Why Shares of GrafTech International Jumped Higher Today
Shares of GrafTech International (NYSE: EAF) soared 12% higher at the open Thursday, and traded up nearly 8% as of 11 a.m. EDT, after the company reported better-than-expected quarterly results. GrafTech shareholders have endured a rough run so far in 2020, but the company's quarter was not nearly as bad as some had feared.
Before markets opened on Thursday, GrafTech said it earned $0.35 per share in the second quarter on revenue of $280.7 million, easily beating analyst consensus estimates for $0.22 per share in earnings on revenue of $226 million. Revenue was down 41% year over year, but investors went into earnings season knowing it has been a rough environment for the company.
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Source Fool.com
