The recent quarterly results of GrafTech International (NYSE:GTI.DL) have sent shares up nearly 18% since they were announced. With sales and gross profit down 5% and 47% year over year, this dramatic rise in share price may be confusing at first glance. So just why are GrafTech's shares off to the races in the face of dismal operating results?

The answer to this question lies in the company's proposed turnaround plans for its industrial metals segment. This was the weakest segment for the quarter and the primary driver of the poor quarterly results. The turnaround plan focuses on three areas: profitability, cash flow, and future growth. If the plan is successful, it should reverse the company's history of declining margins and profitability, which would lead to outsized gains for investors.

Judging from the large increase in share price, Wall Street appears optimistic about the company's turnaround plans. In the video below, Motley Fool analyst Blake Bos digs into GrafTech's results and gives investors the skinny on the company's turnaround plans.