GrafTech International Ltd. today announced its third quarter 2024 financial results, reporting net sales of $131 million, an 18% decrease compared to $159 million in the third quarter of 2023. The company posted a net loss of $(36) million, or $(0.14) per share, compared to a net loss of $(23) million, or $(0.09) per share, in the prior year's third quarter. Adjusted EBITDA was negative $(6) million for the quarter, down from $1 million in the third quarter of 2023.
Despite the decline in sales and profitability, GrafTech achieved a 9% year-over-year increase in sales volume to 26.4 thousand metric tons. Cash costs on a per metric ton basis decreased by 28% year-over-year, exceeding expectations. The weighted-average realized price for non-LTA volume was approximately $4,100 per metric ton, a 24% year-over-year decline.
Concurrently, GrafTech announced a new capital agreement, including commitments for $175 million in new senior secured first lien term loans and $100 million in delayed draw term loans, all maturing five years after closing. The agreement also involves offers to exchange existing 2028 notes for new 2029 second lien notes and a new revolving credit facility of up to $225 million, extending its maturity to November 2028. This transaction is expected to increase liquidity to $529 million on an as-adjusted basis as of September 30, 2024, providing enhanced operational flexibility and strengthening the company's financial foundation.
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