Stock Track | Ferroglobe Shares Plunge on Disappointing Q3 Results

Stock Track11-07

Shares of Ferroglobe PLC (GSM), a leading producer of silicon metal and silicon-based alloys, plummeted by 6.84% in pre-market trading on Wednesday, November 7, 2024. The sharp decline 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, falling short of analysts' consensus estimates of $0.16 per share. Additionally, the company's revenue for the quarter came in at $433.533 million, missing the expected $443.4 million.

While Ferroglobe did not provide specific reasons for the disappointing results, analysts and investors speculate that various factors, such as rising raw material costs, supply chain disruptions, or weaker-than-anticipated demand for the company's products, could have contributed to the earnings and revenue misses. The company's management is expected to provide further clarity on the factors behind the underperformance during the upcoming earnings call or investor presentations.

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