China Yuchai International Limited (NYSE: CYD) stock plummeted 5.58% in intraday trading on Wednesday, underperforming the broader market. The selloff came after the company reported disappointing full-year 2024 earnings results that missed analysts' expectations, coupled with a downgrade from Greenridge analyst William Gregozeski.
According to the earnings report, China Yuchai's revenue for the fiscal year 2024 grew by 6% year-over-year to CN¥19.1 billion, but fell short of analysts' estimates. The company's net income rose 13% to CN¥323.1 million, but the earnings per share (EPS) of CN¥8.21 also missed expectations.
The disappointing results prompted analyst William Gregozeski to downgrade the stock from Buy to Hold, although he raised the price target from $15 to $22. Investors reacted negatively to the downgrade and the weak earnings, leading to the sharp decline in China Yuchai's stock price during intraday trading.
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