Worthington Steel Inc (WS) experienced a significant pre-market plunge of 10.31% on Thursday. The sharp decline follows the company's latest earnings report released after the previous trading session.
The steel manufacturer reported quarterly adjusted earnings of 27 cents per share for the quarter ended February 28, which missed the mean analyst expectation of 43 cents per share. Revenue of $769.80 million also fell short of the $797.25 million forecast, despite representing a 26.8% increase from the same period last year.
According to market reports, Worthington Steel posted lower profit due to macroeconomic headwinds, contributing to the stock's downward pressure. The earnings miss comes after analyst estimates had fallen by approximately 15.2% over the last three months, indicating deteriorating expectations ahead of the report.
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