GrafTech International Ltd. (NYSE: EAF) reported a net loss for the first quarter of 2023 when the metal manufacturing company’s sales declined by double digits.
First-quarter net loss was $7.37 million or $0.0.03 per share, compared to net income of $124.2 million or $0.47 per share in the corresponding period of 2022.
The bottom-line performance was negatively impacted by a 62% fall in net sales to $138.8 million. The decrease is mainly due to lower sales volume driven by the residual impact of suspension of operations in Monterrey, Mexico that began near the end of the third quarter of 2022.
“We are successfully executing our plans to manage the near-term challenges in the market. This includes significant progress on our risk mitigation strategies related to pin stock, as we received regulatory approval to restart production activities at our St. Marys, Pennsylvania facility,” said GrafTech’s CEO Marcel Kessler.