Exela Technologies Inc XELA shares are trading lower by 22.8% to $0.31 during Monday's after-hours session after the company reported worse-than-expected third-quarter sales results.
Exela shares were otherwise trading higher by 45.61% to $0.41 during Monday's regular session and higher by 134.67% over the trailing 5 sessions. Recent momentum can possibly be attributed to a November 7 open letter to shareholders from investor Ramy El-Batrawi.
What Happened?
Exela Technologies reported quarterly sales of $264.00 million which missed the analyst consensus estimate of $283.36 million by 6.8%. This sales figure represents is a 5.5% decrease over sales of $279.23 million in the same period last year.
"Since stepping into my current role over a year ago, we have completed many of the objectives laid out; however, our intrinsic value remains deeply discounted. Our business is positioned for operational leverage with conversion of the pipeline into contract wins, stable renewals, and significant operational improvements. In light of the macro environment, we are focused on converting actions into results," said Par Chadha, Executive Chairman of Exela.
According to data from Benzinga Pro, XELA has a 52-week high of $34.40 and a 52-week low of $0.17.
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