ASTL - Why Algoma Steel Stock Popped on Wednesday
Shares of Canadian steel company Algoma Steel Group (NASDAQ: ASTL) exploded 18.5% higher on Wednesday morning (as of 10:45 a.m. ET) after beating analyst forecasts for its fiscal Q4 and full-year 2022 earnings.
Heading into the report, analysts expected Algoma to report a $1.57-per-share profit on sales of $961 million in Q4. Algoma fell short on the revenue forecast, collecting only CA$941.8 million. Nevertheless, the company "beat earnings" with a per-share profit of $1.59.
Sales surged 47.5% year over year in the final quarter of Algoma's fiscal year. It's worth pointing out, by the way, that while financial data sites aren't clear on the matter, the analyst estimates were probably and Algoma's results were definitely prepared in reference to Canadian dollars, which are worth about $0.77. Thus, in USD, Algoma's revenues for the quarter were only $725.2 million.
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Why Algoma Steel Stock Popped on Wednesday