GrafTech International Ltd. (NYSE: EAF) (GrafTech or the
Company) today announced financial results for the quarter ended
September 30, 2020, including net income of $94 million, or $0.35
per share, and Adjusted EBITDA(1) of $153 million.
"We are pleased with GrafTech's third quarter financial results
while operating in a challenging environment and appreciate the
ongoing commitment of our team through the COVID-19 pandemic," said
David Rintoul, President and Chief Executive Officer. "We continue
to work closely with our customers and are committed to helping
them navigate the current market conditions."
Third Quarter Results and Key Financial Measures
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(dollars in thousands, except per share
amounts)
2020
2019
2020
2019
Net sales
$
286,987
$
420,797
$
886,351
$
1,376,181
Net income
$
94,234
$
175,876
$
309,278
$
569,680
Earnings per share (2)
$
0.35
$
0.61
$
1.15
$
1.96
Adjusted EBITDA(1)
$
153,105
$
245,454
$
483,408
$
813,673
(1)
A non-GAAP financial measure, see below
for more information and a reconciliation of EBITDA and Adjusted
EBITDA to Net income, 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 September 30, 2020 were $287
million, compared to $421 million in the third quarter of 2019.
Lower net sales reflect reduced sales volumes driven primarily by
the impact of COVID-19 on steel production levels and continued
customer inventory destocking.
Net income for the third quarter of 2020 was $94 million, or
$0.35 per share, compared to $176 million, or $0.61 per share in
the third quarter of 2019. Adjusted EBITDA was $153 million in the
third quarter of 2020 compared to $245 million in the third quarter
of 2019.
Cash flow from operating activities was $129 million in the
third quarter of 2020, compared to $226 million in the third
quarter 2019. We ended the quarter with a strong liquidity position
of approximately $406 million, consisting of cash and cash
equivalents of $159 million and availability of $247 million under
our revolving credit facility.
Key operating metrics
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
(in thousands)
2020
2019
2020
2019
Sales volume (MT) (1)
33
40
98
130
Production volume (MT) (2)
32
40
98
136
Production capacity excluding St. Marys
(MT) (3)(4)
48
48
150
150
Capacity utilization excluding St. Marys
(3)(5)
67
%
83
%
65
%
91
%
Total production capacity (MT) (4)(6)
55
55
171
171
Total capacity utilization (5)(6)
58
%
73
%
57
%
80
%
(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 33 thousand metric tons (MT) in the third
quarter of 2020 and consisted of 27 thousand MT shipped under our
long-term agreements (LTAs) and 6 thousand MT of spot sales.
Production volume, aligned with sales volume, was 32 thousand MT in
the third quarter of 2020 compared to 40 thousand MT in the same
period of 2019.
COVID-19 and Operational Update
GrafTech continues to proactively manage through the COVID-19
crisis. Our executive-led COVID-19 response team meets three times
per week to monitor the ongoing situation and respond as
needed.
Our plants have remained operational through the current
pandemic and maintained a 98% on-time delivery rate. Our global
footprint gives us the flexibility to move or adjust production if
needed.
We continue to focus on containing our costs and aligning
production to current sales levels for the remainder of the year.
We expect to meet our reduced full year capital expenditure
estimate of approximately $35 million.
Commercial Update
GrafTech services customers at over 300 locations across the
globe all of which have been impacted by COVID-19. We are seeing a
measured recovery in the global steel markets compared to the
second quarter 2020, with each region recovering at different
rates, and anticipate this will have a positive influence on
graphite electrode demand. In the third quarter 2020, the global
(ex-China) steel market capacity utilization rate improved to over
60%1. In the U.S., the third quarter capacity utilization rate was
approximately 64%2. By late October, the capacity utilization rate
in the U.S. steel market approached 70%2.
The commercial team has worked diligently to achieve solid
results in the current environment. Year-to-date sales volumes
through the third quarter were 98 thousand MT, consisting of LTA
volumes of 82 thousand MT and non-LTA volumes of 16 thousand
MT.
During the third quarter, our average price from LTAs declined
slightly to approximately $9,300 per MT, reflecting the impacts of
product mix, LTA modifications and other adjustments. Due to
favorable mix in the quarter, the average price for our non-LTA
business increased slightly to approximately $5,700 per MT.
However, as anticipated, we believe the general spot price of
graphite electrodes continued to trend lower during the third
quarter.
The current market conditions are challenging for our customers,
including those with LTAs, and we have some customers that are
continuing to struggle to take their committed volumes. This is
causing some non-performance and disputes, including a few
arbitrations associated with, among other things, efforts to modify
existing contracts. As such, we will continue to work to preserve
our rights under the LTAs.
We are working hard with our valued customers to develop
mutually beneficial solutions and have successfully negotiated LTA
modifications with several of these customers during the third
quarter. We are able to provide near-term relief in exchange for
additional contractual commitments going forward. We expect to
continue to finalize more of these beneficial negotiations in the
coming months.
Capital Structure and Capital Allocation
During the third quarter we reduced our debt by approximately
$150 million. After quarter end, we further reduced our debt by an
additional $60 million, bringing 2020 debt reduction to $313
million through the end of October. We will continue to prioritize
balance sheet flexibility and expect to use the majority of fourth
quarter incremental free cash flow to reduce debt.
Outlook
For the remainder of 2020, we anticipate our full year LTA sales
volumes to be above the midpoint of the expected range of 100
thousand - 115 thousand MT. We now expect our full year LTA revenue
will be between $1,000 million and $1,080 million in 2020.
With the LTA modifications and ongoing customer discussions, we
are able to provide estimated shipments of graphite electrodes for
the final two years of the initial term under our LTAs and for the
years 2023 through 2024 as follows:
2021
2022
2023 through 2024
Estimated LTA volume(1)
98-108
95-105
35-45
Estimated LTA revenue(2)
$925-$1,025
$910-$1,010
$350-$450 (3)
(1)
In thousands of metric tons
(2)
In millions
(3)
Includes expected termination fees from a
few customers that have failed to meet certain obligations under
their LTAs
The environmental and economic advantages of electric arc
furnace steel production positions both that industry and the
graphite electrode industry for continued 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 us for a better future.
Conference Call
In conjunction with this earnings release, you are invited to
listen to our earnings call being held on November 3, 2020 at 10:00
a.m. Eastern Standard 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 (866)
521-4909 toll-free in the U.S. and Canada or +1 (647) 427-2311,
conference ID: 6767702 for overseas calls. A replay of the
Conference Call will be available until February 3, 2021 by dialing
+1 (800) 585-8367 toll-free in the U.S. and Canada or +1 (416)
621-4642 for overseas calls, conference ID: 6767702. A replay of
the webcast will also be available on our website until February 3,
2021, 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
versions 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 the recently filed
stockholder litigation and 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 sections included in our most recent
Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for
the quarterly periods ended March 31, 2020 and June 30, 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 adjustments, 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 adjustments;
- 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 and other GAAP measures.
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands)
Unaudited
As of September 30,
2020
As of December 31,
2019
ASSETS
Current assets:
Cash and cash equivalents
$
158,841
$
80,935
Accounts and notes receivable, net of
allowance for doubtful accounts of $8,973 as of September 30, 2020
and $5,474 as of December 31, 2019
164,195
247,051
Inventories
299,236
313,648
Prepaid expenses and other current
assets
35,299
40,946
Total current assets
657,571
682,580
Property, plant and equipment
765,822
733,417
Less: accumulated depreciation
264,304
220,397
Net property, plant and equipment
501,518
513,020
Deferred income taxes
40,767
55,217
Goodwill
171,117
171,117
Other assets
96,616
104,230
Total assets
$
1,467,589
$
1,526,164
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
49,056
$
78,697
Short-term debt
147
141
Accrued income and other taxes
81,756
65,176
Other accrued liabilities
65,058
48,335
Related party payable - tax receivable
agreement
16,115
27,857
Total current liabilities
212,132
220,206
Long-term debt
1,564,431
1,812,682
Other long-term obligations
76,403
72,562
Deferred income taxes
44,251
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 September 30, 2020 and 270,485,308 as of December
31, 2019
2,672
2,705
Additional paid-in capital
757,576
765,419
Accumulated other comprehensive loss
(39,161
)
(7,361
)
Accumulated deficit
(1,193,194
)
(1,451,836
)
Total stockholders’ deficit
(472,107
)
(691,073
)
Total liabilities and stockholders’
equity
$
1,467,589
$
1,526,164
GRAFTECH INTERNATIONAL LTD.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Dollars in thousands)
Unaudited
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
CONSOLIDATED STATEMENTS OF
OPERATIONS
Net sales
$
286,987
$
420,797
$
886,351
$
1,376,181
Cost of sales
131,862
178,497
401,379
571,068
Gross profit
155,125
242,300
484,972
805,113
Research and development
650
611
2,072
1,961
Selling and administrative expenses
19,062
15,708
49,995
46,328
Operating profit
135,413
225,981
432,905
756,824
Other expense (income), net
694
(688
)
(2,309
)
642
Related party Tax Receivable Agreement
benefit
—
—
(3,346
)
—
Interest expense
22,474
31,803
69,026
98,472
Interest income
(93
)
(1,765
)
(1,582
)
(2,910
)
Income before provision for income
taxes
112,338
196,631
371,116
660,620
Provision for income taxes
18,104
20,755
61,838
90,940
Net income
$
94,234
$
175,876
$
309,278
$
569,680
Basic income per common share:
Net income per share
$
0.35
$
0.61
$
1.15
$
1.96
Weighted average common shares
outstanding
267,265,705
290,112,233
267,908,427
290,410,859
Diluted income per common share:
Income per share
$
0.35
$
0.61
$
1.15
$
1.96
Weighted average common shares
outstanding
267,279,555
290,127,296
267,920,890
290,422,351
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 Months Ended
September 30,
2020
2019
2020
2019
Cash flow from operating activities:
Net income
$
94,234
$
175,876
$
309,278
$
569,680
Adjustments to reconcile net income to
cash provided by operations:
Depreciation and amortization
16,241
15,357
45,074
46,387
Related party Tax Receivable Agreement
benefit
—
—
(3,346
)
—
Deferred income tax provision
2,247
7,413
16,237
28,696
Non-cash interest expense
1,587
1,588
4,768
4,764
Other charges, net
2,495
6,531
2,335
17,689
Net change in working capital*
23,155
22,238
85,098
(80,311
)
Change in related party Tax Receivable
Agreement
—
—
(27,857
)
—
Change in long-term assets and
liabilities
(10,950
)
(3,254
)
(14,922
)
(2,133
)
Net cash provided by operating
activities
129,009
225,749
416,665
584,772
Cash flow from investing activities:
Capital expenditures
(6,333
)
(14,854
)
(30,688
)
(44,053
)
Proceeds from the sale of assets
13
16
78
98
Net cash used in investing activities
(6,320
)
(14,838
)
(30,610
)
(43,955
)
Cash flow from financing activities:
Repurchase of common stock - non-related
party
—
(9,484
)
(30,099
)
(9,484
)
Payment of tax withholdings related to net
share settlement of equity awards
—
—
(71
)
—
Principal repayments on long-term debt
(149,186
)
—
(249,214
)
(125,000
)
Dividends paid to non-related party
(948
)
(5,118
)
(7,553
)
(15,505
)
Dividends paid to related party
(1,724
)
(19,502
)
(20,650
)
(58,507
)
Net cash used in financing activities
(151,858
)
(34,104
)
(307,587
)
(208,496
)
Net change in cash and cash
equivalents
(29,169
)
176,807
78,468
332,321
Effect of exchange rate changes on cash
and cash equivalents
354
(898
)
(562
)
(1,037
)
Cash and cash equivalents at beginning of
period
187,656
205,255
80,935
49,880
Cash and cash equivalents at end of
period
$
158,841
$
381,164
$
158,841
$
381,164
* Net change in working capital due to
changes in the following components:
Accounts and notes receivable, net
$
19,695
$
44,410
$
78,408
$
(20,727
)
Inventories
13,295
(3,809
)
10,371
(19,908
)
Prepaid expenses and other current
assets
(695
)
2,395
5,437
5,703
Income taxes payable
(9,063
)
(513
)
16,032
(28,152
)
Accounts payable and accruals
(59
)
(19,548
)
(25,078
)
(17,336
)
Interest payable
(18
)
(697
)
(72
)
109
Net change in working capital
$
23,155
$
22,238
$
85,098
$
(80,311
)
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
September 30,
For the Nine Months Ended
September 30,
2020
2019
2020
2019
Net income
$
94,234
$
175,876
$
309,278
$
569,680
Add:
Depreciation and amortization
16,241
15,357
45,074
46,387
Interest expense
22,474
31,803
69,026
98,472
Interest income
(93
)
(1,765
)
(1,582
)
(2,910
)
Income taxes
18,104
20,755
61,838
90,940
EBITDA
$
150,960
$
242,026
$
483,634
$
802,569
Adjustments:
Pension and OPEB plan expenses (1)
583
800
1,666
2,397
Initial and follow-on public offering and
related expenses (2)
—
160
4
1,409
Non-cash loss (gain) on foreign currency
remeasurement (3)
798
(185
)
(441
)
842
Stock-based compensation (4)
764
706
1,891
1,568
Non-cash fixed asset write-off (5)
—
1,947
—
4,888
Related party Tax Receivable Agreement
adjustment (6)
—
—
(3,346
)
—
Adjusted EBITDA
$
153,105
$
245,454
$
483,408
$
813,673
(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.
1 Source: World Steel Association and Metal Expert. 2 Source:
American Iron and Steel Institute.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201103005114/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