GrafTech International Ltd. (NYSE: EAF), a manufacturer of graphite electrode products, reported a net loss for the third quarter of 2023 when the company’s sales declined 48%.
Third-quarter net loss was $22.6 million or $0.09 per share, compared to net income of $93.5 million or $0.36 per share in the corresponding period of 2022. On an adjusted basis, the loss was $0.08 per share.
The bottom-line performance was negatively impacted by a 48% fall in net sales to $159 million. The decrease mainly reflects industry-wide softness in demand for graphite electrodes.