The shares of GrafTech International Ltd. (EAF) dropped during the pre-marketing session. Here to find out why?
The GrafTech International Ltd. share (NASDAQ: EAF) gained 0.36% at the last close, while the EAF stock price fell 5.00% during the pre-trade session. GrafTech International is a global supplier of high quality graphite electrodes used in the manufacture of electric arc furnace steel as well as other ferrous and non-ferrous metals.
What is happening?
GrafTech International Ltd. disclosed today, a subsidiary of Brookfield Asset Management Inc. and Brookfield Business Partners LP, all affiliated with the Brookfield group which owns a stake in GrafTech, plans to sell 20,000,000 common shares of GrafTech as part of a secondary offer subscribed, depending on market conditions. The selling shareholder will receive all of the gross profits of the offer. GrafTech will not sell any common shares under this offer. The Subscriber may sell the Securities at market prices, at prices similar to prevailing market prices, or at agreed prices, from time to time through negotiated transactions or otherwise.
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JP Morgan Securities LLC is the sole subscriber of the offering.
Financial results
On May 5, 2021, GrafTech International announced its financial results for the first quarter of 2021. Below is the summary:
- For the first quarter of 2021, EAF reported gross income of $ 99 million, or $ 0.37 per share, while the net profit margin was 32%.
- Adjusted EBTIDA was calculated at $ 155 million, for a margin of 51% for the first quarter of 2021.
- Unlike the first quarter of 2020, the sales volume increased by 9% to 37 thousand metric tons (MT).
- Compared to the first quarter of 2020, the production volume increased by 9% to 36 thousand tons.
- In the first quarter of 2021, debt fell by $ 150 million and the interest rate also fell by 100 basis points on EAF’s Team loan.
