Narrowing annual Adj. EBITDA guidance to $150-170 million from $130-170 million previously

Posted solid adjusted EBITDA of $58 million for the second quarter of 2024
Net cash positive of $64 million and adjusted gross debt of $81 million
U.S. Department of Commerce announced preliminary duties on Russian FeSi imports
Coreshell advanced EV battery testing yields promising results
French operations restarted in Q2, driving silicon metal volume growth
Paid quarterly cash dividend of $0.013 per share in June; next dividend on September 27
Shareholders approved the share buyback program at the June annual general meeting

LONDON, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM) ("Ferroglobe", the "Company", or the "Parent"), a leading producer globally of silicon metal, silicon-based and manganese-based specialty alloys, today announces financial results for the second quarter of 2024.

Financial Highlights

($ in millions, except EPS)	Q2 2024			Q1 2024			% Q/Q	Q2 2023		% Y/Y	YTD 2024		YTD 2023		% Y/Y

Sales	$	451.0		$	391.9		15%	$	456.4	(1%)	$	842.9	$	857.3	(2%)
Net income (loss)	$	34.9		$	(2.0	)	(1.844%)	$	31.9	9%	$	32.9	$	52.9	(38%)
Adjusted diluted EPS	$	0.13		$	(0.00	)	(4.000%)	$	0.30	(58%)	$	0.13	$	0.34	(61%)
Adj. EBITDA	$	57.7		$	25.8		124%	$	105.7	(45%)	$	83.5	$	150.4	(44%)
Operating cash flow	$	2.0		$	198.0		(99%)	$	23.6	(91%)	$	200.1	$	158.4	26%
Capital expenditures¹	$	21.9		$	18.2		20%	$	23.6	(7%)	$	40.1	$	41.6	(4%)
Free cash flow²	$	(19.9	)	$	179.8		(111%)	$	0.9	(2.215%)	$	160.0	$	118.4	35%
(1) Cash outflows for capital expenditures
(2) Free cash flow is calculated as operating cash flow less capital expenditures

Dr. Marco Levi, Ferroglobe's Chief Executive Officer, commented, "We continued to execute well on multiple fronts during the second quarter. We posted strong quarterly results with a 15% increase in sales and more than doubled our adjusted EBITDA from the prior quarter. We successfully restarted our French operations in April, helping drive silicon metal and manganese-based specialty alloy volumes.

"We were also successful in our ferrosilicon trade case in the U.S. as our actions impacted the U.S. Department of Commerce's decision to impose preliminary anti-dumping and countervailing duties of 283% and 748%, respectively, on all Russian ferrosilicon imports, which were announced in June. This is a very positive development that we expect to benefit our ferrosilicon business in the US, beginning in early 2025. Finally, the EV battery testing using Coreshell nanocoating technology with silicon-rich anode is yielding excellent results. We are excited about these results as it confirms our belief that high-grade silicon metal will play a critical role in the future of batteries used in EVs.

"We are narrowing the adjusted EBITDA guidance range from $130-$170 million to $150-$170 million. The strong second quarter combined with higher index prices should positively impact the third quarter, giving us more confidence for the second half of the year," concluded Dr. Levi.

Consolidated Sales

In the second quarter of 2024, Ferroglobe reported net sales of $451 million, an increase of 15% over the prior quarter and a decrease of 1% over the year-ago period. This increase over the prior quarter is primarily attributable to higher sales volumes in silicon metal and manganese-based specialty alloys and also higher pricing in our portfolio products. Silicon metal and manganese-based alloys contributed $36 million and $32 million of the increase, respectively, partially offset by a $7 million decrease in silicon-based alloy sales.

Product Category Highlights

Silicon Metal


($,000)	Q2 2024			Q1 2024			% Q/Q		Q2 2023			% Y/Y		YTD 2024			YTD 2023			% Y/Y
Shipments in metric tons:		62,872			53,183		18.2	%		50,651		24.1	%		116,055			87,593		32.5	%
Average selling price ($/MT):		3,244			3,155		2.8	%		3,855		(15.8	)%		3,203			4,064		(21.2	)%

Silicon Metal Revenue		203,957			167,792		21.6	%		195,260		4.5	%		371,724			355,995		4.4	%
Silicon Metal Adj.EBITDA		34,584			16,071		115.2	%		82,403		(58.0	)%		50,655			113,523		(55.4	)%
Silicon Metal Adj.EBITDA Margin		17.0	%		9.6	%				42.2	%				13.6	%		31.9	%

Silicon metal revenue in the second quarter was $204.0 million, an increase of 21.6% over the prior quarter and an increase of 4.5% over the year-ago period. Average realized selling price increased by 2.8%, primarily due to increased prices in the U.S. Total shipments increased due to higher volumes in EMEA. The adjusted EBITDA for silicon metal increased to $34.6 million during the second quarter, an increase of 115.2% compared with $16.1 million for the prior quarter. The improvement in adjusted EBITDA margin in the quarter was mainly driven by price and volume increases.

Silicon-Based Alloys


($,000)	Q2 2024			Q1 2024			% Q/Q		Q2 2023			% Y/Y		YTD 2024			YTD 2023			% Y/Y
Shipments in metric tons:		46,953			51,171		(8.2	)%		49,457		(5.1	)%		98,124			98,557		(0.4	)%
Average selling price ($/MT):		2,241			2,188		2.4	%		2,697		(16.9	)%		2,213			2,726		(18.8	)%

Silicon-based Alloys Revenue		105,222			111,962		(6.0	)%		133,386		(21.1	)%		217,148			268,706		(19.2	)%
Silicon-based Alloys Adj.EBITDA		10,199			14,412		(29.2	)%		31,812		(67.9	)%		24,611			53,736		(54.2	)%
Silicon-based Alloys Adj.EBITDA Margin		9.7	%		12.9	%				23.8	%				11.3	%		20.0	%

Silicon-based alloy revenue in the second quarter was $105.2 million, a decrease of 6.0% over the prior quarter and a decrease of 21.1% in the year-ago period. Shipments decreased by 8.2%, which was attributable to demand weakness in the U.S. The adjusted EBITDA for the silicon-based alloys decreased to $10.2 million in the second quarter of 2024, a decrease of 29.2% compared with $14.4 million for the prior quarter. The adjusted EBITDA margin decreased mainly due to the decrease in shipments during the second quarter of 2024.

Manganese-Based Alloys


($,000)	Q2 2024			Q1 2024			% Q/Q		Q2 2023			% Y/Y		YTD 2024			YTD 2023			% Y/Y
Shipments in metric tons:		81,464			62,320		30.7	%		62,573		30.2	%		143,784			109,440		31.4	%
Average selling price ($/MT):		1,204			1,066		12.9	%		1,248		(3.5	)%		1,144			1,277		(10.4	)%

Manganese-based Alloys Revenue		98,083			66,433		47.6	%		78,091		25.6	%		164,489			139,768		17.7	%
Manganese-based Alloys Adj.EBITDA		13,832			5,520		150.6	%		1,065		1198.8	%		19,352			3,108		522.7	%
Manganese-based Alloys Adj.EBITDA Margin		14.1	%		8.3	%				1.4	%				11.8	%		2.2	%

Manganese-based alloy revenue in the second quarter was $98.1 million, an increase of 47.6% over the prior quarter and an increase of 25.6% over the year-ago period. Average realized selling price increased by 12.9% and total shipments increased by 30.7%. Adjusted EBITDA for the manganese-based alloys portfolio increased to $13.8 million in the second quarter of 2024, an increase of 150.6% compared with $5.5 million for the prior quarter. The adjusted EBITDA margin increase was mainly driven by price and volume increases.

Raw materials and energy consumption for production

Raw materials and energy consumption for production was $264.3 million in the second quarter of 2024 versus $257.4 million in the prior quarter, an increase of 2.7%. As a percentage of sales, raw materials and energy consumption for production was 59% in the second quarter of 2024, an improvement versus 66% in the prior quarter. This variance was mainly due to lower production costs in Europe related to the restart of operations in France during the second quarter of 2024.

Net Income (Loss) Attributable to the Parent

In the second quarter of 2024, net income attributable to the parent was $34.9 million, or $0.18 per diluted share, compared to a net loss attributable to the parent of $2.0 million, or ($0.01) per diluted share in the first quarter. The company reported adjusted diluted earnings per share of $0.13 for the second quarter, compared with adjusted earnings per share of $0.00 per share in the prior quarter.

Adjusted EBITDA

In the second quarter of 2024, adjusted EBITDA was $57.7 million, or 12.8% of sales, an increase of 123.8% compared to adjusted EBITDA of $25.8 million, or 6.6% of sales, from the first quarter of 2024. The increase in adjusted EBITDA as a percentage of sales in the second quarter of 2024 is primarily attributable to higher realized prices and volumes.

Total Cash, Adjusted Gross Debt and Working Capital


($ in millions)	Q2 2024			Q1 2024			$			%			Q2 2023		$			% Y/Y

Total Cash¹	$	144.5		$	159.8			(15.3	)		(10	%)	$	363.2		(218.7	)	(60	%)
Adjusted Gross Debt²	$	80.7		$	80.8			(0.1	)		(0	%)	$	400.1		(319.4	)	(80	%)
Net (Cash)/Debt	$	(63.7	)	$	(79.0	)		15.3			19	%	$	36.8		(100.5	)	(273	%)
Total Working Capital	$	499.1		$	487.5			11.6			2	%	$	475.0		24.2		5	%
(1) Total cash is comprised of restricted cash, cash and cash equivalents
(2) Adjusted gross debt excludes bank borrowings on factoring program and impact of leasing standard IFRS16 for each of the periods presented

The total cash balance was $144.5 million as of June 30, 2024, down $15.3 million from $159.8 million as of March 31, 2024.

During the second quarter, the Company generated $2.0 million of operating cash flow and had a negative cash flow from investing activities of $24.3 million. Cash flow from financing activities was positive $7.0 million.

Total working capital was $499.1 million on June 30, 2024, up from $487.5 million on March 31, 2024. The $11.6 million increase in working capital balance during the quarter was mainly due to a $35.8 million increase in inventories, partially offset by a $17.2 million increase in trade and other payables and a $7.0 million decrease in trade and other receivables.

Beatriz García-Cos, Ferroglobe's Chief Financial Officer, commented, "We continued our strong performance in the second quarter, increasing our adjusted EBITDA by 124% to $58 million and sales by 15% to $451 million while maintaining a strong balance sheet and net cash positive position of $64 million. The increase in our overall working capital over the first quarter was due to inventory build-up as we restarted our French operations and increased purchases of manganese ore. Our increase in manganese ore purchases was a strategic decision to capitalize on the disruption caused by the shutdown of the South32 manganese ore mine. As a result, the cost of our manganese ore purchases was below the current market. We are focused on increasing our working capital efficiency in the coming quarters."

Enhanced Capital Return Policy

After Ferroglobe's board of directors approved a share buyback program, shareholders approved it at the June annual general meeting. We are authorized to repurchase up to 37.8 million shares, or approximately 20% of the outstanding shares, over a 5-year period.

The Company paid a quarterly cash dividend of $0.013 per share on June 27, 2024. Our next cash dividend of $0.013 per share will be paid on September 27, 2024, to shareholders of record as of September 20, 2024.

Conference Call

Ferroglobe invites all interested persons to participate on its conference call at 8:30 AM, Eastern Time on August 6, 2024. Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast.

To join via phone:

Conference call participants should pre-register using this link:

https://register.vevent.com/register/BI13217e2c34d24a3384eaac756b699a70

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/wczmto79

About Ferroglobe

Ferroglobe PLC is a leading global producer of silicon metal, silicon- and manganese-based specialty alloys and ferroalloys, serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, electronics, automotive, consumer products, construction, and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company's future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "guidance", "intends", "likely", "may", "plan", "potential", "predicts", "seek", "target", "will" and words of similar meaning or the negative thereof.

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. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press 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, working capital, adjusted net profit, adjusted profit per share, adjusted gross debt and net cash/debt, are non-IFRS financial metrics that management uses in its decision making. Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important and useful to investors because they eliminate items that have less bearing on the Company's current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:

Alex Rotonen, CFA

Vice President, Investor Relations

Email: investor.relations@ferroglobe.com

MEDIA CONTACT:

Cristina Feliu Roig

Vice President, Communications & Public Affairs

Email: corporate.comms@ferroglobe.com


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Income Statement (in thousands of U.S. dollars, except per share amounts)

	For the Three Months Ended			For the Three Months Ended			For the Three Months Ended			For the Six Months Ended			For the Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Sales	$	451,048		$	391,854		$	456,441		$	842,902		$	857,309
Raw materials and energy consumption for production		(264,285	)		(257,357	)		(229,077	)		(521,642	)		(484,113	)
Energy consumption for production (PPA impact)		2,270			(1,932	)		(23,193	)		338			—
Other operating income		27,448			10,836			27,689			38,284			42,503
Staff costs		(67,220	)		(70,519	)		(74,972	)		(137,739	)		(142,515	)
Other operating expense		(86,071	)		(52,348	)		(77,202	)		(138,419	)		(131,347	)
Depreciation and amortization charges		(18,875	)		(18,669	)		(16,452	)		(37,544	)		(34,442	)
Impairment (loss) gain		—			—			(887	)		—			(641	)
Other gain		238			696			499			934			546
Operating profit		44,553			2,561			62,846			47,114			107,300
Net finance income (expense)		(5,315	)		(7,669	)		(895	)		(12,984	)		(11,875	)
Exchange differences		3,591			1,383			(5,367	)		4,974			(3,912	)
Profit (loss) profit before tax		42,829			(3,725	)		56,584			39,104			91,513
Income tax (expense) benefit		(8,481	)		1,155			(20,520	)		(7,326	)		(29,981	)
Total profit (loss) for the period		34,348			(2,570	)		36,064			31,778			61,532

Profit (loss) attributable to the parent	$	34,880		$	(2,024	)	$	31,908		$	32,856		$	52,899
Profit (loss) profit attributable to non-controlling interest		532			546			(4,156	)		1,078			(8,633	)

EBITDA	$	67,019		$	22,613		$	73,931		$	89,632		$	137,830
Adjusted EBITDA	$	57,739		$	25,803		$	105,674		$	83,542		$	150,441


Weighted average shares outstanding
Basic		189,298			187,927			187,872			189,237			187,873
Diluted		191,006			187,927			190,174			190,915			189,914

Profit (loss) per ordinary share
Basic	$	0.18		$	(0.01	)	$	0.17		$	0.17		$	0.28
Diluted	$	0.18		$	(0.01	)	$	0.17		$	0.17		$	0.28


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Financial Position (in thousands of U.S. dollars)

	As of June 30,		As of March 31,		As of December 31,
	2024		2024		2023
ASSETS
Non-current assets
Goodwill	$	29,702	$	29,702	$	29,702
Intangible assets		192,127		193,592		138,345
Property, plant and equipment		502,610		500,940		501,396
Other financial assets		15,744		13,944		19,792
Deferred tax assets		9,501		10,636		8,760
Receivables from related parties		1,606		1,622		1,658
Other non-current assets		22,003		21,770		22,156
Total non-current assets		773,293		772,206		721,809
Current assets
Inventories		397,436		361,602		383,841
Trade and other receivables		296,980		303,942		310,243
Receivables from related parties		2,685		2,712		2,772
Current income tax assets		8,901		10,740		15,977
Other financial assets		275		2		2
Other current assets		46,528		27,894		186,477
Restricted cash and cash equivalents		301		298		1,179
Cash and cash equivalents		144,186		159,470		136,470
Total current assets		897,292		866,660		1,036,961
Total assets	$	1,670,585	$	1,638,866	$	1,758,770

EQUITY AND LIABILITIES
Equity	$	876,006	$	843,702	$	869,886
Non-current liabilities
Deferred income		59,267		77,185		26,980
Provisions		23,434		22,102		19,970
Provision for pensions		29,760		29,293		29,805
Bank borrowings		14,397		14,643		14,913
Lease liabilities		54,463		54,361		20,304
Debt instruments		—		—		149,015
Other financial liabilities		28,116		68,186		65,231
Other obligations		5,444		1,536		35,883
Other non-current liabilities		194		224		199
Deferred tax liabilities		30,265		30,253		32,582
Total non-current liabilities		245,340		297,783		394,882
Current liabilities
Provisions		137,094		127,533		122,757
Provision for pensions		163		165		169
Bank borrowings		57,573		42,762		31,635
Lease liabilities		11,229		12,297		8,083
Debt instruments		—		—		5,765
Other financial liabilities		49,338		15,190		16,052
Payables to related parties		4,537		3,527		2,429
Trade and other payables		195,275		178,038		183,375
Current income tax liabilities		5,632		6,262		8,351
Other obligations		11,608		11,999		14,183
Other current liabilities		76,790		99,608		101,203
Total current liabilities		549,239		497,381		494,002
Total equity and liabilities	$	1,670,585	$	1,638,866	$	1,758,770


Ferroglobe PLC and Subsidiaries Unaudited Condensed Consolidated Statement of Cash Flows

	For the Three Months Ended			For the Three Months Ended			For the Three Months Ended			For the Six Months Ended			For the Six Months Ended
	June 30, 2024			March 31, 2024			June 30, 2023			June 30, 2024			June 30, 2023
Cash flows from operating activities:
Profit (loss) for the period	$	34,348		$	(2,570	)	$	36,064		$	31,778		$	61,532
Adjustments to reconcile net profit (loss) to net cash provided by operating activities:
Income tax (benefit) expense		8,481			(1,155	)		20,520			7,326			29,981
Depreciation and amortization charges		18,875			18,669			16,452			37,544			34,442
Net finance expense		5,315			7,669			895			12,984			11,875
Exchange differences		(3,591	)		(1,383	)		5,367			(4,974	)		3,912
Impairment loss (gain)		—			—			887			—			641
Share-based compensation		913			928			2,041			1,841			3,946
Other loss (gain)		(238	)		(696	)		(499	)		(934	)		(546	)
Changes in operating assets and liabilities
Decrease (increase) in inventories		(36,696	)		19,011			30,132			(17,685	)		116,407
Decrease (increase) in trade receivables		5,982			320			29,326			6,302			148,040
(Decrease) increase in trade payables		17,387			(1,925	)		19,169			15,462			(54,695	)
Other changes in operating assets and liabilities		(40,014	)		154,596			(61,617	)		114,582			(105,717	)
Income taxes (paid) received		(8,756	)		4,580			(75,165	)		(4,176	)		(91,463	)
Net cash provided by (used in ) operating activities:		2,006			198,044			23,572			200,050			158,355
Cash flows from investing activities:
Interest and finance income received		600			741			969			1,341			1,637
Payments due to investments:
Intangible assets		(735	)		(584	)		(940	)		(1,319	)		(940	)
Property, plant and equipment		(21,132	)		(17,641	)		(22,662	)		(38,773	)		(40,622	)
Disposals:
Other non-current assets		(3,000	)		—			—			(3,000	)
Net cash used in by investing activities		(24,267	)		(17,484	)		(22,633	)		(41,751	)		(39,925	)
Cash flows from financing activities:
Dividends paid		(2,443	)		(2,438	)		—			(4,881	)		—
Proceeds from debt issuance		—			(147,624	)		—			(147,624	)		—
Repayment of debt instruments		—			—			(1,742	)		—			(28,025	)
Increase/(decrease) in bank borrowings:
Borrowings		145,962			94,611			152,210			240,573			261,972
Payments		(130,772	)		(83,012	)		(126,840	)		(213,784	)		(268,740	)
Payments for lease liabilities		(2,883	)		(2,973	)		(2,851	)		(5,856	)		(5,098	)
Other (payments) receipts from financing activities		(289	)		(192	)		—			(481	)		(17,377	)
Interest paid		(2,574	)		(14,634	)		(1,721	)		(17,208	)		(19,913	)
Net cash (used in) provided by financing activities		7,001			(156,262	)		19,056			(149,261	)		(77,181	)
Total net (decrease) increase in cash and cash equivalents		(15,260	)		24,298			19,995			9,038			41,249
Beginning balance of cash and cash equivalents		159,768			137,649			344,197			137,649			322,943
Exchange differences on cash and cash equivalents in foreign currencies		(21	)		(2,179	)		(1,011	)		(2,200	)		(1,011	)
Ending balance of cash and cash equivalents	$	144,487		$	159,768		$	363,181		$	144,487		$	363,181
Restricted cash and cash equivalents		301			298			4,579			301			4,579
Cash and cash equivalents		144,186			159,470			358,602			144,186			358,602
Ending balance of cash and cash equivalents	$	144,487		$	159,768		$	363,181		$	144,487		$	363,181


Adjusted EBITDA ($,000):

	Q2´24			Q1´24			Q2´23			YTD´24			YTD´23
Profit (loss) attributable to the parent	$	34,880		$	(2,024	)	$	31,908		$	32,856		$	52,899
Profit (loss) attributable to non-controlling interest		(532	)		(546	)		4,156			(1,078	)		8,633
Income tax (benefit) expense		8,481			(1,155	)		20,520			7,326			29,981
Net finance expense		5,315			7,669			895			12,984			11,875
Depreciation and amortization charges		18,875			18,669			16,452			37,544			34,442
EBITDA		67,019			22,613			73,931			89,632			137,830
Exchange differences		(3,591	)		(1,383	)		5,367			(4,974	)		3,912
Impairment		—			—			887			—			641
Restructuring and termination costs		(4,540	)		—			—			(4,540	)		—
New strategy implementation		1,012			1,361			(77	)		2,373			1,972
Subactivity		109			942			2,373			1,051			6,086
PPA Energy		(2,270	)		2,270			23,193			—			—
Adjusted EBITDA	$	57,739		$	25,803		$	105,674		$	83,542		$	150,441


Adjusted profit attributable to Ferroglobe ($,000):

	Q2´24			Q1´24			Q2´23			YTD´24			YTD´23
Profit (loss) profit attributable to the parent	$	34,880		$	(2,024	)	$	31,908		$	32,856		$	52,899
Tax rate adjustment		(4,997	)		17			5,469			(4,980	)		5,639
Impairment		—			—			651			—			470
Restructuring and termination costs		(3,111	)		—			—			(3,111	)		—
New strategy implementation		694			933			(57	)		1,626			1,447
Subactivity		75			646			1,742			720			4,467
PPA Energy		(1,556	)		1,556			17,024			—			—
Adjusted profit attributable to the parent	$	25,984		$	1,168		$	56,737		$	27,111		$	64,922


Adjusted diluted profit per share:

	Q2´24			Q1´24			Q2´23			YTD´24			YTD´23
Diluted profit (loss) per ordinary share	$	0.18		$	(0.01	)	$	0.17		$	0.17		$	0.28
Tax rate adjustment		(0.03	)		0.00			0.03			(0.03	)		0.03
Restructuring and termination costs		(0.02	)		—			—			(0.02	)		—
New strategy implementation		0.00			0.00			(0.00	)		0.01			0.01
Subactivity		0.00			0.00			0.01			0.00			0.02
PPA Energy		(0.01	)		0.01			0.09			—			—
Adjusted diluted profit (loss) per ordinary share	$	0.13		$	(0.00	)	$	0.30		$	0.13		$	0.34

Ferroglobe Reports Strong Second Quarter 2024 Financial Results