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News Breaks
April 14, 2014
07:46 EDTGTIGrafTech says stands behind prior investigation, process and findings
GrafTech International CEO and President, Joel Hawthorne, made public a letter to Nathan Milikowsky to "set the record straight" in response to the incomplete and misleading statements made by the Milikowsky Group in its letter dated April 13. In the letter, Hawthorne states: "The GrafTech Board continues to demonstrate its commitment to working with the Daniel and Nathan Milikowsky Group to reach a reasonable agreement and avoid a proxy contest. That commitment was reaffirmed through GrafTech’s third settlement proposal, which I presented to you on April 9, 2014. With respect to the counter-proposal you presented on April 11, 2014, the GrafTech Board found one key aspect of it – namely that you immediately be reinstated to the Board prior to a review of your qualifications and eligibility to serve – to be unacceptable due to your prior governance breaches and conduct that demonstrated you were not a qualified candidate. Later that same day, we made a very reasonable counter-proposal on substantially the same terms as those in your proposal, which addressed that one key aspect in a method we believe is fair. Attached is a side-by-side comparison of our proposals. I want to make very clear that, as I’ve indicated to you in our conversations, the GrafTech Board stands behind its prior investigation, process and findings."
News For GTI From The Last 14 Days
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March 2, 2015
08:34 EDTGTIGrafTech sees 1H15 EBITDA $45M-$55M
The company’s expectations, excluding the impact of special charges, are as follows: First half 2015 EBITDA target of $45M-$55M; First half 2015 operating cash flow of approximately $40M-$50M; Full year 2015 inventory reduction of approximately $50M; and Full year 2015 capital expenditures of approximately $60M-$70M. GrafTech is reviewing plans to further optimize the production platform for its advanced graphite materials business and expects a potential charge of up to $10M in the first half of 2015 related to this review. Current estimates indicate that the optimization could improve operating income by $5M annually. The 2015 graphite electrode order book continues to be built, with approximately 60 percent of targeted order volumes confirmed. Of the orders booked to date, 2015 graphite electrode prices are on average lower than 2014 year-end pricing. Pricing for products in the Engineered Solutions segment is also lower. The company's previously announced cost savings programs remain on track and are anticipated to deliver $50M in cash savings to benefit 2015 EBITDA results, offsetting the impact of lower pricing. While the company expects to benefit from falling oil prices in its needle coke and graphite electrode businesses, lower near-term graphite electrode operating rates, driven by plans to further reduce inventory, are expected to largely offset this benefit.
08:32 EDTGTIGrafTech reports Q4 adjusted EPS 6c, consensus (7c)
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