Why Shares of GrafTech Are Falling Today
Shares of graphite-materials producer GrafTech International (NYSE: EAF) fell 14% on Wednesday following the company's release of first-quarter results. GrafTech is feeling the impact of the COVID-19 pandemic and will reduce its dividend as a result.
Before markets opened on Wednesday, GrafTech reported first-quarter earnings of $0.45 per share on revenue of $318.65 million, falling short of analyst expectations for $0.48 per share in earnings on sales of $353 million. Revenue was down 32.9% year over year, while adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 36.8%.
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Source Fool.com
