GrafTech International Ltd. (NYSE:GTI) today announced financial results for the third quarter ended September 30, 2012.
2012 Third Quarter Review
- Net sales were $321 million, a decrease of seven percent, versus $346 million in the third quarter of 2011.
- Industrial Materials revenue was $260 million, a decrease of 14 percent year-over-year.
- Engineered Solutions revenue was $61 million, an increase of 39 percent year-over-year.
- EBITDA* was $65 million, a decrease of 16 percent, versus $78 million in the third quarter of 2011. The decline was largely driven by lower volumes in our Industrial Materials segment, partly offset by higher realized pricing for graphite electrodes and needle coke and improved performance in our Engineered Solutions segment.
- Net income was $30 million or $0.22 per diluted share versus $40 million or $0.28 per diluted share in the third quarter of 2011.
- Net cash provided by operating activities was $45 million versus $47 million in the third quarter of 2011.
- Net debt* was $604 million as compared to $597 million at the end of the second quarter of 2012.
Craig Shular, Chief Executive Officer of GrafTech, commented, "Despite a challenging operating environment, our third quarter results came in ahead of expectations due to good cost control and overhead management, along with solid performance from our Engineered Solutions business."
Industrial Materials SegmentThe Industrial Materials segment’s net sales were $260 million in the third quarter of 2012, as compared to $302 million in the third quarter of 2011. Lower sales volume of graphite electrodes and needle coke were partially offset by higher realized pricing of both products. Operating income for the Industrial Materials segment was $37 million in the third quarter of 2012, as compared to $54 million in the third quarter of 2011. Lower volumes across the segment were partially offset by higher realized pricing, the carryover of lower cost raw materials and favorable currency exchange rate movement.
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