GrafTech International Ltd. (NYSE: EAF) reported a net loss for the second quarter of 2023 when the metal manufacturing company’s sales declined sharply.
Second-quarter net loss was $7.85 million or $0.03 per share, compared to net income of $114.9 million or $0.44 per share in the corresponding period of 2022.
The bottom-line performance was negatively impacted by a 49% fall in net sales to $185.6 million. The decrease mainly reflects lower sales volume driven by the residual impact of the suspension of operations in Monterrey, Mexico that began near the end of the third quarter of 2022.
“As we proceed through the second half of 2023, we are seeing ongoing softness in the commercial environment as steel industry production remains constrained by global economic uncertainty. As a result, we have tempered our outlook for the last six months of 2023,” said GrafTech’s CEO Marcel Kessler.
