Globe Specialty Metals Inc. (GSM) reported earnings on Mon 26 Nov 18 (a/h)

** charts after earnings **

Ferroglobe PLC misses by $0.15, misses on revs

• Reports Q3 (Sep) net of breakeven, excluding non-recurring items, $0.15 worse than the S&P Capital IQ Consensus of $0.15; revenues rose 16.7% year/year to $526.8 mln vs the $564.01 mln S&P Capital IQ Consensus. On an adjusted basis, Q3 2018 EBITDA was $45.0 million, down 47.9% from Q2 2018 adjusted EBITDA of $86.3 million.
• "We did not meet our cash flow goals in the third quarter... The deterioration in market conditions during the quarter left us with elevated inventories, a key factor in our decision to curtail our production... our free cash flow targets for the second half of 2018 have become a 'stretch' goal. Regarding the potential refinancing of our $350 million of Senior Notes, we will continue to evaluate the credit markets and will act when the timing is right." In light of financial performance in Q3 2018, near-term market outlook and the Company's continued focus on cash generation and deleveraging its balance sheet, no interim dividend has been declared or is payable in respect of Q3 2018.