Why KEMET Corporation Shares Got Destroyed Today

Shares of KEMET Corporation (NYSE: KEM) got destroyed today, down by 30% as of noon EDT, after the company reported preliminary fiscal second-quarter results. While the results met analyst expectations, shares had gained 274% year to date prior to the release, so investors might have been pricing in even loftier expectations.

Revenue in the fiscal second quarter totaled $301.5 million; that included sales from KEMET's acquisition of NEC TOKIN, which closed in April. Non-GAAP (generally accepted accounting principles) net income was $26.5 million, or $0.45 per share. The Street was modeling for $298.5 million in sales and an adjusted profit of $0.45 per share.

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Source: Fool.com