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GrafTech International Ltd Lowers FY 2013 EBITDA Guidance; Issues Q2 2013 EBITDA Guidance Below Analysts' Estimates

Thursday, 25 Apr 2013 07:10am EDT 

GrafTech International Ltd announced that on April 22, 2013, the World Steel Association (WSA) cited that global steel production, excluding China, declined 3.6% in the first quarter of 2013 as compared to the same period in the prior year. On April 11, 2013, the WSA had also reduced its steel demand growth forecast from 3.2% to 2.9% in fiscal 2013, largely driven by a soft first quarter and a weaker outlook in the European Union. Steel customer confidence remains low given the slow start to the year in steel production. As a result of the above economic and steel data, the Company is reducing targeted EBITDA range for fiscal 2013 by approximately five percent to $165 million to $195 million to reflect weaker than previously anticipated demand for graphite electrodes. For the second quarter of 2013, it expects EBITDA to be in the range of $30 million to $40 million. According to I/B/E/S Estimates, analysts were expecting the Company to report EBITDA of $42 million for the second quarter of 2013 and EBITDA of $194 million for fiscal 2013. 

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