In extended trading, several companies made headlines with their financial results and strategic moves. Discover Financial observed a slight decline in its shares by 1%, despite reporting third-quarter earnings that exceeded expectations. It announced earnings of $3.69 per share and revenue of $4.45 billion, surpassing analysts’ predictions by LSEG of $3.42 per share and $4.35 billion in revenue.
CSX, the rail transportation company, experienced a 4% drop in shares after its third-quarter results did not meet Wall Street’s expectations. The company reported earnings of 46 cents per share on $3.62 billion in revenue, missing analysts’ estimates of 48 cents per share and $3.67 billion in revenue. Although overall volumes increased by 3% compared to the previous year, revenue per unit decreased by approximately 1%.
Alcoa, an aluminum producer, saw a significant increase in its shares by nearly 9%. The company reported adjusted third-quarter earnings of 57 cents per share, surpassing analysts’ expectations of 28 cents per share as per LSEG, though revenue fell short at $2.90 billion compared to the expected $2.97 billion.
Lucid Group, an electric vehicle manufacturer, faced a 10% decline in shares after announcing a public offering of over 262 million shares. Additionally, Ayar Third Investment Company, affiliated with the Public Investment Fund, indicated plans to purchase more than 374 million shares.
Kinder Morgan’s shares decreased by 2.7% following disappointing third-quarter results. The energy infrastructure company reported adjusted earnings per share of 25 cents and revenue of $3.70 billion, falling short of the analyst estimates of 27 cents per share and $3.98 billion in revenue. Management also announced an expected shortfall of 2% and 4% in budgeted adjusted earnings before interest, taxes, depreciation, and amortization, and adjusted earnings per share, respectively.
PPG Industries experienced a slight decline in shares of less than 1% as its third-quarter results fell short on both top and bottom lines. The paints manufacturer posted adjusted earnings of $2.13 per share on revenue of $4.58 billion, while analysts expected $2.15 per share in earnings and $4.65 billion in revenue. The company attributed the results to a challenging global industrial production backdrop.
SL Green, focusing on office buildings, saw its shares drop by about 3% after missing revenue estimates in the third quarter. The company reported $139.6 million in quarterly revenue, based on rental income, compared to analysts’ expectations of $142.5 million. Additionally, SL Green’s losses were at 21 cents per share, better than the projected 50 cent per share loss.
Equifax, a consumer credit reporting firm, dropped nearly 5% after issuing weak fourth-quarter guidance. It anticipates adjusted earnings of $2.08 to $2.18 per share, short of the $2.20 per share expected by analysts. The revenue outlook for the quarter also did not meet expectations.
Lastly, Steel Dynamics saw a 3% increase in its shares. The steel producer reported third-quarter earnings of $2.05 per share, surpassing the anticipated $1.97 per share by analysts, according to LSEG, and reported revenue of $4.34 billion, exceeding the expected $4.18 billion.
