GSM - Ferroglobe surges as Q4 adjusted EBITDA jumps to quarterly record

Ferroglobe (GSM +14.1%) soars to a five-month high after reporting adjusted Q4 earnings of $0.23/share, swinging from losses in Q3 and in the prior year's Q4, while revenues rose 33% Q/Q and 78% Y/Y to $569.8M, citing higher shipments and higher realized prices across its product portfolio. Q4 adjusted EBITDA jumped 147% Q/Q to a quarterly record $92.8M, and adjusted EBITDA margin climbed to 16.3% from 8.8% in Q3; the company returned to positive free cash flow, generating $14.2M in Q4 vs. negative $42.9M in Q3. The company said tightness in the market is driving pricing, primarily silicon metal and ferrosilicon, to "unprecedented levels." "The acceleration of performance in Q4 highlights strong momentum across all of our core product categories driving significant top line growth, well ahead of the lingering headwinds caused by energy and other inflation related costs," Ferroglobe said, expecting a further acceleration in overall performance into 2022. Ferroglobe

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Ferroglobe surges as Q4 adjusted EBITDA jumps to quarterly record