Silicon metal producer Globe Specialty Metals (NASDAQ:GSM) reported fiscal 2014 first-quarter results yesterday after the markets closed, showing that it posted net sales of $173 million, a 14% decline from the same period in the previous year, and just ahead of the $180.8 million Capital IQ consensus estimate.
While adjusted EBITDA came in at $21.4 million, or $0.08 per share, some 31% lower than the $31.1 million, or $0.16 per share, in the same period in 2013, it was $0.02-per-share better than the CapIQ estimates of $0.06 per share.
Globe Specialty says results were affected not only by the lockout experienced at one of its facilities, but also the Chinese "dumping" silicon in the Canadian market, which is now being alleviated since Canada imposed "preliminary dumping and countervailing duties."
The silicon metal producer said there may be "modest sequential improvement in earnings performance" in the second quarter, where analysts anticipate Globle Specialty Metals will post earnings of $0.08 per share on adjusted EBITDA of $22.2 million compared to $0.15 per share in the year-ago period.
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