- Net sales were $281 million, an increase of 11 percent, compared to $254 million in the same period of the prior year. This improvement was driven by higher volumes in both the Industrial Materials and Engineered Solutions segments.
- GrafTech reported a net loss of $(12) million, or $(0.08) per diluted share, versus net income of $4 million, or $0.03 per diluted share in the same period of the prior year. The net loss in the first quarter of 2014 includes approximately $12 million of charges, net of tax, for the recently announced rationalization initiatives. Excluding these charges, adjusted net income* was $1 million, or $0.01 per diluted share.
- EBITDA* (which excludes the impact of rationalization and related charges) was $33 million as compared to $36 million in the prior year period.
- Net cash provided by operating activities was $22 million versus $18 million in the first quarter of 2013. Operating cash flow in the first quarter of 2014 includes approximately $9 million of rationalization and related cash costs. Investing cash flows were positively impacted by insurance proceeds and assets sales of approximately $5 million in the quarter.
- Net debt* was $537 million as compared to $540 million at the end of 2013.
GrafTech Reports First Quarter 2014 Results
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