LONDON, UK / ACCESSWIRE / September 19, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Ferroglobe PLC (NASDAQ: GSM), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=GSM, following the Company's posting of its second quarter fiscal 2017 financial results on August 29, 2017. One of the world's largest producers of silicon metal and silicon- and manganese-based alloys reported results that exceeded expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

For the quarter ended June 30, 2017, Ferroglobe's net sales totaled $425.81 million in Q2 2017 compared to $397.95 million in Q2 2016. The Company's net sales numbers fell short of analysts' estimates of $431 million.

During Q2 2017, Ferroglobe reported a net profit of $1.0 million, or $0.02 per share, on a fully diluted basis, up from a net loss of $49.32 million, or a $0.25 loss per share, on a fully diluted basis in Q2 216. The Company's adjusted net profit attributable to the parent was $0.05 per share on a fully diluted basis compared to a net loss attributable to the parent of $0.01 per share on a fully diluted basis. Ferroglobe's earnings beat Wall Street's expectations of $431 million.

For Q2 2017, Ferroglobe reported EBITDA of $36.81 million compared to negative EBITDA of $46.64 million in Q2 2016. On an adjusted basis, the Company's EBITDA was $43.87 million, up from the year-ago same period adjusted EBITDA of $17.18 million. Ferroglobe reported adjusted EBITDA margins of 10.3% for Q2 2017 compared to adjusted EBITDA margins of 7.8% for Q1 2017.

Sales Details

Ferroglobe reported stabilization of demand and volumes across its key products. In terms of sales volumes, silicon metal experienced a 9.4% increase on a q-o-q basis, silicon-based alloys experienced a 5.9% decrease from the previous quarter and manganese-based alloys experienced a 1.1% increase from Q1 2017.

During Q2 2017, Ferroglobe's average selling price for silicon metal increased by 6.3% from $2,080/Metric Ton(MT) in Q1 2017 to $2,210/MT, a significant improvement was driven by the reduced inflow of low-priced imports particularly in North America. The Company's average selling price for silicon-based alloys increased 7.7% to $1,586/MT in the reported quarter from $1,473/MT in the prior quarter, higher than at any point in Ferroglobe's records.

For Q2 2017, Ferroglobe's average selling price for manganese-based alloys remained broadly flat at $1,308/MT in Q2 2017 compared to $1,298/MT in Q1 2017 as a result of pricing pressures, offset by lower manganese ore costs from inventory.

Cash Matters

During Q2 2017, Ferroglobe's working capital increased by $35.4 million, primarily a result of the recovery cycle. On a year-to-date basis, the Company has increased total working capital by $20.3 million. During Q2 2017, Ferroglobe generated operating cash flow of $20.1 million and free cash flow of $5.8 million.

Ferroglobe's net debt was $435 million at the end of Q2 2017, up by $28 million compared to $407 million at the end of Q1 2017. To further strengthen liquidity, on July 31, 2017 Ferroglobe entered into a $250 million accounts receivable securitization to obtain financing in connection with its receivables generated in the US, Canada, Spain, and France under one program.

Stock Performance

On Monday, September 18, 2017, the stock closed the trading session at $13.07, marginally down 0.15% from its previous closing price of $13.09. A total volume of 649.58 thousand shares have exchanged hands. Ferroglobe's stock price skyrocketed 23.53% in the last three months, 20.46% in the past six months, and 69.08% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 20.68%. The stock has a dividend yield of 2.45%. At Monday's closing price, the stock's net capitalization stands at $2.24 billion.

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SOURCE: Pro-Trader Daily