Several companies made headlines in after-hours trading, with Nucor leading the way as its shares slid 6.3% after the steelmaker’s first-quarter results fell short of estimates. The company reported earnings of $3.46 per share, below the FactSet consensus estimate of $3.67, and revenue of $8.14 billion, weaker than the estimated $8.26 billion. Nucor also issued a lackluster second-quarter outlook, citing decreased earnings in the steel mills segment due to lower average selling prices offset by increased volumes. Cleveland-Cliffs, another steel producer, lost nearly 3% after its first-quarter results also fell short of analysts’ expectations, with adjusted earnings of 18 cents per share on revenue of $5.2 billion, below the estimated 22 cents per share and $5.35 billion in revenue.
Cadence Design Systems saw its shares drop 8.9% after issuing poor second-quarter guidance. The software company forecast earnings per share between $1.20 and $1.24, lower than the $1.43 per share expected by analysts, and revenue guidance between $1.03 billion and $1.05 billion, missing a consensus estimate of $1.11 billion. On the other hand, Globe Life added 1.8% after raising its full-year earnings guidance for 2024 to a range of $11.50 to $12.00, up from a prior range of $11.30 to $11.80. The company’s first-quarter operating earnings and revenue matched FactSet consensus estimates. Crane Company gained 3.7% after posting first-quarter earnings and revenue that exceeded analysts’ expectations, with adjusted earnings of $1.22 per share and revenue of $565.3 million, topping estimates of $1.13 per share and $546.4 million, respectively.
Alexandria Real Estate Equities saw its stock advance 1.2% after surpassing first-quarter revenue expectations with revenue of $769.1 million, above the consensus estimate of $764.4 million. Packaging Corporation of America, however, fell 1.8% in extended trading despite posting first-quarter earnings that topped estimates. The company earned $1.72 per share, more than the anticipated $1.68, and revenue of $2.0 billion exceeded the consensus estimate of $1.91 billion. Calix tumbled nearly 15% after issuing weak second-quarter guidance, anticipating earnings between 3 cents and 9 cents per share on revenue of $197 million to $203 million, below analysts’ expectations of 24 cents per share on revenue of $232.8 million.
Simpson Manufacturing’s shares slid nearly 11% after the manufacturer of structural solutions reported a decline in revenue and profit for the first quarter, with earnings of $1.77 per share, down 14.3% from the previous year, and revenue of $530.6 million, almost 1% lower than the previous year. Medpace also saw its shares drop 4.3% after its first-quarter revenue missed estimates, with $511.0 million in revenue compared to the anticipated $512.4 million. TrustCo Bank Corp. NY, on the other hand, gained 3.7% after earning 64 cents per share in the first quarter, surpassing a FactSet consensus estimate of 60 cents. Overall, the companies making headlines in after-hours trading experienced a mix of positive and negative outcomes in their first-quarter results and second-quarter guidance.
