Ferroglobe PLC (NASDAQ:GSM) stock rose 7.68% (As on May 15, 11:25:12 AM UTC-4, Source: Google Finance) after the company in the first quarter of FY 24 has reported the net loss attributable to the parent of $2.0 million, or ($0.01) per diluted share, compared to a net loss attributable to the parent of $11.1 million, or ($0.06) per diluted share in the fourth quarter. In the first quarter of 2024, adjusted EBITDA was $25.8 million, or 6.6% of sales, a decrease of 57.2% compared to adjusted EBITDA of $60.3 million, or 16% of sales in the fourth quarter of 2023. The decrease in the first quarter of 2024 adjusted EBITDA as a percentage of sales is primarily attributable to lower realized prices and lower indirect CO2 and energy compensation in France. In the first quarter of 2024, Ferroglobe reported net sales of $391.9 million, an increase of 4% over the prior quarter and a decrease of 2% over the year-ago period.

Moreover, Raw materials and energy consumption for production was $257.4 million in the first quarter of 2024 versus $199.9 million in the prior quarter, an increase of 29%. Manganese-based alloy revenue in the first quarter was $66.4 million, an increase of 9.8% over the prior quarter. Silicon-based alloy revenue in the first quarter was $112.0 million, an increase of 4.8% over the prior quarter. Silicon metal revenue in the first quarter was $167.8 million, in line with the prior quarter.

Additionally, the total cash balance was $159.8 million as of March 31, 2024, up $22.1 million from $137.6 million as of December 31, 2023. During the first quarter of 2024, the company has generated $198.0 million of operating cash flow and had a negative cash flow from investing activities of $17.5 million. Cash flow from financing activities was negative $156.3 million as the company paid the remaining senior secured notes of approximately $150 million. This quarter Ferroglobe turned net cash positive for the first time in its history, a significant milestone for the Company. Also, for the first time in the Company’s history, the company has declared a dividend last quarter of $0.013, which was paid on March 28^th and are announcing another dividend this quarter of $0.013, which will be payable on June 27^th

In addition, the company has approved a share buyback program, which requires a shareholder vote as a UK company listed on Nasdaq. As part of the annual general meeting in June, the company is seeking authorization of $200 million for a share repurchase program over a 5-year period.