GrafTech Posts $47M Q3 Loss, Guides Q4 Realized Pricing Up Mid-Single Digits
EAF sits 54% above its 52-week low of $4.92.
Summary
GrafTech lost $47 million in Q3 but guided Q4 realized pricing up mid-single digits and reaffirmed 2026 volume and cost targets, with $242 million of liquidity against $1.2 billion of gross debt.
Key Events · Earnings and Guidance · EAF
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Q3 Loss Widens to $47 Million
Net loss of $46.8 million, or $1.76 per share, versus $28.5 million, or $1.10 per share, a year ago; net sales fell 3% to $140 million on lower realized pricing.
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Restructuring Drives Most of the Loss
$13.9 million of restructuring and other exit charges, mostly non-cash, tied to the Monterrey closure; adjusted EBITDA rose to $8.6 million from $1.9 million in Q2.
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Q4 Pricing Guided Up Mid-Single Digits
Management expects a mid-single-digit percentage increase in Q4 weighted-average realized pricing versus Q3 and meaningfully higher realized pricing in 2027.
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Liquidity of $242 Million Against $1.2 Billion Debt
$134 million of cash plus $108 million of revolver availability; gross debt of $1,225 million with substantially no maturities until December 2029 and net debt of about $1,091 million.
Analysis · EAF · Manufacturing
On the surface, GrafTech's third quarter was ugly: a $47 million net loss, wider than Q2's $40 million and far worse than the $28 million lost a year ago. But $14 million of that is non-cash restructuring tied to closing the Monterrey plant, and adjusted EBITDA actually improved to $9 million from $2 million in Q2. The real news is the pricing turn. Management says realized pricing has inflected and guides Q4 weighted-average realized price up mid-single digits, with meaningfully higher pricing in 2027 as the September 30% price increase flows through. That matters because the company is carrying $1,225 million of gross debt against $134 million of cash, and it burned $16 million of adjusted free cash flow in the quarter. Liquidity of $242 million buys time, but the thesis now rests entirely on whether the price increases actually stick.
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At the time of this filing, EAF was trading at $7.60 on NYSE in the Manufacturing sector, with a market capitalization of approximately $194.4M. The 52-week trading range was $4.92 to $19.72. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.