Stock Track | Ferroglobe PLC Plunges 5% Despite Solid Q3 Results, Weak Outlook Weighs

Stock Track11-08

Shares of Ferroglobe PLC (NASDAQ: GSM) plummeted 5.07% on November 8th, 2024, following the release of the company's third-quarter earnings report. Despite reporting a slight increase in adjusted EBITDA to $60 million, driven by higher realized pricing and improved spreads in manganese alloys, the stock faced significant selling pressure due to concerns over the company's outlook.

While Ferroglobe highlighted several positive developments, including securing a significant contract to supply silicon metal to a new large customer in the Middle East and moving forward with long-term expansion plans to increase silicon metal capacity in the US, the company's overall financial performance and market conditions weighed heavily on investor sentiment.

Notably, Ferroglobe's third-quarter revenue decreased 4% to $434 million, with lower volumes across all segments. The silicon-based alloys segment saw a decline in adjusted EBITDA from $10 million in Q2 to $2 million in Q3, primarily due to lower fixed cost absorption. Additionally, free cash flow was negative $10 million in the third quarter, impacted by a $21 million use of cash by working capital.

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