ACA - Why Arcosa Stock Popped 12% on Earnings
2023-04-28 14:21:35 ET
Shares of Arcosa (NYSE: ACA) surged by 12.2% through 1:46 p.m. ET Friday after the Dallas-based construction products company reported a sizable first-quarter earnings beat.
Heading into earnings, analysts had forecast Arcosa would earn $0.55 per share on sales of just over $500 million. In fact, the company reported an adjusted (i.e., non-GAAP ) profit of $1.06 per share on sales of more than $549 million.
Revenues grew only 3% in the quarter, but that apparent weakness was mainly because the company sold off its storage tanks business last quarter, meaning those revenues went away. Backing out the data from the divested business, sales would have been up 15% year over year.
For further details see:
Why Arcosa Stock Popped 12% on Earnings