RTTNews | Jan 27, 2022 01:09PM EST

13:09 Thursday, January 27, 2022 (RTTNews.com) - Synthetic yarn manufacturer, Unifi, Inc. (UFI), saw its stock plunge 15% after the company reported a weaker net income in the second quarter on Thursday.

Unify reported a net income of $0.9 million, or $0.05 per share compared to $7.5 million, or $0.40 per share in the same quarter last year. The drop was primarily due to higher cost of sales. Four analysts polled by Thomson Reuters estimated the earnings to be $0.27 per share.

The stock is currentlytrading hands at $18.33, down $4.12 or 18.35% since the previous close at $22.45. In the morning, the stock opened at $20.98 and in the 52-week period, the stock has ranged between $18.33 adn $30.94 per share.

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