GrafTech International Posts Loss In Q2

(RTTNews) - GrafTech International Ltd. (GTI), a manufacturer of graphite and carbon material science-based solutions, Tuesday said second-quarter preliminary earnings were a net loss of $160 million, or $1.18 per share, compared to net income of $4.38 million or $0.03 per share in the same period of the prior year.

The preliminary net loss included an estimated $154 million, net of tax, of special charges. Excluding these charges, adjusted net loss was $6 million, or $0.05 per share.

On average, 6 analysts polled by Thomson Reuters expected earnings of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 6 percent to $284.18 million from $301.36 million in the same period of the prior year. Analysts expected revenues of $280.92 million.

Looking ahead, Joel Hawthorne, CEO, said, "Our Industrial Materials business continues to see volume recover and we expect to operate our graphite electrode facilities at full capacity in the second half of the year. Our Engineered Solutions segment continues to execute on its plan; however, the timing of product launches and customer orders are expected to unfavorably impact sales and margins in the third quarter."