FINANCIAL HIGHLIGHTS
- Reported Q3-23 revenue of
$416.8 million , down 9% over the prior quarter - Q3-23 Adjusted EBITDA of
$104.5 million , down 1% over the prior quarter - Q3-23 Adjusted EBITDA margin improved to 25.1% versus 23.2% in Q2-23
- Q3-23 Adjusted EPS was
$0.27 versus$0.30 in Q2-23 - Gross debt was
$237 million at Sep-23, down from$400 million at Jun-23 and$431 million at Sep-22 $100 million available from our ABL facility which remained undrawn in Q3-23- Total cash decreased to
$166 million primarily due to the$150 million partial redemption of the 9 ¾ senior secured notes, down from$363 million at Jun-23
BUSINESS HIGHLIGHTS
- Acquired a high-quality quartz mine in the
U.S. to ensure access to this critical material, enablingFerroglobe to meet the increasing demand for high-quality silicon metal by the solar and EV battery markets - Continue to develop strategic partnerships and alliances to enhance the company’s growth opportunities
- Finalized an additional long-term power agreement to improve the cost competitiveness of the Spanish plants
- Favorable
U.S. policies continue to benefitFerroglobe - Implementing a capital allocation policy with details to be announced in the first quarter
“The company continued to perform well in a difficult market environment,” commented Dr.
“The high-quality quartz mine that we acquired in
“We reiterate our guidance for full year adjusted EBITDA of
Third Quarter 2023 Financial Highlights
Quarter Ended | Quarter Ended | Quarter Ended | % | % | Nine Months Ended | Nine Months Ended | % | |||||||||||||||||||||||||
Q/Q | Y/Y | Y/Y | ||||||||||||||||||||||||||||||
Sales | $ | 416,810 | $ | 456,441 | $ | 593,218 | (9 | %) | (30 | %) | $ | 1,274,083 | $ | 2,149,291 | (41 | %) | ||||||||||||||||
Raw materials and energy consumption for production | $ | (195,600 | ) | $ | (229,077 | ) | $ | (285,210 | ) | (15 | %) | (31 | %) | $ | (679,714 | ) | $ | (995,514 | ) | (32 | %) | |||||||||||
Energy consumption for production (PPA impact) | — | (23,193 | ) | — | — | — | ||||||||||||||||||||||||||
Operating profit (loss) | $ | 75,419 | $ | 62,846 | $ | 154,424 | 20 | % | (51 | %) | $ | 182,716 | $ | 630,853 | (71 | %) | ||||||||||||||||
Operating margin | 18.1 | % | 13.8 | % | 26.0 | % | 14.3 | % | 29.4 | % | ||||||||||||||||||||||
Adjusted net income attributable to the parent | $ | 53,721 | $ | 56,737 | $ | 118,264 | (5 | %) | (55 | %) | $ | 118,642 | $ | 496,737 | (76 | %) | ||||||||||||||||
Adjusted diluted EPS | $ | 0.27 | $ | 0.30 | $ | 0.64 | $ | 0.63 | $ | 2.66 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 104,496 | $ | 105,674 | $ | 185,293 | (1 | %) | (44 | %) | $ | 254,937 | $ | 729,568 | (65 | %) | ||||||||||||||||
Adjusted EBITDA margin | 25.1 | % | 23.2 | % | 31.2 | % | 20.0 | % | 33.9 | % | ||||||||||||||||||||||
Operating cash flow | $ | (8,727 | ) | $ | 23,572 | $ | 54,972 | (137 | %) | (116 | %) | $ | 149,628 | $ | 285,698 | (48 | %) | |||||||||||||||
Free cash flow1 | $ | (27,357 | ) | $ | 939 | $ | 40,141 | (3.013 | %) | (168 | %) | $ | 91,073 | $ | 248,033 | (63 | %) | |||||||||||||||
Working Capital | $ | 510,064 | $ | 474,971 | $ | 717,283 | 7 | % | (29 | %) | $ | 510,064 | $ | 717,283 | (29 | %) | ||||||||||||||||
Cash and Restricted Cash | $ | 165,973 | $ | 363,181 | $ | 236,789 | (54 | %) | (30 | %) | $ | 165,973 | $ | 236,789 | (30 | %) | ||||||||||||||||
Adjusted Gross Debt2 | $ | 237,056 | $ | 400,066 | $ | 431,207 | (41 | %) | (45 | %) | $ | 237,056 | $ | 431,207 | (45 | %) | ||||||||||||||||
Equity | $ | 859,723 | $ | 823,595 | $ | 700,340 | 4 | % | 23 | % | $ | 859,723 | $ | 700,340 | 23 | % |
(1) Free cash flow is calculated as operating cash flow plus investing cash flow
(2) Adjusted gross debt excludes factoring program and impact of leasing standard IFRS16
Sales
Raw materials and energy consumption for production
Raw materials and energy consumption for production was
Net Income (Loss) Attributable to the Parent
In the third quarter, net income attributable to the parent was
Adjusted EBITDA
Adjusted EBITDA in the third quarter was
Total Cash
The total cash balance was
During the third quarter, operating cash flow was negative
Total working capital was
“As we commented last quarter, we expect to build inventory in preparation for the gradual idling of our French operations toward the end of the fourth quarter as planned, as we optimize our energy costs. The French plants are scheduled to be idle during the first quarter,” concluded Mrs. Garcia-Cos.
Product Category Highlights
Silicon Metal
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||
% Q/Q | % Y/Y | % Y/Y | |||||||||||||||||||||||||||
Shipments in metric tons: | 57,031 | 50,651 | 12.6 | % | 50,545 | 12.8 | % | 144,624 | 169,883 | (14.9 | )% | ||||||||||||||||||
Average selling price ($/MT): | 3,481 | 3,855 | (9.7 | )% | 5,220 | (33.3 | )% | 3,834 | 5,489 | (30.2 | )% | ||||||||||||||||||
Silicon Metal Revenue ( | 198,525 | 195,260 | 1.7 | % | 263,845 | (24.8 | )% | 554,488 | 932,488 | (40.5 | )% | ||||||||||||||||||
Silicon Metal Adj.EBITDA ( | 80,823 | 82,403 | (1.9 | )% | 113,151 | (28.6 | )% | 194,347 | 439,920 | (55.8 | )% | ||||||||||||||||||
Silicon Metal Adj.EBITDA Mgns | 40.7 | % | 42.2 | % | 42.9 | % | 35.0 | % | 47.2 | % | |||||||||||||||||||
Silicon metal revenue in the third quarter was
Silicon-Based Alloys
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||
% Q/Q | % Y/Y | % Y/Y | |||||||||||||||||||||||||||
Shipments in metric tons: | 46,427 | 49,457 | (6.1 | )% | 48,977 | (5.2 | )% | 144,984 | 164,230 | (11.7 | )% | ||||||||||||||||||
Average selling price ($/MT): | 2,475 | 2,697 | (8.2 | )% | 3,655 | (32.3 | )% | 2,645 | 3,819 | (30.7 | )% | ||||||||||||||||||
Silicon-based Alloys Revenue ( | 114,907 | 133,386 | (13.9 | )% | 179,011 | (35.8 | )% | 383,483 | 627,194 | (38.9 | )% | ||||||||||||||||||
Silicon-based Alloys Adj.EBITDA ( | 25,402 | 31,812 | (20.1 | )% | 59,668 | (57.4 | )% | 79,138 | 235,220 | (66.4 | )% | ||||||||||||||||||
Silicon-based Alloys Adj.EBITDA Mgns | 22.1 | % | 23.8 | % | 33.3 | % | 20.6 | % | 37.5 | % | |||||||||||||||||||
Silicon-based alloy revenue in the third quarter was
Manganese-Based Alloys
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||
% Q/Q | % Y/Y | % Y/Y | |||||||||||||||||||||||||||
Shipments in metric tons: | 56,399 | 62,573 | (9.9 | )% | 61,583 | (8.4 | )% | 165,839 | 233,672 | (29.0 | )% | ||||||||||||||||||
Average selling price ($/MT): | 1,046 | 1,248 | (16.2 | )% | 1,584 | (34.0 | )% | 1,198 | 1,860 | (35.6 | )% | ||||||||||||||||||
Manganese-based Alloys Revenue ( | 58,993 | 78,091 | (24.5 | )% | 97,547 | (39.5 | )% | 198,675 | 434,630 | (54.3 | )% | ||||||||||||||||||
Manganese-based Alloys Adj.EBITDA ( | 11,000 | 1,065 | 932.9 | % | 14,681 | (25.1 | )% | 14,107 | 67,923 | (79.2 | )% | ||||||||||||||||||
Manganese-based Alloys Adj.EBITDA Mgns | 18.6 | % | 1.4 | % | 15.1 | % | 7.1 | % | 15.6 | % | |||||||||||||||||||
Manganese-based alloy revenue in the third quarter was
Subsequent Events
Acquisition of a strategic high-quality quartz mine in the
On
This acquisition helps ensure that
Conference Call
To join via phone:
Conference call participants should pre-register using this link:
https://register.vevent.com/register/BI5d42f1befd9f406fbbd89e0d59f58215
Once registered, you will receive the dial-in numbers and a personal PIN, which are required to access the conference call.
To join via webcast:
A simultaneous audio webcast and replay will be accessible here:
https://edge.media-server.com/mmc/p/6vdhrozz
About Ferroglobe
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of
Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.
Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods referenced herein or any future periods.
All information in this press release is as of the date of its release.
Non-IFRS Measures
This document may contain summarized, non-audited or non-GAAP financial information. The information contained herein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Adjusted EBITDA, adjusted EBITDA as a percentage of sales, working capital as a percentage of sales, adjusted EBITDA margin, adjusted net profit, adjusted profit per share, working capital, adjusted gross debt and net debt, are non-IFRS financial metrics that management uses in its decision making.
INVESTOR CONTACT:
Vice President, Investor Relations
Email: investor.relations@ferroglobe.com
MEDIA CONTACT:
Executive Director, Communications & Public Affairs
Email: corporate.comms@ferroglobe.com
Unaudited Condensed Consolidated Income Statement
(in thousands of
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||
Sales | $ | 416,810 | $ | 456,441 | $ | 593,218 | $ | 1,274,083 | $ | 2,149,291 | ||||||||||
Raw materials and energy consumption for production | (195,600 | ) | (229,077 | ) | (285,210 | ) | (679,714 | ) | (995,514 | ) | ||||||||||
Energy consumption for production (PPA impact) | — | (23,193 | ) | — | — | — | ||||||||||||||
Other operating income | 23,546 | 27,689 | 19,711 | 66,049 | 68,942 | |||||||||||||||
Staff costs | (83,582 | ) | (74,972 | ) | (75,689 | ) | (226,097 | ) | (238,379 | ) | ||||||||||
Other operating expense | (65,708 | ) | (77,202 | ) | (77,954 | ) | (197,020 | ) | (292,122 | ) | ||||||||||
Depreciation and amortization charges, operating allowances and write-downs | (19,000 | ) | (16,452 | ) | (19,719 | ) | (53,442 | ) | (61,012 | ) | ||||||||||
Impairment (loss) gain | (1,035 | ) | (887 | ) | — | (1,676 | ) | — | ||||||||||||
Other gain (loss) | (12 | ) | 499 | 67 | 533 | (353 | ) | |||||||||||||
Operating profit | 75,419 | 62,846 | 154,424 | 182,716 | 630,853 | |||||||||||||||
Net finance income (expense) | (9,165 | ) | (895 | ) | (16,630 | ) | (21,041 | ) | (41,914 | ) | ||||||||||
Exchange differences | 1,258 | (5,367 | ) | (1,770 | ) | (2,654 | ) | (14,045 | ) | |||||||||||
Profit before tax | 67,512 | 56,584 | 136,024 | 159,021 | 574,894 | |||||||||||||||
Income tax (loss) | (23,399 | ) | (20,520 | ) | (37,184 | ) | (53,380 | ) | (140,207 | ) | ||||||||||
Profit for the period | 44,113 | 36,064 | 98,840 | 105,641 | 434,687 | |||||||||||||||
Profit (loss) attributable to non-controlling interest | (3,229 | ) | (4,156 | ) | (1,212 | ) | (11,862 | ) | (570 | ) | ||||||||||
Profit attributable to the parent | $ | 40,884 | $ | 31,908 | $ | 97,628 | $ | 93,779 | $ | 434,117 | ||||||||||
EBITDA | $ | 94,419 | $ | 79,298 | $ | 174,143 | $ | 236,158 | $ | 691,865 | ||||||||||
Adjusted EBITDA | $ | 104,496 | $ | 105,674 | $ | 185,293 | $ | 254,937 | $ | 729,568 | ||||||||||
Weighted average shares outstanding | ||||||||||||||||||||
Basic | 187,872 | 187,872 | 187,424 | 187,872 | 187,454 | |||||||||||||||
Diluted | 190,531 | 190,174 | 188,850 | 190,242 | 188,804 | |||||||||||||||
Profit (loss) per ordinary share | ||||||||||||||||||||
Basic | $ | 0.22 | $ | 0.17 | $ | 0.52 | $ | 0.50 | $ | 2.32 | ||||||||||
Diluted | $ | 0.21 | $ | 0.17 | $ | 0.52 | $ | 0.49 | $ | 2.30 | ||||||||||
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of
2023 | 2023 | 2022 | ||||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
$ | 29,702 | $ | 29,702 | $ | 29,702 | |||||||
Other intangible assets | 120,602 | 125,403 | 111,797 | |||||||||
Property, plant and equipment | 494,912 | 500,546 | 486,247 | |||||||||
Other non-current financial assets | 15,591 | 14,175 | 14,186 | |||||||||
Deferred tax assets | 7,169 | 8,683 | 7,136 | |||||||||
Non-current receivables from related parties | 1,589 | 1,630 | 1,600 | |||||||||
Other non-current assets | 19,410 | 19,633 | 18,218 | |||||||||
Non-current restricted cash and cash equivalents | 2,119 | 2,173 | 2,133 | |||||||||
Total non-current assets | 691,094 | 701,945 | 671,019 | |||||||||
Current assets | ||||||||||||
Inventories | 383,452 | 384,526 | 500,080 | |||||||||
Trade and other receivables | 293,234 | 281,821 | 425,474 | |||||||||
Current receivables from related parties | 2,657 | 2,726 | 2,675 | |||||||||
Current income tax assets | 12,500 | 16,290 | 6,104 | |||||||||
Other current financial assets | 359 | 2 | 3 | |||||||||
Other current assets | 155,767 | 104,237 | 30,608 | |||||||||
Assets and disposal groups classified as held for sale | 795 | 1,087 | 1,067 | |||||||||
Current restricted cash and cash equivalents | 2,406 | 2,406 | 2,875 | |||||||||
Cash and cash equivalents | 161,448 | 358,602 | 317,935 | |||||||||
Total current assets | 1,012,618 | 1,151,697 | 1,286,821 | |||||||||
Total assets | $ | 1,703,712 | $ | 1,853,642 | $ | 1,957,840 | ||||||
EQUITY AND LIABILITIES | ||||||||||||
Equity | $ | 859,723 | $ | 823,595 | $ | 756,813 | ||||||
Non-current liabilities | ||||||||||||
Deferred income | 49,467 | 77,514 | 3,842 | |||||||||
Provisions | 52,515 | 52,664 | 47,670 | |||||||||
Bank borrowings | 15,073 | 15,354 | 15,774 | |||||||||
Lease liabilities | 11,570 | 11,634 | 12,942 | |||||||||
Debt instruments | 150,167 | 302,572 | 330,655 | |||||||||
Other financial liabilities | 64,592 | 66,558 | 38,279 | |||||||||
Other Obligations | 30,363 | 31,763 | 37,502 | |||||||||
Other non-current liabilities | 166 | 137 | 12 | |||||||||
Deferred tax liabilities | 35,449 | 34,265 | 35,854 | |||||||||
Total non-current liabilities | 409,362 | 592,461 | 522,530 | |||||||||
Current liabilities | ||||||||||||
Provisions | 84,308 | 55,935 | 145,507 | |||||||||
Bank borrowings | 52,071 | 64,793 | 62,059 | |||||||||
Lease liabilities | 7,058 | 7,551 | 8,929 | |||||||||
Debt instruments | 2,321 | 11,668 | 12,787 | |||||||||
Other financial liabilities | 13,538 | 12,500 | 60,382 | |||||||||
Financial Instruments | — | — | — | |||||||||
Payables to related parties | 3,065 | 2,521 | 1,790 | |||||||||
Trade and other payables | 166,622 | 191,376 | 219,666 | |||||||||
Current income tax liabilities | 11,901 | 3,494 | 53,234 | |||||||||
Other Obligations | 11,780 | 13,589 | 9,580 | |||||||||
Other current liabilities | 81,963 | 74,159 | 104,563 | |||||||||
Total current liabilities | 434,627 | 437,586 | 678,497 | |||||||||
Total equity and liabilities | $ | 1,703,712 | $ | 1,853,642 | $ | 1,957,840 | ||||||
Unaudited Condensed Consolidated Statement of Cash Flows
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Profit for the period | $ | 44,113 | $ | 36,064 | $ | 98,840 | $ | 105,641 | $ | 434,687 | ||||||||||
Adjustments to reconcile net (loss) profit to net cash used by operating activities: | ||||||||||||||||||||
Income tax (benefit) expense | 23,399 | 20,520 | 37,184 | 53,380 | 140,207 | |||||||||||||||
Depreciation and amortization charges, operating allowances and write-downs | 19,000 | 16,452 | 19,719 | 53,442 | 61,012 | |||||||||||||||
Net finance expense | 9,165 | 895 | 16,630 | 21,041 | 41,914 | |||||||||||||||
Exchange differences | (1,258 | ) | 5,367 | 1,770 | 2,654 | 14,045 | ||||||||||||||
Impairment losses | 1,035 | 887 | — | 1,676 | — | |||||||||||||||
Net loss (gain) due to changes in the value of asset | 4 | (344 | ) | (124 | ) | (365 | ) | (140 | ) | |||||||||||
Gain on disposal of non-current assets | — | (161 | ) | 142 | (183 | ) | 444 | |||||||||||||
Share-based compensation | 2,773 | 2,041 | 1,118 | 6,719 | 3,895 | |||||||||||||||
Other adjustments | 8 | 6 | (85 | ) | 14 | 48 | ||||||||||||||
Changes in operating assets and liabilities | ||||||||||||||||||||
(Increase) decrease in inventories | (12,482 | ) | 30,132 | (129,210 | ) | 103,925 | (262,389 | ) | ||||||||||||
(Increase) decrease in trade receivables | (16,183 | ) | 29,326 | 60,654 | 131,857 | (87,076 | ) | |||||||||||||
Increase (decrease) in trade payables | (22,361 | ) | 19,169 | 1,656 | (77,056 | ) | 30,770 | |||||||||||||
Other | (46,796 | ) | (61,617 | ) | (40,841 | ) | (152,510 | ) | (47,650 | ) | ||||||||||
Income taxes paid | (9,144 | ) | (75,165 | ) | (12,481 | ) | (100,607 | ) | (44,069 | ) | ||||||||||
Net cash provided (used) by operating activities | (8,727 | ) | 23,572 | 54,972 | 149,628 | 285,698 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Interest and finance income received | 739 | 969 | 1,055 | 2,376 | 1,263 | |||||||||||||||
Payments due to investments: | ||||||||||||||||||||
Other intangible assets | (516 | ) | (940 | ) | (229 | ) | (1,456 | ) | (229 | ) | ||||||||||
Property, plant and equipment | (18,853 | ) | (22,662 | ) | (15,657 | ) | (59,475 | ) | (38,705 | ) | ||||||||||
Other | — | — | — | — | 6 | |||||||||||||||
Net cash (used) provided by investing activities | (18,630 | ) | (22,633 | ) | (14,831 | ) | (58,555 | ) | (37,665 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||||||
Payment for debt and equity issuance costs | — | — | (693 | ) | — | (793 | ) | |||||||||||||
Repayment of other financial liabilities | (150,000 | ) | — | — | (150,000 | ) | — | |||||||||||||
Proceeds from debt issuance | — | — | — | — | (4,943 | ) | ||||||||||||||
Repayment of debt instruments | (1,742 | ) | (28,025 | ) | — | |||||||||||||||
Increase/(decrease) in bank borrowings: | ||||||||||||||||||||
Borrowings | 131,063 | 152,210 | 193,502 | 393,035 | 739,026 | |||||||||||||||
Payments | (129,714 | ) | (126,840 | ) | (218,593 | ) | (398,454 | ) | (748,473 | ) | ||||||||||
Amounts paid due to leases | (2,956 | ) | (2,851 | ) | (2,412 | ) | (8,054 | ) | (7,207 | ) | ||||||||||
Proceeds from other financing liabilities | — | — | ||||||||||||||||||
Other amounts received/(paid) due to financing activities | — | — | (60,655 | ) | (17,377 | ) | (41,476 | ) | ||||||||||||
Interest paid | (19,371 | ) | (1,721 | ) | (20,078 | ) | (39,284 | ) | (57,253 | ) | ||||||||||
Net cash (used) provided by financing activities | (170,978 | ) | 19,056 | (108,929 | ) | (248,159 | ) | (121,119 | ) | |||||||||||
Total net cash flows for the period | (198,335 | ) | 19,995 | (68,788 | ) | (157,086 | ) | 126,914 | ||||||||||||
Beginning balance of cash and cash equivalents | 363,181 | 344,197 | 306,511 | 322,943 | 116,663 | |||||||||||||||
Exchange differences on cash and cash equivalents in foreign currencies | 1,127 | (1,011 | ) | (934 | ) | 116 | (6,788 | ) | ||||||||||||
Ending balance of cash and cash equivalents | $ | 165,973 | $ | 363,181 | $ | 236,789 | $ | 165,973 | $ | 236,789 | ||||||||||
Cash from continuing operations | 161,448 | 358,602 | 234,839 | 161,448 | 234,839 | |||||||||||||||
Current/Non-current restricted cash and cash equivalents | 4,525 | 4,579 | 1,950 | 4,525 | 1,950 | |||||||||||||||
Cash and restricted cash in the statement of financial position | $ | 165,973 | $ | 363,181 | $ | 236,789 | $ | 165,973 | $ | 236,789 | ||||||||||
Adjusted EBITDA ($,000):
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||
Profit attributable to the parent | $ | 40,884 | $ | 31,908 | $ | 97,628 | $ | 93,779 | $ | 434,117 | ||||||||||
Profit (loss) attributable to non-controlling interest | 3,229 | 4,156 | 1,212 | 11,862 | 570 | |||||||||||||||
Income tax expense | 23,399 | 20,520 | 37,184 | 53,380 | 140,207 | |||||||||||||||
Net finance expense | 9,165 | 895 | 16,630 | 21,041 | 41,914 | |||||||||||||||
Exchange differences | (1,258 | ) | 5,367 | 1,770 | 2,654 | 14,045 | ||||||||||||||
Depreciation and amortization charges, operating allowances and write-downs | 19,000 | 16,452 | 19,719 | 53,442 | 61,012 | |||||||||||||||
EBITDA | 94,419 | 79,298 | 174,143 | 236,158 | 691,865 | |||||||||||||||
Impairment | 1,035 | 887 | — | 1,676 | — | |||||||||||||||
Restructuring and termination costs | 5,535 | — | — | 5,535 | 9,315 | |||||||||||||||
New strategy implementation | — | (77 | ) | 7,354 | 1,973 | 24,592 | ||||||||||||||
Subactivity | 3,507 | 2,373 | 3,796 | 9,595 | 3,796 | |||||||||||||||
PPA Energy | — | 23,193 | — | — | — | |||||||||||||||
Adjusted EBITDA | $ | 104,496 | $ | 105,674 | $ | 185,293 | $ | 254,937 | $ | 729,568 | ||||||||||
Adjusted profit attributable to
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||
Profit attributable to the parent | $ | 40,884 | $ | 31,908 | $ | 97,628 | $ | 93,779 | $ | 434,117 | ||||||||||
Tax rate adjustment | 5,441 | 5,469 | 11,584 | 11,080 | 32,012 | |||||||||||||||
Impairment | 760 | 651 | — | 1,230 | — | |||||||||||||||
Restructuring and termination costs | 4,063 | — | — | 4,063 | 7,562 | |||||||||||||||
New strategy implementation | — | (57 | ) | 5,970 | 1,448 | 19,964 | ||||||||||||||
Subactivity | 2,574 | 1,742 | 3,082 | 7,043 | 3,082 | |||||||||||||||
PPA Energy | — | 17,024 | — | |||||||||||||||||
Adjusted profit attributable to the parent | $ | 53,721 | $ | 56,737 | $ | 118,264 | $ | 118,642 | $ | 496,737 | ||||||||||
Adjusted diluted profit per share:
Quarter Ended | Quarter Ended | Quarter Ended | Nine Months Ended | Nine Months Ended | ||||||||||||||||
Diluted profit per ordinary share | $ | 0.21 | $ | 0.17 | $ | 0.52 | $ | 0.49 | $ | 2.30 | ||||||||||
Tax rate adjustment | 0.03 | 0.03 | 0.06 | 0.06 | 0.18 | |||||||||||||||
Impairment | 0.00 | 0.00 | — | 0.01 | — | |||||||||||||||
Restructuring and termination costs | 0.02 | — | 0.01 | 0.02 | 0.04 | |||||||||||||||
New strategy implementation | — | — | 0.03 | 0.01 | 0.12 | |||||||||||||||
Subactivity | 0.01 | 0.01 | 0.02 | 0.04 | 0.02 | |||||||||||||||
PPA Energy | — | 0.09 | — | — | ||||||||||||||||
Adjusted diluted profit per ordinary share | $ | 0.27 | $ | 0.30 | $ | 0.64 | $ | 0.63 | $ | 2.66 | ||||||||||
Source:
2023 GlobeNewswire, Inc., source