Globe Specialty Metals Inc. (GSM)

[MCArmel1]

Globe Specialty Metals misses by $0.04, misses on revenue

May 6 2015, 18:19 ET | About: Globe Specialty Metals ... (GSM) | By: Niloofer Shaikh, SA News Editor

Globe Specialty Metals (NASDAQ:GSM): FQ3 EPS of $0.20 misses by $0.04.
Revenue of $194.65M (-0.7% Y/Y) misses by $22.42M.
Press Release

http://seekingalpha.com/news/2497706-globe-specialty-metals-misses-by-0_04-misses-on-revenue?auth_param=ano5b:1akl4s2:6b36d643acdb3c014e0a4234ec6be5be&uprof=45#email_link


Globe Specialty Metals Reports Increased Earnings and Margin Expansion in Third Quarter Fiscal 2015; Preliminary Proxy Statement/Prospectus on Form F-4 Filed Today in Connection With the Proposed Business Combination With Ferro-Atlantica
Wed May 6, 2015 6:13 PM|GlobeNewswire | About: GSM

• Adjusted diluted earnings per share attributable to GSM increased 43% to $0.20 from the third quarter of last year and decreased 5% from the prior quarter
• Adjusted EBITDA increased 29% to $38.0 million from the third quarter of last year and increased 2% from the prior quarter
• Adjusted net income increased 46% to $15.1 million from the third quarter of last year, down 2% from the prior quarter
• Adjusted EBITDA Margin increased 30% to 19.5% from the third quarter of last year and increased 3% from the prior quarter
• Sales of $194.7 million were down 0.7% from the third quarter of last year and down 1.7% from the prior quarter
• The Board of Directors authorized a Quarterly Dividend to $0.08 per share to be paid on June 24, 2015 to Shareholders of Record as of June 10, 2015
• Preliminary proxy statement/prospectus on Form F-4 filed today with the U.S. Securities and Exchange Commission in connection with Globe's proposed business combination with Grupo FerroAtlántica

MIAMI, May 6, 2015 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (Nasdaq:GSM) (the "Company"), one of the lowest-cost global silicon metal and silicon-based alloy producers, today announced results for the third quarter fiscal 2015 ended March 31, 2015.

Adjusted EBITDA was $38.0 million in the third quarter, an increase of 29% from $29.5 million in the third quarter of last year and up 2% from $37.4 million in the prior quarter, while adjusted diluted earnings per share attributable to GSM for the third quarter were $0.20, up 43% from third quarter of last year and down 5% to the prior quarter. Adjusted net income of $15.1 million for the third quarter of fiscal 2015 was up 46% compared to the third quarter of fiscal 2014 and down 2% from the prior quarter. Net sales of $194.7 million in the third quarter were down 0.7% from the third quarter of last year and down 1.7% compared to the second quarter of fiscal 2015, largely due to weather related shipping delays.

On a reported basis, EBITDA for the third quarter was $29.1 million, compared to $17.1 million in the prior year and $30.1 million in the second quarter of fiscal 2015. Reported Diluted EPS for the third quarter of fiscal 2015 was $0.10 per share, compared to $0.13 per share in the prior quarter and $0.02 per share in the third quarter of fiscal 2014. Reported net income attributable to GSM for the third quarter of fiscal 2015 was $7.7 million, compared to $10.0 million in the prior quarter.

Globe CEO Jeff Bradley commented, "During the quarter we posted strong incremental performance driven by earnings growth from a continued focus on overall cost controls." He added, "We have also continued to progress our proposed business combination with Grupo FerroAtlántica, which will allow us to further capitalize on fast-growing end-markets such as automotive and solar in the U.S. and abroad, while continuing to reduce our costs and drive value for our shareholders."

Adjusted EBITDA was as follows:

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http://seekingalpha.com/pr/13420096-globe-specialty-metals-reports-increased-earnings-and-margin-expansion-in-third-quarter-fiscal-2015-preliminary-proxy-statement-prospectus-on-form-fminus-4-filed-today-in-connection-with-the-proposed-business-combination-with-ferro-atlantica