GSM - Why Ferroglobe Stock Is Gaining Today
2023-08-15 11:52:00 ET
Shares of Ferroglobe (NASDAQ: GSM) are seeing significant gains Tuesday following the company's second-quarter earnings release. The silicon and metal alloys specialist's share price was up 7.7% as of 11:15 a.m. ET, according to data from S&P Global Market Intelligence .
Ferroglobe published its Q2 results after the market closed yesterday and reported results that were significantly better than Wall Street was anticipating. While the average analyst target had guided for non-GAAP (adjusted) earnings per share of $0.10 on sales of $441.8 million, the company reported per-share earnings of $0.30 on sales of $456.4 million.
Ferroglobe's revenue came in significantly better than the market had expected but still declined roughly 46% year over year. On the other hand, sales in Q2 did climb 14% on a sequential-quarterly basis -- and earnings for the period crushed Wall Street's target. The company also continued to make progress on improving its balance sheet, ending the period with cash and equivalents increasing to $363 million and net debt declining to $37 million.
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Why Ferroglobe Stock Is Gaining Today