Shares of silicon metal producer Ferroglobe PLC (GSM) are rising more than 18% Thursday morning on after the company turned to profit in the fourth quarter driven by higher prices as well as shipments across the product portfolio.
The company turned to profit in the fourth quarter at $66.32 million, or $0.35 per share in the fourth quarter compared with net loss of $96.6 million or $0.54 per share in the same quarter a year ago.
Excluding one-time items, earnings were $0.23 per share.
Sales for the quarter increased 33% year-over-year to $569.77 million.
"The acceleration of performance in Q4 highlights strong momentum across all of our core product categories driving significant top line growth, well ahead of the lingering headwinds caused by energy and other inflation related costs. This market backdrop, coupled with the resetting of our silicon metal contracts, is expected to help fuel a further acceleration in our overall performance into 2022," commented Marco Levi, Ferroglobe's Chief Executive Officer.
GSM, currently at $8.81, has been trading in the range of $2.68-$11.25 in the past 52 weeks.
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