Ferroglobe reports Q1 adjusted EPS (20c), consensus (12c)

Reports Q1 revenue $307.2M, consensus $336M. Dr. Marco Levi, CEO, commented, “Our first quarter adjusted EBITDA was negative, in line with our budget, reflecting the uncertain market environment. We anticipate significant improvement from the second quarter forward. Despite the soft quarter, Ferroglobe (GSM) again generated positive free cash flow. We used this cash to pay increased dividends and repurchase shares, while maintaining a strong balance sheet with no net debt.”