GrafTech International Ltd. (NYSE: EAF), a leading metal manufacturing company, reported double-digit declines in net profit and sales for the fourth quarter of 2022.
Net income was $50.3 million or $0.20 per share in the December quarter, compared to $141.5 million or $0.54 per share in the corresponding period of 2021.
The bottom-line performance was negatively impacted by a 32% fall in net sales to $247.5 million. The decrease is mainly due to lower sales volume, reflecting the impact of the temporary suspension of our operations in Monterrey, Mexico, and the softness in graphite electrode demand.
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“As we look ahead, we have identified opportunities to make targeted investments to strengthen our strategic position, commercial capabilities, and product offerings. Through execution of these cost actions and investments, we are confident GrafTech will successfully navigate the near-term environment and emerge well positioned to benefit from the anticipated long-term demand growth for graphite electrodes,” said GrafTech’s CEO Marcel Kessler.