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Graftech International (GTI)’s adjusted 1Q EBITDA of $40.9m was in line with the Street’s $41.1m and within company guidance of $35-45m.  1Q EBITDA was down 32% yoy from last year’s $60.2m as destocking by steel customers led to substantially reduced volumes.

Guidance for 2Q was for EBITDA to rise to $60-70m – versus the Street’s $61.12m – due to destocking winding down, customers running at modestly higher operating rates and the full impact of electrode price increases of 10-15% (some 20% are on a April to April calendar), partially offset by reduced graphite electrode utilization rates and an annual maintenance outage at Seadrift (needle coke facility) during the quarter.

The company kept full-year 2012 EBITDA guidance unchanged at $250-290m as GTI expects destocking initiatives to be complete by year end which will lead to higher electrode – and thus needle coke – shipments in the second half of the year.

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