Globe Specialty Metals Inc. (GSM, Financial) filed Quarterly Report for the period ended 2012-12-31.
Globe Specialty Metals, Inc. has a market cap of $1.16 billion; its shares were traded at around $15.4 with a P/E ratio of 41.6667 and P/S ratio of 1.6054. The dividend yield of Globe Specialty Metals, Inc. stocks is 0.81%.
Net sales increased by $18,260,000 or 13% from the prior year to $164,799,000. The increase was primarily attributable to a 22% increase in tons sold, offset by a 9% decrease in average selling prices. Silicon metal volume increased 32% primarily due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 9,497 tons during the second quarter of fiscal 2013. Silicon-based alloys volume increased 8% primarily due to demand from the steel and automotive industries. Silicon metal pricing decreased 9% primarily due to lower pricing on annual calendar 2012 contracts, including lower pricing on index-based contracts, and the effect of selling 49% of the silicon metal volume from the new Quebec Silicon plant joint venture at cost plus a modest margin. Silicon-based alloys pricing decreased 12% due to weaker pricing and a mix shift to lower price ferrosilicon products.
Net sales increased $40,239,000 or 12% from the prior year to $380,648,000 primarily as a result of a 25% increase in metric tons sold, offset by an 11% decrease in average selling prices. The increase in sales volume was driven by a 40% increase in silicon metal tons sold and a 9% increase in silicon-based alloys tons sold, resulting in an increase of $82,168,000. The increase in silicon metal volume was due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 19,107 tons during the first half of fiscal 2013 and an increase due to the timing of shipments from our Alloy, West Virginia joint venture. The increase in silicon-based alloys was primarily due to increased demand from the steel and automotive industries in North America.
Net sales increased by $48,070,000 or 16% from the prior year to $349,537,000. The increase was primarily attributable to a 28% increase in tons sold, offset by a 10% decrease in average selling prices. Silicon metal volume increase 40% primarily due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 19,107 tons during the first half of fiscal 2013 and an increase due to the timing of shipments from our Alloy, West Virginia joint venture. Silicon-based alloys volume increased 11% primarily due to increased demand from the steel and automotive industries. Silicon metal pricing decreased by 12% primarily due to lower pricing on annual calendar 2012 contracts, including lower pricing on index-based contracts, and the effect of selling 49% of the silicon metal volume from the Becancour, Quebec joint venture at cost plus a modest margin. Silicon-based alloys pricing decreased 8% due to a mix shift to lower price ferrosilicon products.
Net cash (used in) provided by financing activities was approximately ($6,906,000) and $40,637,000 during the first six months of fiscal years 2013 and 2012, respectively. Net borrowings of approximately $12,163,000 of long-term and short-term debt occurred during the first six months of fiscal year 2013, as compared to net borrowings of $57,291,000 in the first six months of fiscal 2012. The net borrowings during the first six months of fiscal year 2012 included $55,000,000 for the acquisition of Alden Resources, LLC. Dividend payments of $18,794,000 and $15,007,000 were paid to our common stockholders during the first six months of fiscal year 2013 and 2012, respectively. Proceeds from stock option exercises contributed $1,000,000 and $195,000 during the first six months of fiscal year 2013 and 2012, respectively.
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Globe Specialty Metals, Inc. has a market cap of $1.16 billion; its shares were traded at around $15.4 with a P/E ratio of 41.6667 and P/S ratio of 1.6054. The dividend yield of Globe Specialty Metals, Inc. stocks is 0.81%.
Highlight of Business Operations:
Net sales increased $14,393,000 or 9% from the prior year to $179,940,000 primarily as a result of a 21% increase in metric tons sold, offset by a 10% decrease in average selling prices. The increase in sales volume was driven by a 32% increase in silicon metal tons sold and an 8% increase in silicon-based alloys tons sold, resulting in an increase of $32,780,000. The increase in silicon metal volume was due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 9,497 tons during the second quarter of fiscal 2013. The increase in silicon-based alloys was primarily due to demand from the steel and automotive industries in North America.Net sales increased by $18,260,000 or 13% from the prior year to $164,799,000. The increase was primarily attributable to a 22% increase in tons sold, offset by a 9% decrease in average selling prices. Silicon metal volume increased 32% primarily due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 9,497 tons during the second quarter of fiscal 2013. Silicon-based alloys volume increased 8% primarily due to demand from the steel and automotive industries. Silicon metal pricing decreased 9% primarily due to lower pricing on annual calendar 2012 contracts, including lower pricing on index-based contracts, and the effect of selling 49% of the silicon metal volume from the new Quebec Silicon plant joint venture at cost plus a modest margin. Silicon-based alloys pricing decreased 12% due to weaker pricing and a mix shift to lower price ferrosilicon products.
Net sales increased $40,239,000 or 12% from the prior year to $380,648,000 primarily as a result of a 25% increase in metric tons sold, offset by an 11% decrease in average selling prices. The increase in sales volume was driven by a 40% increase in silicon metal tons sold and a 9% increase in silicon-based alloys tons sold, resulting in an increase of $82,168,000. The increase in silicon metal volume was due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 19,107 tons during the first half of fiscal 2013 and an increase due to the timing of shipments from our Alloy, West Virginia joint venture. The increase in silicon-based alloys was primarily due to increased demand from the steel and automotive industries in North America.
Net sales increased by $48,070,000 or 16% from the prior year to $349,537,000. The increase was primarily attributable to a 28% increase in tons sold, offset by a 10% decrease in average selling prices. Silicon metal volume increase 40% primarily due to the acquisition of Quebec Silicon on June 13, 2012 which contributed 19,107 tons during the first half of fiscal 2013 and an increase due to the timing of shipments from our Alloy, West Virginia joint venture. Silicon-based alloys volume increased 11% primarily due to increased demand from the steel and automotive industries. Silicon metal pricing decreased by 12% primarily due to lower pricing on annual calendar 2012 contracts, including lower pricing on index-based contracts, and the effect of selling 49% of the silicon metal volume from the Becancour, Quebec joint venture at cost plus a modest margin. Silicon-based alloys pricing decreased 8% due to a mix shift to lower price ferrosilicon products.
Net cash (used in) provided by financing activities was approximately ($6,906,000) and $40,637,000 during the first six months of fiscal years 2013 and 2012, respectively. Net borrowings of approximately $12,163,000 of long-term and short-term debt occurred during the first six months of fiscal year 2013, as compared to net borrowings of $57,291,000 in the first six months of fiscal 2012. The net borrowings during the first six months of fiscal year 2012 included $55,000,000 for the acquisition of Alden Resources, LLC. Dividend payments of $18,794,000 and $15,007,000 were paid to our common stockholders during the first six months of fiscal year 2013 and 2012, respectively. Proceeds from stock option exercises contributed $1,000,000 and $195,000 during the first six months of fiscal year 2013 and 2012, respectively.
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