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Globe Specialty Metals reports 4Q loss

MIAMI (AP) _ Globe Specialty Metals Inc. (GSM) on Thursday reported a loss of $40.1 million in its fourth quarter.

The Miami-based company said it had a loss of 23 cents per share. Losses, adjusted for severance costs and asset impairment costs, came to 9 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 17 cents per share.

The producer of silicon metal and silicon-based alloys posted revenue of $394.4 million in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $394.8 million.

For the year, the company reported a loss of $136.6 million, or 79 cents per share, swinging to a loss in the period. Revenue was reported as $1.58 billion.

Globe Specialty Metals shares have declined 7 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.07, a rise of 11 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GSM at https://www.zacks.com/ap/GSM

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Keywords: Globe Specialty Metals, Earnings Report