Worthington Enterprises Reports Decline

By Bobby Samwell • Tuesday, June 25 16:59 • Permanent Link

Worthington Enterprises, Inc. (NYSE: WOR) has reported its fiscal 2024 fourth-quarter results, showcasing a net sales decline from $368.8 million in the fourth quarter of fiscal 2023 to $318.8 million in the same quarter of fiscal 2024. The company also reported a net loss from continuing operations of $31.5 million, or $(0.64) per diluted share, for the fourth quarter of fiscal 2024, in contrast to net earnings from continuing operations of $50.1 million, or $1.01 per diluted share, in the fourth quarter of fiscal 2023.

The company's adjusted net earnings from continuing operations totaled $37.5 million for the fourth quarter of fiscal 2024, or $0.74 per diluted share, compared to $59.0 million, or $1.19 per diluted share, in the prior year comparable quarter.

Looking at the full fiscal year 2024 compared to 2023, net sales decreased from $1,418.5 million to $1,245.7 million. Operating income went from $29.8 million in fiscal 2023 to an operating loss of $73.5 million in fiscal 2024. Adjusted operating income also saw a decrease from $77.9 million in fiscal 2023 to $20.9 million in fiscal 2024.

Net earnings from continuing operations dropped from $125.8 million in fiscal 2023 to $35.2 million in fiscal 2024. Adjusted EBITDA from continuing operations decreased from $306.0 million in fiscal 2023 to $251.0 million in fiscal 2024. Earnings per share from continuing operations also experienced a decline from $2.55 in fiscal 2023 to $0.70 in fiscal 2024. Adjusted EPS from continuing operations dropped from $3.60 in fiscal 2023 to $2.84 in fiscal 2024.

The company's quarterly segment results also reflect declines in net sales and adjusted EBITDA across its consumer products, building products, and sustainable energy solutions segments.

Despite the challenging financial performance, the company's president and CEO, Andy Rose, expressed optimism, citing the completion of the acquisition of Hexagon Ragasco and the formation of a sustainable energy solutions joint venture as factors that position the company for future growth opportunities.

Worthington Enterprises will hold its quarterly conference call on June 26, 2024, to review its fiscal 2024 fourth-quarter results. The company also announced its upcoming investor events, including participation in industrial and energy showcases and annual investor conferences in August and September 2024. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $50.16. Check out the company's full 8-K submission here.

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