Firy Inc on Thursday posted second-quarter results that fell short of Wall Street expectations, with adjusted earnings per share of $0.42 missing estimates by $0.68 and revenue declining 8% year-over-year to $245 million.
The company’s net income totaled $38 million, down from $52 million in the same period last year, reflecting weaker demand and higher operating costs. Gross margin contracted to 31%, compared with 35% in Q2 2023, as supply chain disruptions and pricing pressures weighed on profitability.
Firy’s management cited softness in its core markets and elevated inventory levels as key factors behind the underperformance. Despite the miss, the company reaffirmed its full-year guidance, projecting revenue of $1.05 billion to $1.1 billion and adjusted EPS of $2.10 to $2.30.
Analysts at Jefferies downgraded the stock to Hold from Buy, citing the earnings miss and near-term headwinds. Shares of Firy fell 4.2% in after-hours trading following the release.
The company plans to host an earnings call on Friday to discuss the results in further detail.
