BROOKLYN HEIGHTS, Ohio - August 6, 2020 - GrafTech International Ltd. (NYSE: EAF) (GrafTech or the Company) today announced financial results for the quarter ended June 30, 2020, including net income of $93 million, or $0.35 per share, and Adjusted EBITDA1 of $151 million.
"GrafTech reported strong cash flow from operating activities totaling $148 million despite historic headwinds created by COVID-19. This cash flow allowed us to execute on our goals of reducing our debt and maintaining balance sheet liquidity, " said David Rintoul, President and Chief Executive Officer. "Our disciplined operational approach enabled us to align production with the current sales environment and resulted in reduced costs."
Second Quarter Results and Key Financial Measures
For the Three Months Ended June 30,
For the Six Months Ended June 30,
(dollars in thousands, except per share amounts)
Earnings per share (2)
(1) A non-GAAP financial measure, see below for more information and a reconciliation of EBITDA and Adjusted EBITDA to Net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.
(2) Earnings per share represents diluted earnings per share.
Net sales for the quarter ended June 30, 2020 were $281 million, compared to $480 million in the second quarter of 2019. Lower net sales were driven primarily by reduced sales volumes, reflecting low demand from decreased steel production levels with the impact of the COVID-19 pandemic on the economy.
Net income for the second quarter of 2020 was $93 million, or $0.35 per share, compared to $196 million, or $0.68 per share in the second quarter of 2019. Adjusted EBITDA was $151 million in the second quarter of 2020 compared to $284 million in the second quarter of 2019.
Cash flow from operating activities was $148 million in the second quarter of 2020, compared to $202 million in the comparable period of 2019. We ended the second quarter of 2020 with a strong liquidity position of approximately $435 million, consisting of cash and cash equivalents of $188 million and availability of $247 million under our revolving credit facility.
The following information was filed by Graftech International Ltd (EAF) on Thursday, August 6, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: EAF CIK: 931148 Form Type:10-Q Quarterly Report Accession Number: 0000931148-20-000107 Submitted to the SEC: Thu Aug 06 2020 5:19:41 PM EST Accepted by the SEC: Thu Aug 06 2020 Period: Tuesday, June 30, 2020 Industry: Electrical Industrial Apparatus