GrafTech Reports Unaudited Fourth Quarter and Full Year 2020 Results
Generates sequential fourth quarter improvement across key financial metrics
BROOKLYN HEIGHTS, Ohio - February 5, 2021 - GrafTech International Ltd. (NYSE: EAF) (GrafTech or the Company) today announced unaudited financial results for the fourth quarter and full year ended December 31, 2020.
•Reported net income of $434 million, or $1.62 per share
•Adjusted EBITDA1 of $659 million, for a 54% margin2
•Generated cash flow from operating activities of $564 million
•Strengthened the balance sheet with debt reduction of $400 million
•Extended our debt maturity profile to further de-risk the balance sheet
•Maintained excellent customer service levels with 97% on-time delivery rate
•Significantly improved safety track record with 46% reduction in recordable injury rates
“We are pleased with our overall performance during a challenging year for the industry,” said David Rintoul, President and Chief Executive Officer. “We made good progress managing our business through the pandemic as we adjusted our production to changes in demand, while being highly responsive to our customers’ needs and maintaining excellent service levels. During the fourth quarter, we achieved sequential quarterly improvement in key metrics such as production, sales volumes, net sales, earnings per share, adjusted EBITDA, and cash from operating activities.”
“As we look forward, the environmental and economic advantages of electric arc furnace steel production position both that industry and the graphite electrode industry for long-term growth. We believe GrafTech’s leadership position, strong cash flows, and advantaged low-cost structure and vertical integration are sustainable competitive advantages. The services and solutions we provide will position our customers and our company for a better future.
As we move through 2021, we believe that the improvement in steel industry metrics will subsequently result in improved demand for graphite electrodes,” Mr. Rintoul concluded.
The following information was filed by Graftech International Ltd (EAF) on Friday, February 5, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.