GrafTech International Ltd. (NYSE: EAF)(GrafTech or the Company)
today announced strong financial results for the quarter ended
September 30, 2018, including net income of $199 million, or
$0.67 per share, and Adjusted EBITDA from continuing operations of
$277 million.
“GrafTech delivered another solid quarterly result. We also
continued to make progress on the debottlenecking projects at our
graphite electrode plants.” said David Rintoul, President and CEO
of GrafTech. "Our vertical integration and ongoing operational
improvements allow us to provide reliable, high-quality supply to
our customers and stable long-term cash flows for our
investors."
Key Financial Measures
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(dollars in thousands, except per share amounts) 2018
2017 2018 2017 Net sales $ 454,890 $
137,245 $ 1,363,121 $ 358,298 Net income (loss) $ 199,466 $ (3,919
) $ 624,587 $ (47,646 ) Earnings per share (1) $ 0.67 $ (0.01 ) $
2.08 $ (0.16 ) Adjusted EBITDA from continuing operations (2) $
276,812 $ 22,202 $ 879,108 $ 38,655
(1) Earnings per share represents diluted earnings per share
after giving effect to the stock split effected on April 12, 2018
and the share repurchase effected on August 13, 2018, resulting in
290,537,612 shares outstanding.
(2) See below for more information and a reconciliation of
EBITDA from continuing operations and adjusted EBITDA from
continuing operations to net income (loss), the most directly
comparable financial measure calculated and presented in accordance
with GAAP.
Net sales for the quarter ended September 30, 2018
increased to $455 million, compared to $137 million in the third
quarter of 2017. The improvement was primarily due to an increase
in the weighted average realized price for graphite electrodes,
which rose to $9,744 per metric ton (MT) in the third quarter of
2018, compared to $2,903 per MT in the prior year period. Graphite
electrode demand and pricing remains strong due to a combination of
growth in electric arc furnace steel manufacturing, long-term
reductions in electrode manufacturing capacity, and limited supply
of petroleum needle coke, the primary raw material for graphite
electrodes.
Net income increased to $199 million, or $0.67 per share, in the
third quarter of 2018, compared to a loss of $(4) million, or
$(0.01) per share, in the third quarter of 2017. Adjusted EBITDA
from continuing operations also climbed to $277 million in the
third quarter compared to $22 million in the prior year period.
Higher graphite electrode revenues were the primary driver of
higher net income and Adjusted EBITDA from continuing
operations.
Cash flow from operations increased to $235 million in the
quarter up from $30 million in the prior period. This increase was
primarily due to higher net income. Capital expenditures in the
quarter were $(19) million, in line with full-year expectations of
approximately $70 million.
Key operating metrics
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands, except price data) 2018 2017
2018 2017 Sales volume (MT)(1) 45 44 133 129 Weighted
average realized price(2) $ 9,744 $ 2,903 $ 9,932 $ 2,547
Production volume (MT)(3) 39 38 127 122 Production capacity
excluding St. Marys during idle period (MT)(4)(5) 39 38 128 123
Capacity utilization excluding St. Marys during idle period(4)(6)
100 % 100 % 99 % 99 % Total production capacity (MT)(5) 46 45 149
144 Total capacity utilization(6) 85 % 84 % 85 % 85 %
(1) Sales volume reflects the total volume of graphite
electrodes sold for which revenue has been recognized during the
period.
(2) Weighted average realized price reflects the total revenues
from sales of graphite electrodes for the period divided by the
graphite electrode sales volume for that period.
(3) Production volume reflects graphite electrodes produced
during the period.
(4) The St. Marys, Pennsylvania facility was temporarily
idled effective the second quarter of 2016 except for the machining
of semi-finished products sourced from other plants. In the
first quarter of 2018, our St. Marys facility began graphitizing a
limited amount of electrodes sourced from our Monterrey, Mexico
facility.
(5) Production capacity reflects expected maximum production
volume during the period under normal operating conditions,
standard product mix and expected maintenance outage. Actual
production may vary.
(6) Capacity utilization reflects production volume as a
percentage of production capacity.
Operational Update
Our graphite electrode manufacturing plants operated at high
levels during the third quarter of 2018, with production of 39,000
MT, up from 38,000 MT in the prior year period. We are on target to
increase annual production capacity by 21% to 202,000 MT by year
end. St. Marys is graphitizing and machining some semi-finished
electrodes sourced from Monterrey in order to leverage existing
infrastructure.
Commercial Strategy
GrafTech has successfully sold approximately two-thirds of its
cumulative long-term production through three- to five-year,
fixed-volume, fixed-price take or pay contracts. These contracts
provide reliability of long-term graphite electrode supply for
customers and stability of future operating results for
shareholders. Substantially all of our 2018 production is
contracted or committed through these long-term contracts and
short-term purchase orders.
Capital Structure
As of September 30, 2018, GrafTech has cash and equivalents
of $103 million and total debt of $2.2 billion. The Company's
target maximum gross leverage ratio is between 2.0 and 2.5 times
total debt to Adjusted EBITDA from continuing operations compared
to current leverage of 1.9 times.(1)
On August 13, 2018, the Company repurchased 11.7 million shares
directly from Brookfield at $19.25 per share for a total of $225
million. These shares were purchased with available cash on hand
and retired upon purchase. The share repurchase was accretive to
all shareholders while helping to minimize potential equity
overhang and maintain liquidity in the secondary market.
(1) Leverage is defined as total debt divided by adjusted EBITDA
from continuing operations. Current leverage is calculated using
annualized adjusted EBITDA from continuing operations for the nine
months ended September 30, 2018 of $879 million and total debt of
$2,183 million.
Distribution
The Board has declared a dividend of $0.085 per share, payable
on December 31, 2018. The dividend will be payable to stockholders
of record as of the close of business on November 30, 2018.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on November 2, 2018 at 10:00
a.m. Eastern Time. The webcast and accompanying slide presentation
will be available at www.GrafTech.com, in the Investor Relations
section. The earnings call dial-in number is +1 (866) 521-4909 in
the U.S. and Canada or +1 (647) 427-2311 for international. A
rebroadcast of the webcast will be available following the call
until February 2, 2018, at www.GrafTech.com, in the Investor
Relations section. GrafTech also makes its complete financial
reports that have been filed with the Securities and Exchange
Commission (SEC) and other information available at
www.GrafTech.com. The information in our website is not part of
this release or any report we file or furnish to the SEC. Upon
request, GrafTech will provide its stockholders with a hard copy of
its complete audited financial statement, free of charge.
About GrafTech
GrafTech International Ltd. is a leading manufacturer of high
quality graphite electrode products essential to the production of
electric arc furnace steel and other ferrous and non-ferrous
metals. The Company has a competitive portfolio of low-cost
graphite electrode manufacturing facilities, including three of the
highest capacity facilities in the world. GrafTech is also the only
large scale graphite electrode producer that is substantially
vertically integrated into petroleum needle coke, the primary raw
material for graphite electrode manufacturing, which is currently
in limited supply. This unique position provides competitive
advantages in product quality and cost.
Special note regarding forward-looking
statements
This news release and related discussions may contain
forward-looking statements that reflect our current views with
respect to, among other things, future events and financial
performance. You can identify these forward-looking statements by
the use of forward-looking words such as “will,” “may,” “plan,”
“estimate,” “project,” “believe,” “anticipate,” “expect,” “intend,”
“should,” “would,” “could,” “target,” “goal,” “continue to,”
“positioned to,” "are confident", "remain optimistic" or the
negative version of those words or other comparable words. Any
forward-looking statements contained in this news release are based
upon our historical performance and on our current plans, estimates
and expectations in light of information currently available to us.
The inclusion of this forward-looking information should not be
regarded as a representation by us that the future plans, estimates
or expectations contemplated by us will be achieved. Our
expectations and targets are not predictions of actual performance
and historically our performance has deviated, often significantly,
from our expectations and targets. These forward-looking statements
are subject to various risks and uncertainties and assumptions
relating to our operations, financial results, financial condition,
business, prospects, growth strategy and liquidity. Accordingly,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
statements. We believe that these factors include, but are not
limited to: our history of net losses and the possibility that we
may not maintain profitability in the future; the possibility that
we may be unable to implement our business strategies, including
our initiative to secure and maintain longer-term customer
contracts, in an effective manner; the possibility that recent tax
legislation could adversely affect us or our stockholders; the fact
that pricing for graphite electrodes has historically been cyclical
and, in the future, the price of graphite electrodes will likely
decline from recent record highs; the sensitivity of our business
and operating results to economic conditions; our dependence on the
global steel industry generally and the EAF steel industry in
particular; the possibility that global graphite electrode
overcapacity may adversely affect graphite electrode prices; the
competitiveness of the graphite electrode industry; our dependence
on the supply of petroleum needle coke; our dependence on supplies
of raw materials (in addition to petroleum needle coke) and energy;
the legal, economic, social and political risks associated with our
substantial operations in multiple countries; the possibility that
fluctuation of foreign currency exchange rates could materially
harm our financial results; the possibility that our results of
operations could deteriorate if our manufacturing operations were
substantially disrupted for an extended period, including as a
result of equipment failure, climate change, natural disasters,
public health crises, political crises or other catastrophic
events; the possibility that plant capacity expansions may be
delayed or may not achieve the expected benefits; our dependence on
third parties for certain construction, maintenance, engineering,
transportation, warehousing and logistics services; the possibility
that we are unable to recruit or retain key management and plant
operating personnel or successfully negotiate with the
representatives of our employees, including labor unions; the
possibility that we may divest or acquire businesses, which could
require significant management attention or disrupt our business;
the sensitivity of goodwill on our balance sheet to changes in the
market; the possibility that we are subject to information
technology systems failures, cybersecurity attacks, network
disruptions and breaches of data security; our dependence on
protecting our intellectual property; the possibility that third
parties may claim that our products or processes infringe their
intellectual property rights; the possibility that our
manufacturing operations are subject to hazards; changes in, or
more stringent enforcement of, health, safety and environmental
regulations applicable to our manufacturing operations and
facilities; the possibility that significant changes in our
jurisdictional earnings mix or in the tax laws of those
jurisdictions could adversely affect our business; the possibility
that our indebtedness could limit our financial and operating
activities or that our cash flows may not be sufficient to service
our indebtedness; the possibility that restrictive covenants in our
financing agreements could restrict or limit our operations; the
fact that borrowings under certain of our existing financing
agreements subjects us to interest rate risk; the possibility of a
lowering or withdrawal of the ratings assigned to our debt; the
possibility that disruptions in the capital and credit markets
could adversely affect our results of operations, cash flows and
financial condition, or those of our customers and suppliers; the
possibility that highly concentrated ownership of our common stock
may prevent minority stockholders from influencing significant
corporate decisions; the fact that certain of our stockholders have
the right to engage or invest in the same or similar businesses as
us; the fact that certain provisions of our Amended and Restated
Certificate of Incorporation and our Amended and Restated By-Laws
could hinder, delay or prevent a change of control; the fact that
the Court of Chancery of the State of Delaware will be the
exclusive forum for substantially all disputes between us and our
stockholders; our status as a “controlled company” within the
meaning of the NYSE corporate governance standards, which allows us
to qualify for exemptions from certain corporate governance
requirements; and other risks described in the “Risk Factors”
section of our quarterly reports on Form 10-Q and other filings
with the SEC.
These factors should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements that
are included in our quarterly reports on Form 10-Q and other
filings with the SEC. The forward-looking statements made in this
press release relate only to events as of the date on which the
statements are made. We do not undertake any obligation to publicly
update or review any forward-looking statement, except as required
by law, whether as a result of new information, future developments
or otherwise.
Non-GAAP financial measures
In addition to providing results that are determined in
accordance with GAAP, we have provided certain financial measures
that are not in accordance with GAAP. EBITDA from continuing
operations and adjusted EBITDA from continuing operations are
non-GAAP financial measures. We define EBITDA from continuing
operations, a non-GAAP financial measure, as net income or loss
plus interest expense, minus interest income, plus income taxes,
discontinued operations and depreciation and amortization from
continuing operations. We define adjusted EBITDA from continuing
operations as EBITDA from continuing operations plus any pension
and other post-employment benefit ("OPEB") plan expenses,
impairments, rationalization-related charges, initial public
offering expenses, non-cash gains or losses from foreign currency
remeasurement of non-operating liabilities in our foreign
subsidiaries where the functional currency is the U.S. dollar,
Related party Tax Receivable Agreement expense and non-cash fixed
asset write-offs. Adjusted EBITDA from continuing operations is the
primary metric used by our management and our board of directors to
establish budgets and operational goals for managing our business
and evaluating our performance.
We monitor adjusted EBITDA from continuing operations as a
supplement to our GAAP measures, and believe it is useful to
present to investors, because we believe that it facilitates
evaluation of our period-to-period operating performance by
eliminating items that are not operational in nature, allowing
comparison of our recurring core business operating results over
multiple periods unaffected by differences in capital structure,
capital investment cycles and fixed asset base. In addition, we
believe adjusted EBITDA from continuing operations and similar
measures are widely used by investors, securities analysts, ratings
agencies, and other parties in evaluating companies in our industry
as a measure of financial performance and debt-service
capabilities. We also monitor, and present to investors, the ratio
of total debt to adjusted EBITDA from continuing operations,
because we believe it is a useful and widely used way to assess our
leverage.
Our use of adjusted EBITDA from continuing operations has
limitations as an analytical tool, and you should not consider it
in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are:
- adjusted EBITDA from continuing
operations does not reflect changes in, or cash requirements for,
our working capital needs;
- adjusted EBITDA from continuing
operations does not reflect our cash expenditures for capital
equipment or other contractual commitments, including any capital
expenditures to augment or replace our capital assets;
- adjusted EBITDA from continuing
operations does not reflect the interest expense or the cash
requirements necessary to service interest or principal payments on
our indebtedness;
- adjusted EBITDA from continuing
operations does not reflect tax payments that may represent a
reduction in cash available to us;
- adjusted EBITDA from continuing
operations does not reflect expenses relating to our pension and
OPEB plans;
- adjusted EBITDA from continuing
operations does not reflect impairment of long-lived assets and
goodwill;
- adjusted EBITDA from continuing
operations does not reflect the non-cash gains or losses from
foreign currency remeasurement of non-operating liabilities in our
foreign subsidiaries where the functional currency is the U.S.
dollar;
- adjusted EBITDA from continuing
operations does not reflect initial public offering expenses;
- adjusted EBITDA from continuing
operations does not reflect Related party Tax Receivable Agreement
expenses;
- adjusted EBITDA from continuing
operations does not reflect rationalization-related charges,
stock-based compensation or the non-cash write-off of fixed assets;
and
- other companies, including companies in
our industry, may calculate EBITDA from continuing operations and
adjusted EBITDA from continuing operations differently, which
reduces its usefulness as a comparative measure.
In evaluating EBITDA from continuing operations and adjusted
EBITDA from continuing operations, you should be aware that in the
future, we will incur expenses similar to the adjustments in the
reconciliation presented below. Our presentations of EBITDA from
continuing operations and adjusted EBITDA from continuing
operations should not be construed as suggesting that our future
results will be unaffected by these expenses or any unusual or
non-recurring items. When evaluating our performance, you should
consider EBITDA from continuing operations and adjusted EBITDA from
continuing operations alongside other financial performance
measures, including our net income (loss) and other GAAP
measures.
GRAFTECH INTERNATIONAL LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands)
Unaudited
As ofSeptember 30, 2018 As
ofDecember 31, 2017 ASSETS Current assets: Cash
and cash equivalents $ 102,507 $ 13,365
Accounts and notes receivable, net of
allowance for doubtful accounts of$965 as of September 30, 2018 and
$1,097 as of December 31, 2017
204,704 116,841 Inventories 261,984 174,151 Prepaid expenses and
other current assets 60,368 44,872 Current assets of discontinued
operations 1,078 5,313 Total current assets 630,641
354,542 Property, plant and equipment 685,352 642,651
Less: accumulated depreciation 165,711 129,810 Net
property, plant and equipment 519,641 512,841 Deferred income taxes
46,145 30,768 Goodwill 171,117 171,117 Other assets 135,163
129,835 Total assets $ 1,502,707 $ 1,199,103
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 80,620 $ 69,110 Short-term debt 106,325 16,474
Accrued income and other taxes 51,043 9,737 Other accrued
liabilities 41,007 53,226 Current liabilities of discontinued
operations 3,687 3,412 Total current liabilities
282,682 151,959 Long-term debt 2,077,003 322,900 Other long-term
obligations 68,455 68,907 Deferred income taxes 50,614 41,746
Related party payable 61,801 — Long-term liabilities of
discontinued operations 636 376 Stockholders’ equity:
Preferred stock, par value $.01, 300,000,000 shares authorized,
none issued — —
Common stock, par value $.01,
3,000,000,000 shares authorized, 290,537,612 and302,225,923 shares
issued and outstanding as of September 30, 2018 andDecember 31,
2017*, respectively
2,905 3,022 Additional paid-in capital 819,127 851,315 Accumulated
other comprehensive income 34,539 20,289 Accumulated deficit
(1,895,055 ) (261,411 ) Total stockholders’ (deficit) equity
(1,038,484 ) 613,215 Total liabilities and
stockholders’ equity $ 1,502,707 $ 1,199,103
* Based on the number of common shares outstanding after giving
effect to the stock split that became effective on April 12,
2018
GRAFTECH INTERNATIONAL LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars in thousands)
(Unaudited)
For the Three Months Ended
September 30,
For the Nine MonthsEnded
September 30,
2018 2017 2018 2017
CONSOLIDATED
STATEMENTS OF OPERATIONS
Net sales $ 454,890 $ 137,245 $ 1,363,121 $ 358,298 Cost of sales
180,280 120,483 491,339 330,370 Gross
profit 274,610 16,762 871,782 27,928 Research and development 518
1,329 1,528 3,083 Selling and administrative expenses 14,234
13,293 46,349 37,118 Operating profit (loss)
259,858 2,140 823,905 (12,273 ) Other expense (income), net
1,502 (404 ) 2,533 4,322 Related party Tax Receivable Agreement
expense — — 61,801 — Interest expense 33,855 7,792 100,387 23,240
Interest income (562 ) (58 ) (1,068 ) (320 ) Income (loss) from
continuing operations beforeprovision for income taxes 225,063
(5,190 ) 660,252 (39,515 ) Provision for income taxes 24,871
1,963 36,250 3,249 Net income (loss)
from continuing operations 200,192 (7,153 ) 624,002 (42,764 )
(Loss) income from discontinued operations, net of tax (726
) 3,234 585 (4,882 ) Net income (loss)
$ 199,466 $ (3,919 ) $ 624,587 $ (47,646 )
Basic income (loss) per common share: Net income (loss) per share $
0.67 $ (0.01 ) $ 2.08 $ (0.16 ) Net income (loss) from continuing
operations per share $ 0.68 $ (0.02 ) $ 2.08 $ (0.14 ) Weighted
average common shares outstanding 296,136,564 302,225,923
300,173,831 302,225,923 Diluted income (loss) per common share:
Income (loss) per share $ 0.67 $ (0.01 ) $ 2.08 $ (0.16 ) Diluted
income (loss) from continuing operations per share $ 0.68 $ (0.02 )
$ 2.08 $ (0.14 ) Weighted average common shares outstanding
296,145,453 302,225,923 300,178,704 302,225,923
* Based on the number of common shares outstanding after giving
effect to the stock split that became effective on April 12,
2018
GRAFTECH INTERNATIONAL LTD. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Dollars in thousands, unaudited)
For the Three Months Ended
September 30,
For the Nine MonthsEnded September 30, 2018
2017 2018 2017 Cash flow from
operating activities: Net income (loss) $ 199,466 $ (3,919 ) $
624,587 $ (47,646 ) Adjustments to reconcile net income (loss) to
cashprovided by operations: Depreciation and amortization 16,050
17,688 47,746 50,982 Impairments — — — 5,300 Related party Tax
Receivable Agreement expense — — 61,801 — Deferred income tax
provision 3,827 (2,057 ) (18,184 ) (3,049 ) Loss on extinguishment
of debt — — 23,827 — Interest expense 1,586 1,706 3,747 5,089 Other
charges, net 2,773 (2,997 ) 9,652 1,849 Net change in working
capital* 14,893 22,040 (143,695 ) 22,197 Change in long-term assets
and liabilities (4,026 ) (2,355 ) 2,763 (1,141 ) Net cash
provided by operating activities 234,569 30,106 612,244 33,581 Cash
flow from investing activities: Capital expenditures (18,897 )
(9,582 ) (47,632 ) (23,028 ) Proceeds from the sale of assets 25
882 866 4,038 Proceeds from divestitures — 26,818 —
26,818 Net cash (used in) provided by investing
activities (18,872 ) 18,118 (46,766 ) 7,828 Cash flow from
financing activities:
Short-term debt, net
(36 ) 10,801 (12,607 ) 5,945 Revolving Facility borrowings — 5,000
— 35,000 Revolving Facility reductions — (59,755 ) (45,692 )
(77,755 ) Debt issuance costs (1,043 ) — (27,326 ) — Proceeds from
the issuance of long-term debt, net oforiginal issuance discount —
— 2,235,000 — Repayment of Senior Notes — — (304,782 ) —
Related party Promissory Note
repayment
— — (750,000 ) — Principal repayments on long-term debt (28,125 )
(36 ) (28,125 ) (107 ) Repurchase of common stock (225,000 ) —
(225,000 ) — Dividends paid (24,695 ) — (1,316,189 ) —
Net cash (used in) provided by financing
activities
(278,899 ) (43,990 ) (474,721 ) (36,917 ) Net change in cash and
cash equivalents (63,202 ) 4,234 90,757 4,492 Effect of exchange
rate changes on cash and cash equivalents (431 ) 215 (1,615 ) 274
Cash and cash equivalents at beginning of period 166,140
11,930 13,365 11,610 Cash and cash equivalents
at end of period $ 102,507 $ 16,379 $ 102,507
$ 16,376 * Net change in working capital due to
changes in the following components: Accounts and notes receivable,
net $ 14,655 $ 824 $ (96,045 ) $ 1,961 Inventories (11,190 ) 2,590
(93,755 ) 8,588 Prepaid expenses and other current assets (456 )
1,323 7,828 (187 ) Income taxes payable 14,830 38 35,358 1,160
Accounts payable and accruals 3,789 12,594 4,336 5,975 Interest
payable (6,735 ) 4,671 (1,417 ) 4,700 Net change in
working capital $ 14,893 $ 22,040 $ (143,695 ) $
22,197
The following table reconciles our non-GAAP key financial
measures to the most directly comparable GAAP measures:
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands) 2018 2017 2018
2017 Net income (loss) 199,466 (3,919 )
624,587 (47,646 ) Add: Discontinued operations 726 (3,234 ) (585 )
4,882 Depreciation and amortization 16,050 17,581 47,746 48,564
Interest expense 33,855 7,792 100,387 23,240 Interest income (562 )
(58 ) (1,068 ) (320 ) Income taxes 24,871 1,963
36,250 3,249
EBITDA from continuing operations
274,406 20,125 807,317 31,969 Adjustments: Pension and OPEB plan
(gain) expenses(1) 483 768 1,478 2,293 Rationalization-related
(gains)/charges (2) — 1,772 — 994 Initial public offering ("IPO")
expenses (3) 43 — 5,164 — Non-cash loss (gain) on foreign currency
remeasurement(4) 1,404 (463 ) 1,629 3,399 Stock-based compensation
476 — 657 — Non-cash fixed asset write-off — — 1,062 — Related
party Tax Receivable Agreement expense (5) — — 61,801
—
Adjusted EBITDA from continuing operations
276,812 22,202 879,108 38,655
(1) Service and interest cost of our pension and OPEB plans.
Also includes a mark-to-market loss (gain) for plan assets as of
December of each year.
(2) Costs associated with rationalizations in our graphite
electrode manufacturing operations and in the corporate structure.
They include severance charges, contract termination charges,
write-off of equipment and (gain)/loss on sale of manufacturing
sites.
(3) Legal, accounting, printing and registration fees associated
with the initial public offering in April 2018.
(4) Non-cash loss from foreign currency remeasurement of
non-operating liabilities of our non-U.S. subsidiaries where the
functional currency is the U.S. dollar.
(5) Non-cash expense for future payment to our sole pre-IPO
stockholder for tax assets that are expected to be utilized.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181102005083/en/
GrafTech International Ltd.Meredith Bandy, 216-676-2699Vice
President, Investor Relations
GrafTech (NYSE:EAF)
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