Worthington Steel Hits 4-Month Low on Weak Q2 Earnings, Extends Losing Streak: Retail Sentiment Collapses To Year-Low
By Stocktwits Inc | First Published Dec 19, 2024, 9:21 PM ISTRetail sentiment around the stock flipped to ‘extremely bearish’ from ‘extremely bullish’ a day ago, marking the lowest levels so far this year.
Shares of Worthington Steel sank over 16% in early trading Thursday, hitting a four-month low of $30, as the metal manufacturer extended its losing streak to eight days.
The decline follows disappointing second-quarter earnings, marking the largest single-day drop for the stock this year, as per Koyfin data.
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The stock was last seen trading at these levels in early September.
The company’s revenue for the quarter was $739 million, in line with analyst expectations of $740.4 million. However, earnings per share fell short at $0.19, well below the anticipated $0.56, according to Stocktwits data.
Worthington Steel reported operating income of $18.9 million, a turnaround from an $8.8 million loss in the same quarter last year. Similarly, net earnings rose to $12.8 million, compared to a $6.0 million loss in Q2 2024.
The company’s direct tons sold dropped 5% year-over-year, with toll tons sold down 1%.
“Worthington Steel delivered a solid quarter despite headwinds across a number of end markets,” said CEO Geoff Gilmore in a statement.
Retail sentiment around the stock turned sharply negative, flipping to ‘extremely bearish’ (17/100) — the lowest in the past year — from ‘extremely bullish’ the previous day, while chatter remained at ‘extremely high’ levels.
Despite the recent selloff, the stock remains up 13% year-to-date but has erased all gains since September.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
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