This Day On The Street
Continue to site
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

Operating income for the Engineered Solutions segment, excluding the impact of rationalization and related charges *, was $5 million in the third quarter of 2013 versus $6 million in the same period in 2012. Despite solid growth in our advanced consumer electronics product line, operating income was negatively impacted by continued weakness in advanced graphite material products serving industrial sectors and start-up costs as we add production capabilities to serve growing markets.

Mr. Shular commented, “Our Engineered Solutions business had its second consecutive quarter of $70 million in sales. We expect the majority of the start-up expenditures to be behind us and therefore target double-digit operating income margins for the segment in the fourth quarter as production ramps up for new products.”


Total Company overhead expenses in the quarter were $31 million versus $36 million in the third quarter of 2012. The decline was largely a result of rightsizing initiatives, reduced discretionary spend and lower incentive compensation expense in a challenging operating environment.

Mr. Shular commented, “Our team has continued to aggressively manage overhead spend in this difficult operating environment. In the first nine months of 2013, overhead expense has been reduced by approximately 18 percent year-over-year.”

Interest expense in the quarter was $9 million versus $6 million in the third quarter of 2012. The increase was largely driven by the effects of the November 2012 issuance of $300 million Senior Notes due in 2020, which lengthened our debt maturity profile.

In the third quarter, we recognized tax credits in support of our research and development efforts related to new high-tech Engineered Solutions products. In addition, jurisdictional profitability mix and the favorable settlement of tax audits also positively impacted the quarter. In total, these items resulted in a tax benefit of approximately $3 million in the current quarter.

2 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
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs