FCStone falls 33% in pre-market on lower-than-expected Q3 results

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FCStone Group Inc. (Nasdaq:FCSX) is falling more than 33% in pre-market trading after the company announced earlier today its third-quarter profits had dropped. For the quarter ended May 31, FCStone reported net income of $8 million, or $0.28 per share, compared with $8.1 million, or $0.29 a share, for the same quarter a year ago. Wall Street was expecting $0.47 per share. FCStone Group is a Kansas City, Mo.-based commodity risk management company. It said costs and expenses were higher than the previous year because of higher volume-related costs of broker commissions and pit brokerage and clearing fees. The company also said write offs slashed profits by $4.2 million.

Ahead of today’s opening, shares of FCStone are down $10 at $19.90. Shares have ranged from $18.39 to $53.25 during the past year.

For detailed price information and recent news stories on FCStone Group Inc., click FCSX.