GrafTech International Ltd. (EAF)

GrafTech International Ltd. Stock (EAF) dropped by 12.09% from $3.39 to $2.98 in the trading on Friday November 3, 2023. The reason why EAF stock down today is due to its third-quarter earnings. GrafTech announced its unaudited financial results for the quarter and nine months ended September 30, 2023. The results reflect the persistent softness in the commercial environment, primarily due to lower industry demand.

• Net sales for Q3 2023 were $159 million, a decrease of 48% compared to $304 million in Q3 2022. The decline was attributed to industry-wide softness in demand for graphite electrodes, a shift in business mix, and a decrease in the weighted-average realized price.
• Adjusted EBITDA was $1 million in Q3 2023, compared to $129 million in Q3 2022. The decline was due to lower sales volume, higher costs per MT, a shift in business mix, and lower weighted-average realized prices.

GrafTech's stock fell 22.56% due to the suspension of operations in Monterrey, Mexico, last year over regulatory concerns. Consequently, the company reported a Q2 loss of $0.02 per share on $185.56 million in revenue, reflecting a 49% YoY sales drop.

https://www.fool.com/investing/2023/08/04/why-graftech-international-stock-is-falling-today