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WBT - Why Shares of Welbilt Jumped 28.2% on Tuesday
Welbilt Inc.
Shares of commercial kitchen equipment manufacturer Welbilt(NYSE: WBT) jumped as much as 28.2% in trading Tuesday after reporting first-quarter 2020 results. Shares slid throughout the day and at 3:20 p.m. EDT were only up 4.4% for the day.
Revenue fell 12.4% in the quarter to $328.9 million and organic sales were down 11.6%. Net loss was $15.1 million, down from a $2.6 million loss a year ago, although adjusted net earnings were $0.01 per share.