AK Steel stock (NYSE:AKS) started the day off well but it started plunging late in the day as the company reported its latest quarterly earnings results after hours, which were below what analysts were calling for on the profit and revenue marks.
The steelmaking company — which is based out of West Chester, Ohio — said that for its third quarter of fiscal 2018, it brought in net income of $67.2 million. The figure was stronger than the loss the company amassed during its third quarter of fiscal 2017.
The company added that its net income for the figure amounted to 21 cents per share. This was below what analysts were calling for in the Wall Street consensus estimate as the average projection of six analysts surveyed by Zacks Investment Research was for earnings of roughly 23 cents per share.
AK Steel added that for the period, it brought in revenue of $1.74 billion, which was also below what analysts were calling for. Four analysts surveyed by Zacks were calling for sales of $1.82 billion.
AKS stock is down about 13.5% after the bell following the company’s underwhelming quarterly earnings results, which included an earnings miss and revenue that was below what analysts were calling for. The company’s shares had been rising close to 2.2% during regular trading hours in anticipation of its quarterly report.