Stocks making the biggest moves after hours: Nucor, Cleveland-Cliffs, Cadence Design Systems, Globe Life and more
Check out the companies making headlines in after-hours trading. Nucor — Shares slid 6.3% after the steelmaker’s first-quarter results fell short of estimates and it issued a lackluster second-quarter outlook. First-quarter earnings of $3.46 per share fell below the FactSet consensus estimate of $3.67 in earnings per share. Revenue of $8.14 billion was weaker than the estimated $8.26 billion. Nucor expects lower second-quarter earnings, citing “decreased earnings of the steel mills segment, primarily due to lower average selling prices partially offset by modestly increased volumes.” Cleveland-Cliffs — The steel producer lost nearly 3%. Cleveland-Cliffs’ first-quarter results fell short of analysts’ expectations, with adjusted earnings of 18 cents per share on revenue of $5.2 billion. Analysts surveyed by LSEG estimated earnings of 22 cents per share and revenue of $5.35 billion. Cadence Design Systems — Shares dropped 8.9% after the software company issued poor second-quarter guidance. Cadence Design Systems forecast second-quarter earnings per share of $1.20 to $1.24, lower than the $1.43 per share expected by analysts polled by FactSet. Revenue guidance between $1.03 billion and $1.05 billion also missed a FactSet consensus estimate of $1.11 billion. Globe Life — Shares added 1.8% after the life insurer raised its full-year earnings guidance. For the full year 2024, Globe Life sees earnings per share between $11.50 and $12.00, up from a prior range between $11.30 and $11.80. Otherwise, the firm posted first-quarter operating earnings and revenue that matched FactSet consensus estimates. Crane Company — Shares gained 3.7% after the industrial products company posted first-quarter earnings and revenue that topped analysts’ estimates. Crane saw adjusted earnings of $1.22 per share versus a FactSet consensus estimate of $1.13. Revenue of $565.3 million topped the expected $546.4 million. Alexandria Real Estate Equities — The stock advanced 1.2% after Alexandria surpassed first-quarter revenue expectations. The life sciences REIT posted revenue of $769.1 million, above the FactSet consensus estimate of $764.4 million. Packaging Corporation of America — The stock fell 1.8% in extended trading even as the maker of containerboard posted first-quarter earnings that topped estimates. Packaging Corp. earned an adjusted $1.72 per share, more than the $1.68 in earnings per share anticipated by analysts polled by FactSet. Revenue of $2.0 billion also exceeded the consensus estimate of $1.91 billion. Calix — The cloud and software provider tumbled nearly 15% after it issued weak second-quarter guidance. Calix anticipates earnings between 3 cents and 9 cents per share on revenue of $197 million to $203 million. Analysts polled by FactSet called for earnings of 24 cents a share on revenue of $232.8 million. Simpson Manufacturing — Shares slid nearly 11% after the manufacturer of structural solutions reported a decline in revenue and profit for its first quarter. Simpson earned $1.77 per share, 14.3% down from a year ago. Revenue of $530.6 million was off almost 1% from the previous year. Medpace — Shares dropped 4.3% after Medpace’s first-quarter revenue missed estimates. The clinical research organization posted $511.0 million in revenue, lower than the $512.4 million anticipated by analysts polled by FactSet. TrustCo Bank Corp. NY — The regional bank gained 3.7% after TrustCo earned 64 cents per share in the first quarter, topping a FactSet consensus estimate of 60 cents. — CNBC’s Darla Mercado contributed to this report. This post has been syndicated from a third-party source. View the original article here.
