AM Castle & Co. Earnings: Here’s Why the Stock is Rising Now
AM Castle & Co. (NYSE:CAS) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.83%.
AM Castle & Co. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.35 in the quarter versus EPS of $0.29 in the year-earlier quarter.
Revenue: Decreased 19.35% to $292.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: AM Castle & Co. reported adjusted EPS loss of $0.35 per share. By that measure, the company missed the mean analyst estimate of $-0.09. It beat the average revenue estimate of $289.07 million.
Quoting Management: “The markets were a bit softer than we had anticipated during the first quarter. Our key priorities are intently focused around our announced restructuring efforts. During the first quarter, our team made significant progress toward our goals to improve operating efficiency, improve customer satisfaction and reduce costs,” said Scott Dolan, president and CEO of A. M. Castle & Co.
Key Stats (on next page)…