Sunday, November 15, 2015 11:41:54 PM
Nov 5 2015, 18:53 ET | About: Globe Specialty Metals Inc. (GSM) | By: Gaurav Batavia, SA News Editor
Globe Specialty Metals (NASDAQ:GSM): FQ1 EPS of $0.11 misses by $0.01.
Revenue of $174.75M (-15.2% Y/Y) misses by $18.05M.
Press Release
http://seekingalpha.com/news/2906246-globe-specialty-metals-misses-by-0_01-misses-on-revenue?uprof=45#email_link
Globe Specialty Metals Reports Higher Earnings, Continued Cost Savings and Positive Cash Position in the First Quarter
Thu November 5, 2015 6:42 PM|GlobeNewswire | About: GSM
• Reported net income attributed to GSM increased to $6.0 million in the first quarter fiscal 2016 compared to $1.9 million for the fourth quarter fiscal 2015. Adjusted net income decreased 31% to $8.0 million.
• Reported diluted earnings per share increased to $0.08 in the first quarter compared to $0.03 for the fourth quarter fiscal 2015. Adjusted diluted EPS decreased 31% to $0.11.
• EBITDA increased 21% to $24.1 million in Q1 compared to Q4. Adjusted EBITDA decreased 22% to $25.8 million.
• EBITDA margin in the first quarter increased by 4% to 13.8% from 9.8% in the fourth quarter. Adjusted EBITDA margin decreased by 1.5% to 14.8%.
• Sales volume of 63,807 MT and net sales of $174.8 million - a 13% decrease compared to Q4 2015.
• Continued progress on cost reductions primarily through SG&A and supply chain efficiencies.
• Retained strong cash position with net cash of $9.6 million as of September 30, 2015.
• The Board of Directors authorized a quarterly dividend of $0.08 per share to be paid on December 23, 2015 to Shareholders of Record as of December 9, 2015.
• Business combination with Grupo FerroAtlántica remains on track: expected to complete by the end of the year.
MIAMI, Nov. 5, 2015 (GLOBE NEWSWIRE) -- Globe Specialty Metals, Inc. (NASDAQ:GSM) (the "Company"), a leading silicon metal and silicon-based alloy producer, today announced results for the first quarter fiscal year 2016.
EBITDA for the first quarter of fiscal year 2016 was $24.1 million, increasing 21% compared to the fourth quarter of fiscal 2015, and EBITDA margin increased by 4% to 13.8% from 9.8%. Reported diluted earnings per share attributable to GSM was $0.08 in the first quarter, up 167% from the fourth quarter.
Reported net income attributable to GSM increased to $6.0 million in the first quarter, compared to $1.9 million in the prior quarter.
For the first quarter of fiscal year 2016, sales volume was 63,807 metric tons ("MT"), a decrease of 12% compared to the fourth quarter of 2015, as a result of continued pressure from low priced imports into the U.S. As a result, net sales of $174.8 million for the period were down 13% compared to the prior quarter.
Adjusted EBITDA for the first quarter of fiscal year 2016 was $25.8 million decreasing 22% compared to the fourth quarter of fiscal year 2015 and adjusted EBITDA margin decreased by 1.5% to 14.8% in the first quarter from 16.3% in the prior quarter.
Adjusted diluted earnings per share was $0.11 in the first quarter, down 31% from the fourth quarter.
Globe Executive Chairman and CEO Alan Kestenbaum commented: "Globe is moving fast to adapt to the changed pricing environment with a focus on sustainable cost reductions and maximizing revenue and earnings through our ability to adjust our product mix. Furthermore, our balance sheet uniquely positions us to benefit from this environment as we have historically been opportunistic by investing at this part of the cycle. We expect to finalize our pending business combination with FerroAtlántica by the end of the year."
Adjusted EBITDA was as follows:
More...
http://seekingalpha.com/pr/15269236-globe-specialty-metals-reports-higher-earnings-continued-cost-savings-and-positive-cash-position-in-the-first-quarter
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