LONDON (AP) _ Globe Specialty Metals Inc. (GSM) on Tuesday reported a second-quarter loss of $40.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the London-based company said it had a loss of 24 cents. Losses, adjusted for pretax expenses and non-recurring costs, came to 13 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 12 cents per share.
The producer of silicon metal and silicon-based alloys posted revenue of $409.5 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $446 million.
In the final minutes of trading on Tuesday, the company's shares hit $1.25. A year ago, they were trading at $8.28.