Stock Track | Ferroglobe Plunges in Pre-Market Trading as Q3 Earnings Disappoint

Stock Track11-07

Shares of Ferroglobe PLC (GSM), a leading producer of silicon metal and silicon-based alloys, plummeted in pre-market trading on Wednesday, experiencing a sharp decline of 6.69%. This plunge came after the company reported weaker-than-expected financial results for the third quarter of 2024.

For the three-month period ended September 30, 2024, Ferroglobe reported earnings of $18.8 million, or an adjusted earnings per share (EPS) of $0.11. These figures fell short of analysts' consensus estimates, which had projected an EPS of $0.16 for the quarter. Additionally, the company's revenue for the quarter came in at $433.533 million, missing the expected $443.4 million.

Ferroglobe's earnings release provided an overview of its financial performance, but it did not offer specific details or explanations for the disappointing results. Analysts and investors are likely to seek further clarity from the company's management regarding the factors contributing to the earnings and revenue misses.

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