GrafTech International Ltd. (NYSE: EAF), a leading metal manufacturing company, reported double-digit declines in net profit and revenues for the third quarter of 2022.
Net income was $93.45 million or $0.36 per share in the September quarter, compared to $119.9 million or $0.45 per share in the corresponding period of 2021.
The bottom-line performance was negatively impacted by a 13% fall in revenues to $303.8 million. The decline can be attributed mainly to lower sales volume, including the impact of around 4,000 MT of customer orders that could not be shipped.
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“Ongoing geopolitical tensions and global economic uncertainty have softened near-term demand for steel and, therefore, graphite electrodes. This, combined with the current inflationary environment and the impact of the suspension of our operations in Mexico, led to declines in our key operating and financial metrics for the quarter,” said GrafTech’s CEO Marcel Kessler.