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GrafTech International Ltd. (EAF+3.10%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net sales of $130.7 million, a decrease from $159.0 million in the same quarter the previous year. The decline is attributed to a decrease in the weighted-average realized price for non-LTA volume and a shift in business mix.
Cost of goods sold for the quarter was $134.9 million, representing a decrease from $157.6 million in the same quarter of the previous year. This decrease was primarily due to a reduction in fixed manufacturing costs.
The company reported a gross loss of $12.1 million for the quarter, compared to a gross profit of $1.4 million in the previous year, with the decline attributed to lower sales and a lower of cost or market inventory valuation adjustment.
Selling and administrative expenses decreased to $13.1 million from $18.2 million, primarily due to decreased employee-related expenses and reduced variable compensation expenses.
Net loss for the quarter was $36.1 million, compared to a net loss of $22.6 million in the previous year. The increase in net loss was due to lower sales and gross profit.
Cash used in operating activities was $13.7 million for the nine months ended September 30, 2024, compared to cash provided by operating activities of $67.3 million in the previous year.
Capital expenditures for the nine months ended September 30, 2024, were $21.5 million, a decrease from $48.3 million in the previous year.
GrafTech had cash and cash equivalents of $141.4 million as of September 30, 2024. The company also had $112.4 million of availability under its 2018 Revolving Credit Facility.
The filing also details various legal proceedings, including an administrative proceeding in Mexico related to environmental permits and a stockholder class action lawsuit filed in January 2024.
GrafTech announced a commitment letter with lenders to provide new debt financing and extend the maturities of its existing debt, expected to close in the fourth quarter of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GrafTech International Ltd. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.