AMRK (26.35) that was a surprisingly big earnings miss, but evidently it leaked out because the stock action has been poor the past few weeks with the stock already down 37% from the summer high of $42+. They did not explain why the big miss in the PR, but presumably they'll provide some clarification in the conf call. I'll be interested in reading the transcript. I wonder if they're losing market share or is this just a transient business slowdown ? Will earnings rebound in Dec Q2 or will the results get even weaker ?
briefing -
A-Mark Precious Metals misses by $0.61, beats on revs (26.35 -0.83) :
Reports Q1 (Sep) earnings of $0.77 per share, $0.61 worse than the FactSet Consensus of $1.38; revenues rose 30.7% year/year to $2.48 bln vs the $2.1 bln FactSet Consensus.
Gold ounces sold in the three months ended September 30, 2023 decreased 21% to 495,000 ounces from 629,000 ounces for the three months ended September 30, 2022, and decreased 39% from 814,000 ounces for the three months ended June 30, 2023.
Silver ounces sold in the three months ended September 30, 2023 decreased 15% to 30.4 million ounces from 35.9 million ounces for the three months ended September 30, 2022, and decreased 33% from 45.3 million ounces for the three months ended June 30, 2023.
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