Algoma Steel Group (NASDAQ:ASTL) Issues Earnings Results

Key Points

• Algoma Steel Group missed earnings expectations: The company reported quarterly EPS of negative $0.84, versus consensus estimates of negative $0.49, while revenue of $175.15 million exceeded expectations of $161.15 million.
• Shares rose 1.7% to $5.03 following the results, although the company reported a negative net margin of 71.60% and negative return on equity of 110.49%.
• Analyst sentiment remains cautious, with three analysts rating the stock Hold and one rating it Sell; MarketBeat reports an overall average rating of “Reduce.”

Algoma Steel Group (NASDAQ:ASTL - Get Free Report) posted its earnings results on Wednesday. The company reported ($0.84) EPS for the quarter, missing analysts' consensus estimates of ($0.49) by ($0.35), reports. Algoma Steel Group had a negative net margin of 71.60% and a negative return on equity of 110.49%. The business had revenue of $175.15 million during the quarter, compared to analysts' expectations of $161.15 million.

Algoma Steel Group Trading Up 1.7%

NASDAQ ASTL traded up $0.09 during trading on Thursday, hitting $5.03. The stock had a trading volume of 1,005,586 shares, compared to its average volume of 1,228,447. The company has a quick ratio of 1.35, a current ratio of 2.49 and a debt-to-equity ratio of 2.85. The company has a market capitalization of $530.95 million, a PE ratio of -0.68 and a beta of 1.65. The firm has a 50 day moving average price of $4.34 and a 200 day moving average price of $4.43. Algoma Steel Group has a twelve month low of $3.16 and a twelve month high of $5.90.

Analyst Upgrades and Downgrades

ASTL has been the topic of several recent analyst reports. Weiss Ratings restated a "sell (d-)" rating on shares of Algoma Steel Group in a report on Monday, September 21st. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Algoma Steel Group in a report on Monday, September 28th. Finally, Wall Street Zen lowered Algoma Steel Group from a "sell" rating to a "strong sell" rating in a research report on Saturday, September 26th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Reduce".

About Algoma Steel Group

Algoma Steel Group Inc is an integrated steel producer headquartered in Sault Ste. Marie, Ontario, Canada. Through its steelmaking and finishing operations, the company produces a range of steel products for customers primarily in Canada and the United States.

Algoma's product portfolio includes hot- and cold-rolled steel sheet, galvanized steel and steel plate. Its products are used in sectors such as automotive manufacturing, construction, energy, transportation, industrial equipment and general manufacturing.

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