Globe results pounded by low prices, outages, write-offs

May 07, 2013 | 12:11 PM | Michael Cowden

Tags  Globe Specialty Metals, Jeff Bradley, earnings report, maintenance outages, lower selling prices, writedowns, silicon, Alden Resources Alabama Sand & Gravel

CHICAGO — Globe Specialty Metals Inc. fell deeply into the red in its fiscal third quarter as higher revenues weren’t enough to stem losses from longer-than-expected maintenance outages, overseas write-offs and lower selling prices.

But the New York-based silicon producer said it expects results to improve in coming quarters as benefits from the outages are realized, even if selling prices for its products remain flat.

"We are disappointed with our financial results for the (fiscal) third quarter," chief executive officer Jeff Bradley said in a statement released with earnings data. "While we anticipated a reduction in earnings caused by lower average selling prices, we did not anticipate the extent of the cost impact of the maintenance outages and other cost increases."....

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