Shares of Curtiss-Wright (CW) tumbled 5.10% in Thursday's pre-market trading session, despite the company reporting better-than-expected second-quarter earnings. The aerospace and defense company posted adjusted earnings per share of $3.23, surpassing the analyst consensus of $3.13 and showing significant growth from $2.64 in the same quarter last year.
Curtiss-Wright's revenue also impressed, rising 11.7% to $876.58 million, outpacing analysts' expectations of $852.03 million. The company reported a quarterly net income of $121.06 million. Despite these positive figures, investors appeared to react negatively, possibly due to concerns about future growth or other underlying factors not immediately apparent in the earnings report.
The stark contrast between the company's strong financial performance and the stock's decline suggests that market participants may be focusing on other aspects, such as guidance, market conditions, or broader economic concerns. It's worth noting that prior to this drop, Curtiss-Wright's shares had gained 43.5% year-to-date, which could indicate that some investors are taking profits after the substantial run-up. As the trading day progresses, market watchers will be keen to see if the stock can recover from this early morning plunge or if the downward pressure persists.
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