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)
2020
2019
2020
2019
Net sales
$
280,718
$
480,390
$
599,364
$
955,384
Net income
$
92,776
$
196,368
$
215,044
$
393,804
Earnings per share (2)
0.35
$
0.68
$
0.80
$
1.36
Adjusted EBITDA(1)
$
151,125
$
284,404
$
330,303
$
568,219
(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.
Key operating metrics
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
(in thousands)
2020
2019
2020
2019
Sales volume (MT) (1)
31
45
65
90
Production volume (MT) (2)
33
48
66
95
Production capacity excluding St. Marys
(MT) (3)(4)
51
51
102
102
Capacity utilization excluding St. Marys
(3)(5)
65
%
94
%
65
%
93
%
Total production capacity (MT) (4)(6)
58
58
116
116
Total capacity utilization (5)(6)
57
%
83
%
57
%
82
%
(1)
Sales volume reflects only
graphite electrodes manufactured by GrafTech.
(2)
Production volume reflects
graphite electrodes we produced during the period.
(3)
In the first quarter of 2018, our
St. Marys facility began graphitizing a limited number of
electrodes sourced from our Monterrey, Mexico facility.
(4)
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.
(5)
Capacity utilization reflects
production volume as a percentage of production capacity.
(6)
Includes graphite electrode
facilities in Calais, France; Monterrey, Mexico; Pamplona, Spain
and St. Marys, Pennsylvania.
Sales volume was 31 thousand metric tons ("MT") in the second
quarter of 2020 and consisted of 26 thousand MT shipped under our
long-term agreements and 5 thousand MT of spot sales. Production
volume was 33 thousand MT in the second quarter of 2020 compared to
48 thousand MT in the same period of 2019.
COVID-19
GrafTech is proactively managing through the COVID-19 crisis. We
have quickly adapted to changing situations throughout all the
regions of the world in which we operate and conduct business. Our
executive-led COVID-19 response team continues to meet three times
per week to monitor the situation and adapt as needed. We continue
to limit travel and have employees working from home where
possible. Our facilities perform temperature measurement upon entry
and our team members continue to use personal protective equipment,
such as masks and gloves. Daily disinfecting activities are
performed and strict adherence to social distancing guidelines is
required. All these activities are guided by our "COVID-Safe-Work
Playbook" and "Return to Work Protocols" and are closely monitored
with daily "check sheets". The result of this hard work is that we
have managed to keep 99% of our employees healthy to date.
Commercial Update
GrafTech services customers at over 300 locations across the
globe all of which have been impacted by COVID-19. The recovery for
some customers has begun, however, each region is impacted and
recovering at significantly different rates.
The commercial team worked diligently to achieve solid results
in the second quarter. We delivered a total of 31,000 MT in the second
quarter, of which 26,000 MT represented deliveries under our
long-term agreements ("LTAs") and 5,000 MT were the result of spot
sales. Our total deliveries under our LTAs were 55,000 MT for the
first half of 2020 and we continue to expect deliveries under the
LTAs of 100,000-115,000 MT for the full year.
As anticipated, the spot price of graphite electrodes continued
to trend lower during the second quarter. Our average price for
non-LTA business in Q2 was approximately $5,500 per MT and we
expect further market spot price erosion in the third quarter. The
needle coke market continued to soften as well.
The current market continues to challenge our customers
including those with LTAs. Over the course of the COVID-19 crisis,
we have received force majeure claims from approximately 35
customers. Several customers are struggling to take their committed
volumes causing some delays and non-performance including a few
arbitrations associated with, among other things, efforts to modify
the existing contracts.
We are working hard with our valued customers to develop
mutually beneficial solutions to address the current challenging
environment, but we will take every measure to ensure that
customers fulfill their legal obligations and commitments under
these contracts. These negotiations are ongoing and have
successfully resulted in modifications with some of our strategic
customers to provide near-term relief while extending the term of
their contracts.
Operational Update
We have been successful at keeping our plants operational
through the COVID-19 crisis. We have aligned our operations to our
expected sales and have maintained a 98% on-time delivery rate
through these difficult times. Our Seadrift plant recently
completed its scheduled maintenance outage on time and on
budget.
We have eliminated discretionary spending throughout the
organization and adjusted our workforce to match current production
levels. We met our goal of reducing fixed production costs by 15%
in the second quarter which assisted in achieving a 12% reduction
year-to-date when compared to 2019 levels. We continue to manage
our capital expenditures in line with our reduced target and expect
approximately $35 million for the full year.
Capital Structure and Capital Allocation
During the second quarter we reduced our debt by $103 million.
We will continue to prioritize balance sheet flexibility and expect
to use the majority of our incremental free cash flow in 2020 to
reduce debt, but will continue to examine opportunities to
repurchase stock.
Outlook
The second half of 2020 will continue to be challenging as we
and our customers face macro-economic headwinds. We foresee a
measured recovery in the industry when the pandemic eases as
customers work through inventory levels that were elevated prior to
the onset of the pandemic. We expect overall demand and pricing to
remain low for the remainder of 2020.
We have full confidence in the strengths of the Electric Arc
Furnace and graphite electrode businesses. The environmental and
economic attributes of these industries are key advantages and
position them for continued growth over the longer term.
We believe GrafTech is well positioned to navigate the
challenges of the current environment and the opportunities in the
future recovery given our leadership position in the industry, our
strong cash flows, and our advantaged cost position.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on August 6, 2020 at 4:00
p.m. Eastern Daylight Time. The webcast and accompanying slide
presentation will be available at www.GrafTech.com, in the
Investors section. The earnings call dial-in number is +1 (844)
437-4785 toll-free in the U.S. and Canada or +1 (607) 598-0105 for
overseas calls. A replay of the Conference Call will be available
until November 6, 2020 by dialing +1 (866) 215-1112 toll-free in
the U.S. and Canada or +1 (725) 223-0887 for overseas calls,
conference ID: 57343. A replay of the webcast will also be
available on our website until November 6, 2020, at
www.GrafTech.com, in the Investors section. GrafTech also makes its
complete financial reports that have been filed with the Securities
and Exchange Commission (the "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.
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, a
key raw material for graphite electrode manufacturing. 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,”
“foresee”, “intend,” “should,” “would,” “could,” “target,” “goal,”
“continue to,” “positioned to,” "are confident", 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 considering 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: the ultimate impact that the COVID-19 pandemic has on
our business, results of operations, financial condition and cash
flows; the cyclical nature of our business and the selling prices
of our products may lead to periods of reduced profitability and
net losses in the future; the possibility that we may be unable to
implement our business strategies, including our ability to secure
and maintain longer-term customer contracts, in an effective
manner; the risks and uncertainties associated with litigation,
arbitration, and like disputes, including disputes related to
contractual commitments; the possibility that global graphite
electrode overcapacity may adversely affect graphite electrode
prices; pricing for graphite electrodes has historically been
cyclical and the price of graphite electrodes may continue to
decline in the future; the sensitivity of our business and
operating results to economic conditions and the possibility others
may not be able to fulfill their obligations to us in a timely
fashion or at all; our dependence on the global steel industry
generally and the electric arc furnace steel industry in
particular; 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 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
legal, compliance, 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,
regulatory issues, natural disasters, public health crises, such as
the COVID-19 pandemic, political crises or other catastrophic
events; 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 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 possibility that we may not
pay cash dividends on our common stock in the future; the fact that
certain of our stockholders have the right to engage or invest in
the same or similar businesses as us; the possibility that the
market price of our common stock could be negatively affected by
sales of substantial amounts of our common stock in the public
markets, including by Brookfield Asset Management Inc. and its
affiliates; 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; and our status as a "controlled company" within
the meaning of the New York Stock Exchange corporate governance
standards, which allows us to qualify for exemptions from certain
corporate governance requirements.
These factors should not be construed as exhaustive and should
be read in conjunction with the other cautionary statements,
including the Risk Factors section included in our Annual Report on
Form 10-K, our Quarterly Report on Form 10-Q for the quarterly
period March 31, 2020, 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 and Adjusted EBITDA
are non-GAAP financial measures. We define EBITDA, a non-GAAP
financial measure, as net income or loss plus interest expense,
minus interest income, plus income taxes, and depreciation and
amortization. We define adjusted EBITDA as EBITDA plus any pension
and other post-employment benefit ("OPEB") plan expenses, initial
and follow-on public offering and related expenses, non-cash gains
or losses from foreign currency remeasurement of non-operating
assets and liabilities in our foreign subsidiaries where the
functional currency is the U.S. dollar, related party Tax
Receivable Agreement expense, stock-based compensation, and
non-cash fixed asset write-offs. Adjusted EBITDA 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 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 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 the ratio of total debt to adjusted
EBITDA, because we believe it is a useful and widely used way to
assess our leverage.
Our use of adjusted EBITDA 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 does not reflect changes in, or cash
requirements for, our working capital needs;
- adjusted EBITDA does not reflect our cash expenditures for
capital equipment or other contractual commitments, including any
capital expenditure requirements to augment or replace our capital
assets;
- adjusted EBITDA does not reflect the interest expense or the
cash requirements necessary to service interest or principal
payments on our indebtedness;
- adjusted EBITDA does not reflect tax payments that may
represent a reduction in cash available to us;
- adjusted EBITDA does not reflect expenses relating to our
pension and OPEB plans;
- adjusted EBITDA does not reflect the non-cash gains or losses
from foreign currency remeasurement of non-operating assets and
liabilities in our foreign subsidiaries where the functional
currency is the U.S. dollar;
- adjusted EBITDA does not reflect initial and follow-on public
offering and related expenses;
- adjusted EBITDA does not reflect related party Tax Receivable
Agreement expense;
- adjusted EBITDA does not reflect stock-based compensation or
the non-cash write-off of fixed assets; and
- other companies, including companies in our industry, may
calculate EBITDA and adjusted EBITDA differently, which reduces its
usefulness as a comparative measure.
In evaluating EBITDA and adjusted EBITDA, 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 and adjusted EBITDA 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 and adjusted EBITDA
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 of June 30,
2020
As of December 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
187,656
$
80,935
Accounts and notes receivable, net of
allowance for doubtful accounts of $8,247 as of June 30, 2020 and
$5,474 as of December 31, 2019
181,308
247,051
Inventories
312,298
313,648
Prepaid expenses and other current
assets
31,711
40,946
Total current assets
712,973
682,580
Property, plant and equipment
749,575
733,417
Less: accumulated depreciation
246,969
220,397
Net property, plant and equipment
502,606
513,020
Deferred income taxes
49,030
55,217
Goodwill
171,117
171,117
Other assets
97,710
104,230
Total assets
$
1,533,436
$
1,526,164
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
50,862
$
78,697
Short-term debt
8,141
141
Accrued income and other taxes
90,453
65,176
Other accrued liabilities
64,563
48,335
Related party payable - tax receivable
agreement
16,168
27,857
Total current liabilities
230,187
220,206
Long-term debt
1,704,521
1,812,682
Other long-term obligations
82,821
72,562
Deferred income taxes
48,142
49,773
Related party payable - tax receivable
agreement long-term
42,479
62,014
Stockholders’ equity:
Preferred stock, par value $0.01,
300,000,000 shares authorized, none issued
—
—
Common stock, par value $0.01,
3,000,000,000 shares authorized, 267,188,547 shares issued and
outstanding as of June 30, 2020 and 270,485,308 as of December 31,
2019
2,672
2,705
Additional paid-in capital
756,812
765,419
Accumulated other comprehensive loss
(49,442
)
(7,361
)
Accumulated deficit
(1,284,756
)
(1,451,836
)
Total stockholders’ deficit
(574,714
)
(691,073
)
Total liabilities and stockholders’
equity
$
1,533,436
$
1,526,164
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in thousands)
Unaudited
For the Three Months Ended
June 30,
For the Six Months
Ended June 30,
2020
2019
2020
2019
CONSOLIDATED
STATEMENTS OF OPERATIONS
Net sales
$
280,718
$
480,390
$
599,364
$
955,384
Cost of sales
130,600
197,047
269,517
392,571
Gross profit
150,118
283,343
329,847
562,813
Research and development
710
713
1,422
1,350
Selling and administrative expenses
16,001
15,394
30,933
30,620
Operating profit
133,407
267,236
297,492
530,843
Other expense (income), net
311
863
(3,003
)
1,330
Related party Tax Receivable Agreement
benefit
—
—
(3,346
)
—
Interest expense
20,880
32,969
46,552
66,669
Interest income
(348
)
(731
)
(1,489
)
(1,145
)
Income before provision for income
taxes
112,564
234,135
258,778
463,989
Provision for income taxes
19,788
37,767
43,734
70,185
Net income
$
92,776
$
196,368
$
215,044
$
393,804
Basic income per common share:
Net income per share
$
0.35
$
0.68
$
0.80
$
1.36
Weighted average common shares
outstanding
267,249,580
290,565,408
268,233,233
290,562,234
Diluted income per common share:
Income per share
$
0.35
$
0.68
$
0.80
$
1.36
Weighted average common shares
outstanding
267,260,395
290,574,153
268,243,997
290,571,132
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Unaudited
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2020
2019
2020
2019
Cash flow from operating activities:
Net income
$
92,776
$
196,368
$
215,044
$
393,804
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
14,549
15,445
28,833
31,030
Related party Tax Receivable Agreement
benefit
—
—
(3,346
)
—
Deferred income tax provision
7,642
14,856
13,990
21,283
Non-cash interest expense
1,587
1,588
3,181
3,176
Other charges, net
678
7,890
(160
)
11,158
Net change in working capital*
34,216
(31,106
)
34,086
(102,549
)
Change in long-term assets and
liabilities
(3,075
)
(2,835
)
(3,972
)
1,121
Net cash provided by operating
activities
148,373
202,206
287,656
359,023
Cash flow from investing activities:
Capital expenditures
(10,454
)
(14,630
)
(24,355
)
(29,199
)
Proceeds from the sale of assets
3
8
65
82
Net cash used in investing activities
(10,451
)
(14,622
)
(24,290
)
(29,117
)
Cash flow from financing activities:
Repurchase of common stock - non-related
party
—
—
(30,099
)
—
Payment of tax withholdings related to net
share settlement of equity awards
(25
)
—
(71
)
—
Principal repayments on long-term debt
(100,028
)
—
(100,028
)
(125,000
)
Dividends paid to non-related party
(679
)
(5,193
)
(6,605
)
(10,387
)
Dividends paid to related party
(1,993
)
(19,503
)
(18,926
)
(39,005
)
Net cash used in financing activities
(102,725
)
(24,696
)
(155,729
)
(174,392
)
Net change in cash and cash
equivalents
35,197
162,888
107,637
155,514
Effect of exchange rate changes on cash
and cash equivalents
350
78
(916
)
(139
)
Cash and cash equivalents at beginning of
period
152,109
42,289
80,935
49,880
Cash and cash equivalents at end of
period
$
187,656
$
205,255
$
187,656
$
205,255
* Net change in working capital due to
changes in the following components:
Accounts and notes receivable, net
$
17,970
$
(33,748
)
$
58,713
$
(65,137
)
Inventories
14,312
(11,394
)
(2,924
)
(16,099
)
Prepaid expenses and other current
assets
(1,279
)
(4,117
)
6,132
3,308
Income taxes payable
10,857
10,694
25,095
(27,639
)
Accounts payable and accruals
(7,631
)
7,517
(52,876
)
2,212
Interest payable
(13
)
(58
)
(54
)
806
Net change in working capital
$
34,216
$
(31,106
)
$
34,086
$
(102,549
)
NON-GAAP RECONCILIATION (Dollars in
thousands)
The following table reconciles our non-GAAP key financial
measures to the most directly comparable GAAP measures:
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2020
2019
2020
2019
Net income
92,776
196,368
215,044
393,804
Add:
Depreciation and amortization
14,549
15,445
28,833
31,030
Interest expense
20,880
32,969
46,552
66,669
Interest income
(348
)
(731
)
(1,489
)
(1,145
)
Income taxes
19,788
37,767
43,734
70,185
EBITDA
147,645
281,818
332,674
560,543
Adjustments:
Pension and OPEB plan expenses
(1)
541
827
1,083
1,597
Initial and follow-on public
offering and related expenses (2)
—
610
4
1,296
Non-cash loss (gain) on foreign
currency remeasurement (3)
2,222
616
(1,239
)
1,027
Stock-based compensation (4)
717
570
1,127
862
Non-cash fixed asset write-off
(5)
—
(37
)
—
2,894
Related party Tax Receivable
Agreement benefit (6)
—
—
(3,346
)
—
Adjusted EBITDA
151,125
284,404
330,303
568,219
(1)
Service and interest cost of our
OPEB plans. Also includes a mark-to-market loss (gain) for plan
assets as of December of each year.
(2)
Legal, accounting, printing and
registration fees associated with the initial and follow-on public
offering and related expenses.
(3)
Non-cash gains and losses from
foreign currency remeasurement of non-operating assets and
liabilities of our non-U.S. subsidiaries where the functional
currency is the U.S. dollar.
(4)
Non-cash expense for stock-based
compensation grants.
(5)
Non-cash fixed asset write-off
recorded for obsolete assets.
(6)
Non-cash expense adjustment 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/20200806005269/en/
Wendy Watson 216-676-2000
GrafTech (NYSE:EAF)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
GrafTech (NYSE:EAF)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024