Real Industry Inc. beat Wall Street expectations on earnings for the fiscal second quarter, but the market reacted by sending the share price down nearly 9 percent.
The Sherman Oaks investment holding company reported on Tuesday a net loss of $1.5 million (-7 cents a share) for the quarter ending June 30, compared with a net loss of $10.9 million (-42 cents) in the same period a year earlier. Revenue decreased 13 percent to $321 million.
Analysts on average expected a loss on earnings of -13 cents on revenue of $323 million, according to the Thomson Financial Network.
Real Industry owns an aluminum recycling business, Real Alloy, in Cleveland.
Earnings were released after the market close Tuesday. Shares on Wednesday closed down 76 cents, or 8.9 percent, to $7.74 on the Nasdaq.