COLUMBUS, Ohio – Worthington Enterprises, Inc. (NYSE: WOR) reported fourth-quarter earnings of $0.74 per share, which was $0.14 below analyst expectations.
The company’s revenue also missed expectations, coming in at $319 million, compared to the expected $352.82 million. Despite the deficit, Worthington shares rose 3.6% after the release, buoyed by the company’s leadership’s optimistic outlook.
Worthington’s fourth quarter performance was significantly lower than the same period last year, with net sales down 13.6% from $368.8 million. The company also reported a net loss from continuing operations of $31.5 million, or -$0.64 per diluted share, a stark contrast to net income of $50.1 million, or $1.01 per diluted share, in the prior year quarter . However, on an adjusted basis, net income from continuing operations was $37.5 million for the quarter.
President and CEO Andy Rose expressed confidence in the company’s direction, citing recent strategic moves such as the acquisition of Hexagon Ragasco and the creation of a Sustainable Energy Solutions joint venture. “We have market-leading brands, a rock-solid balance sheet and a team focused on driving long-term profitable growth for Worthington Enterprises,” said Rose.
Worthington’s Building Products segment had a solid quarter with strong contributions from WAVE and its water business, while the Consumer Products segment performed well despite some challenges. The overall health of the business was described as good by Rose, who also praised employees for their dedication and hard work.
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