Why Ternium Stock Is Tumbling Today
Shares of Ternium (NYSE: TX) tumbled more than 12% by 11 a.m. ET on Wednesday. Weighing on the steelmaker were its fourth-quarter results and outlook for 2022.
Ternium reported solid fourth-quarter results. The steel company's revenue soared 68%, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) skyrocketed 133%. The company benefited from higher iron ore shipments and revenue per ton. That more than offset an 8% decline in steel shipments -- due to a 17% decrease in shipments to Mexico because of supply chain issues -- and lower spot steel prices.
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Source Fool.com
