GSM - Ferroglobe +8% as Q2 net income hits quarterly record

Ferroglobe ( NASDAQ: GSM ) +7.9% in Tuesday's trading after reporting better than expected Q2 adjusted earnings of $1.14/share, far above the $0.84 analyst consensus estimate, on revenues that doubled from a year earlier to $841M, which also easily topped expectations of $738M.

Q2 net income jumped to a quarterly record $185.1M, or $0.98/share, from $730K, or $0.01/share, in the prior-year quarter, while adjusted EBITDA soared by nearly 9x to $303.1K and adjusted EBITDA gross margin rose to 36.1% from 8.1%.

Q2 operating cash flow swung to $164.8K from negative $3.1K in the year-earlier quarter.

Ferroglobe ( GSM ) said Q2 results were attributable to higher volumes across its product portfolio, and higher pricing primarily in silicon based alloys and manganese based alloys.

The company also warned this year's back half could be affected by inflation and the global energy crisis.

Ferroglobe's ( GSM ) stock price has gained 16% YTD and 26% during the past year .

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