NYSE$EAF
GrafTech International Ltd. · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Achieved sequential improvement in key operating and financial metrics due to business recovery from the suspension of operations in Mexico.
GrafTech reported a net loss of $8 million, or $0.03 per share, with adjusted EBITDA of $26 million. Sales volume reached 26 thousand MT, and production volume was 25 thousand MT. The company extended its debt maturity profile by completing a private offering of $450 million senior secured notes due 2028.
- Net loss of $8 million, or $0.03 per share.
- Adjusted EBITDA of $26 million.
- Sales volume of 26 thousand metric tons.
- Production volume of 25 thousand metric tons.
Headline financials
Revenue & EPS history
GrafTech · Revenue · Quarterly
$186M
Forward guidance
Demand for graphite electrodes in the second half of 2023 will be tempered by ongoing softness in the commercial environment. Sales volume in the third quarter of 2023 is expected to be broadly in line with sales volume for the second quarter of 2023.
Tailwinds
- The steel industry’s accelerating efforts to decarbonize will lead to increased adoption of the electric arc furnace method of steelmaking, driving long-term demand growth for graphite electrodes.
- The demand for petroleum needle coke is expected to accelerate driven by its utilization in producing synthetic graphite for use in lithium-ion batteries for the growing electric vehicle market.
- The company has substantial vertical integration into petroleum needle coke via their Seadrift facility, which will optimally position GrafTech to benefit from sustainable industry tailwinds.
- Cash cost of goods sold per MT in the second half of 2023 will be below the level recognized for the first half of the year.
- Company continues to closely manage operating costs, capital expenditures, and working capital levels.
Headwinds
- Demand for graphite electrodes in the second half of 2023 will be tempered by ongoing softness in the commercial environment.
- Sales volume for the full year of 2023 is estimated to be in the range of 95 thousand MT to 105 thousand MT, as compared to the previous estimate of 100 thousand MT to 115 thousand MT.
- For the full year of 2023, a significant year-over-year increase in cash cost of goods sold per MT is expected.
- Fixed costs are recognized over a smaller volume base.
- Excess fixed costs that would have otherwise been inventoried are recognized when incurred due to reduced production levels.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
-4.0%
Avg return
Earnings day
-4.9%
Avg return
5 days after
-3.1%
Avg return
30 days after
39%
13 / 33 earnings
Positive
+14.3%
Q4 2020
Best reaction
-46.2%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -1.7% | +11.2% | +15.6% | |
| Q4 2025 | -46.2% | -51.7% | -62.8% | |
| Q3 2025 | -1.9% | -24.7% | -30.0% | |
| Q1 2025 | +7.8% | -3.1% | +59.3% | |
| Q4 2024 | -9.4% | -31.5% | -22.1% | |
| Q3 2024 | +3.9% | +2.4% | -7.2% | |
| Q2 2024 | -3.5% | -8.9% | -13.0% | |
| Q1 2024 | +3.1% | +3.7% | +10.6% | |
| Q4 2023 | +7.6% | +5.3% | +26.5% | |
| Q3 2023 | -23.6% | -28.9% | -22.1% | |
| Q2 2023 | -21.8% | -15.7% | -31.5% | |
| Q1 2023 | -9.9% | -14.0% | -5.7% | |
| Q4 2022 | -16.2% | -17.9% | -12.3% | |
| Q3 2022 | -3.1% | -10.5% | +7.6% | |
| Q2 2022 | -13.0% | -11.6% | -25.6% | |
| Q1 2022 | -8.9% | -13.0% | -2.0% | |
| Q4 2021 | -12.6% | -8.0% | -13.2% | |
| Q3 2021 | +12.7% | +11.4% | +5.6% | |
| Q2 2021 | -6.6% | -0.3% | -4.1% | |
| Q1 2021 | -2.0% | -6.2% | -2.0% | |
| Q4 2020 | +14.3% | +20.4% | +11.8% | |
| Q3 2020 | -9.3% | +0.3% | +39.2% | |
| Q2 2020 | +9.3% | +9.3% | +1.9% | |
| Q1 2020 | -14.3% | -14.8% | +11.5% | |
| Q4 2019 | -5.6% | -5.4% | -31.9% | |
| Q3 2019 | +2.2% | +8.6% | -3.0% | |
| Q2 2019 | -1.6% | -5.3% | +9.0% | |
| Q1 2019 | +2.2% | +6.7% | -13.4% | |
| Q4 2018 | +0.8% | +7.6% | -5.8% | |
| Q3 2018 | -0.6% | -4.3% | -13.6% | |
| Q2 2018 | +0.4% | -2.5% | -15.6% | |
| Q4 2017 | +8.3% | +14.0% | +18.6% | |
| Q1 2018 | +8.3% | +14.0% | +18.6% | |
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