GrafTech International Ltd. (GTI, Wilmington, DE) announced financial results for the quarter ended March 31, 2005. Net sales increased over seven percent, to $211 million, versus $197 million in the first quarter of 2004. Gross profit increased nine percent, to $49 million, versus $45 million for the first quarter of 2004.
Net income for the quarter was approximately $2 million, or $0.02 per diluted share, versus breakeven for the first quarter of 2004. Income before special items was $6 million, or $0.06 per diluted share, versus $8 million before similar items in the first quarter of 2004.
GTI Chief Executive Officer Craig Shular commented, "We grew our revenues across all three lines of business during the first quarter of 2005. ETM sales grew from $2 million in the first quarter of 2004 to $4.5 million in the first quarter of 2005. Our first-quarter results were in line with our 2005 guidance."
