This Day On The Street
Continue to site
ADVERTISEMENT
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

GrafTech Reports Third Quarter 2013 Results, Announces Initiatives To Improve Operating Efficiencies And Global Competitiveness

GrafTech International Ltd. (NYSE:GTI) today announced financial results for the third quarter ended September 30, 2013 and announced initiatives to improve operating efficiencies and global competitiveness.

2013 Third Quarter Financial Review

  • Net sales were $303 million, a decrease of five percent, compared to $321 million in the third quarter of 2012.
  • Net loss of $8 million or $(0.06) per diluted share versus net income of $30 million or $0.22 per diluted share in the same period of the prior year. Excluding the impact of $18 million of rationalization and related charges ($13 million, net of tax), adjusted net income * was $6 million or $0.04 per diluted share in the current quarter.
  • EBITDA * was $35 million (excluding the impact of rationalization and related charges) as compared to $65 million in the third quarter of 2012. The decline was largely driven by lower realized pricing in our Industrial Materials segment.
  • Net cash provided by operating activities was $54 million versus $45 million in the third quarter of 2012.
  • Net debt * was reduced $27 million to $565 million as compared to $592 million at June 30, 2013.

Craig Shular, Chief Executive Officer of GrafTech, commented, “We remain in a difficult operating environment, particularly for our Industrial Materials segment. We have announced initiatives today designed to significantly improve our competitiveness, allow us to better serve customers and position our Industrial Materials business well when global economies and steel demand recover.”

Industrial Materials Segment

The Industrial Materials segment’s net sales were $233 million in the third quarter of 2013, as compared to $260 million in the third quarter of 2012. Operating income for the Industrial Materials segment, excluding the impact of rationalization and related charges *, was $4 million in the third quarter of 2013, as compared to $37 million in the third quarter of 2012. The reduction in sales and operating income is largely attributed to lower graphite electrode and needle coke pricing.

Engineered Solutions Segment

Net sales for the Engineered Solutions segment increased 15 percent to $70 million in the third quarter of 2013 compared to $61 million in the third quarter of 2012. Higher sales in our advanced consumer electronics product offerings drove the increase in revenue.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs