Ferroglobe’s stock plummets toward record low as deteriorating conditions lead to earnings, sales miss
Shares of Ferroglobe PLC plummeted 38% toward a record low in premarket trade Tuesday, enough to pace all premarket decliners, after the silicon metal supplier reported third-quarter earnings and revenue that were well below expectations. “Following strong growth in our business over several sequential quarters, market conditions in our main products deteriorated through Q3,” said Chief Executive Pedro Larrea in a release out late Monday. He said the company was “curtailing production” in response to the evolving market conditions. For the quarter to Sept. 30, the net loss was $1.2 million, or a penny a share, after a loss of $3.3 million, or 2 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were breakeven, compared with the FactSet EPS consensus of 13 cents. Sales rose to $526.8 million from $451.6 million, missing the FactSet consensus of $555.1 million. Average selling prices decreased by 5% to 7% from the sequential second quarter for all products. The stock has plunged 44% over the past the three months, while the S&P 500 has lost 7.7%.
Source : MTV
