NLS - Why Nautilus Stock Plunged Today
Shares of Nautilus (NYSE: NLS) have plunged today, down by 16% as of 12:20 p.m. EDT, after the company reported first-quarter earnings. The maker of exercise equipment swung to a profit but warned that its commercial business was struggling due to widespread gym closures stemming from the COVID-19 pandemic.
Revenue in the first quarter increased 11% to $93.7 million, which led to net income from continuing operations of $2.3 million, or $0.08 per share. Analysts had been modeling for $93.8 million in sales and an adjusted net loss per share of $0.08. Stay-at-home orders related to the coronavirus outbreak boosted demand among consumers looking to exercise at home, but supply chain disruptions in China presented challenges in meeting that demand.
Image source: Nautilus.