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Ferroglobe swings to profit in Q4, FY'17 on US tax reform

Ferroglobe PLC said Feb. 26 that it turned in a net profit of US$32.2 million, or 19 cents per share, in the fourth quarter of 2017, from a year-ago net loss of US$242.0 million, or US$1.41 per share.

Revenue for the three-month period increased to US$468.2 million, from US$389.9 million a year ago.

For full-year 2017, the silicon and manganese producer swung to a profit of US$25.2 million, from a net loss of US$338.4 million a year earlier.

Sales for the year increased to US$1.74 billion, from US$1.58 billion a year ago.

The results for the quarter and full-year ended Dec. 31, 2017, included a benefit of US$30.9 million resulting from U.S. tax reform.

Meanwhile, CapEx for the year decreased by US$80.4 million.

As of Dec. 31, 2017, net debt was reduced to US$386.9 million, from US$405.0 million in 2016.