Globe Specialty Metals: 2Q Earnings Snapshot
MIAMI (AP) _ Globe Specialty Metals Inc. (GSM) on Tuesday reported second-quarter profit of $67.4 million.
On a per-share basis, the Miami-based company said it had net income of 39 cents. Earnings, adjusted for non-recurring gains and pretax gains, came to 14 cents per share.
The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.
The producer of silicon metal and silicon-based alloys posted revenue of $583 million in the period, which also missed Street forecasts. Five analysts surveyed by Zacks expected $615.5 million.
Globe Specialty Metals shares have decreased 50 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $8.11, a decrease of 39 percent in the last 12 months.