Why Worthington Steel Melted Down on Wednesday

Worthington Steel stock plummeted 10.5% after missing earnings expectations, reporting $0.57 per share instead of the forecasted $0.68. Despite tripling sales to $2.7 billion through the acquisition of German metals service center Kloeckner, the company actually posted a net loss of $0.14 per share under GAAP accounting. Excluding the acquisition, underlying business growth was minimal with only 9% sales growth and declining operating profit.