ASTL - Why Algoma Steel Stock Melted on Tuesday
Shares of metals producer Algoma Steel (NASDAQ: ASTL) slipped 4.4% in Tuesday afternoon trading as of 1:20 p.m. ET, after missing on both the top and bottom lines in its second-quarter 2023 earnings announcement.
Heading into earnings, analysts had forecast Algoma would earn $0.46 per share on quarterly sales of $642.9 million. As it turned out, sales were only $599.2 million and profits fell a dime short of expectations at $0.36 per share.
Q2 marked quite a turnaround in Algoma's fortunes compared to last year, and not in a good way. Sales declined roughly 40% year over year, and Algoma's profits -- $4.02 per share a year ago -- shriveled 91%.
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Why Algoma Steel Stock Melted on Tuesday