million, or $0.12 per diluted share, down 36 percent versus $27 million, or $0.19 per diluted share, in the first quarter of 2011.
- Net cash used in operating activities was $15 million versus $1 million used in the first quarter of 2011. The year-over-year reduction in operating net cash was largely driven by lower income in the current quarter.
- Net debt* was $466 million as compared to $419 million at year end 2011. The increase was largely the result of working capital investments and capital expenditures.
GrafTech Reports First Quarter 2012 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.