By Sabela Ojea

Shares of Radius Recycling dropped Wednesday after the company reported a wider loss and lower-than-expected revenue in its fiscal first quarter amid more challenging market conditions.

Shares fell 8.6% to $13.50 in pre-marker trading. Through Tuesday's close, the stock has fallen 46% over the past 12 months.

The steel products maker said its loss for the three months ended Nov. 30 widened to $37.2 million, or $1.30 a share, from a loss of $18 million, or 64 cents a share, for the same period a year earlier.

Revenue dropped to $656.5 million from $672.9 million a year ago, missing the $666.9 million expected by Wall Street, according to FactSet.

"The company's operating results were relatively stable year-over-year, although market conditions for ferrous, nonferrous, and steel diverged materially," Radius Recycling said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

January 08, 2025 09:12 ET (14:12 GMT)

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