Radius Recycling Reeling, Stock Slides After Q3 Sales Miss: Details
Portfolio Pulse from Lekha Gupta
Radius Recycling, Inc. (NASDAQ:RDUS) shares fell 13.2% after the company reported worse-than-expected Q3 sales results. Revenue missed estimates, and key metrics like ferrous sales volumes, average net ferrous sales prices, and gross margin declined significantly. Despite these challenges, the company highlighted benefits from its cost reduction and productivity improvement plan.
July 02, 2024 | 3:44 pm
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Radius Recycling, Inc. (NASDAQ:RDUS) shares fell 13.2% after the company reported worse-than-expected Q3 sales results. Revenue missed estimates, and key metrics like ferrous sales volumes, average net ferrous sales prices, and gross margin declined significantly. Despite these challenges, the company highlighted benefits from its cost reduction and productivity improvement plan.
The significant decline in key financial metrics and the miss on revenue expectations are likely to negatively impact investor sentiment in the short term. Although the company is seeing some benefits from its cost reduction and productivity improvement plan, the overall negative financial performance is expected to weigh heavily on the stock price.
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