GrafTech International Ltd. (NASDAQ: EAF) stock gained by 0.36% at the last close whereas the EAF stock price declines by 5.00% in the pre-market trading session. GrafTech International is a global provider of high-quality graphite electrodes used in the manufacturing of electric arc furnace steel as well as other ferrous and non-ferrous metals.
What is happening?
GrafTech International Ltd. disclosed today that a subsidiary of Brookfield Asset Management Inc. and Brookfield Business Partners LP, all affiliates of the Brookfield group that owns a stake in GrafTech, plans to sell 20,000,000 shares of GrafTech common stock in an underwritten secondary offering, based on market conditions. The selling stockholder will collect the entire offering’s gross profits. GrafTech will not be selling any common stock in this offering. The underwriter can sell the securities for sale at market rates, at prices similar to those prevailing market prices, or at agreed prices, from time to time by negotiated transactions or otherwise.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
J.P. Morgan Securities LLC is serving as the offering’s only underwriter.
Financial Results
On May 5, 2021, GrafTech International announced its financial results for the first quarter of 2021. Given below is the summary:
- For the first quarter of 2021, EAF recorded its gross income as $99 million, or $0.37 per share, while the net income margin was 32%.
- The Adjusted EBTIDA was calculated as $155 million, for a 51% margin for Q1 2021.
- In contrast to the first quarter of 2020, sales volume rose by 9% to 37 thousand metric tons (MT).
- In comparison to the first quarter of 2020, production volume rose by 9% to 36 thousand MT.
- In the first quarter 2021, the debt decreased by $150 million and the interest rate also lowered down on EAF’s Team loan by 100 basis points.
