COLUMBUS, Ohio - Worthington Enterprises, Inc. (NYSE: WOR) reported fourth-quarter earnings of $0.74 per share, which fell short of analysts' expectations by $0.14.
The company's revenue also missed estimates, coming in at $319 million compared to the anticipated $352.82 million. Despite the shortfall, Worthington's stock climbed 3.6% following the release, buoyed by an optimistic outlook from the company's leadership.
Worthington's fourth-quarter performance marked a significant decline from 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 the net earnings of $50.1 million, or $1.01 per diluted share, in the prior year's quarter. On an adjusted basis, however, net earnings from continuing operations totaled $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, and a team focused on driving long-term profitable growth for Worthington Enterprises," Rose said.
Worthington's Building Products segment experienced a solid quarter with strong contributions from WAVE and its water business, while the Consumer Products segment performed well despite some challenges. The company's overall health was described as good by Rose, who also praised employees for their dedication and hard work.
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