Worthington Enterprises Q3 2024 Earnings Down

Based on the press release from Worthington Enterprises regarding their Q3 2024 earnings, several key financial metrics have changed compared to the prior year.

In Q3 2024, Worthington Enterprises reported adjusted EBITDA of $67 million, down from $70 million in Q3 of the previous year. Adjusted earnings per share from continuing operations were $0.80 per share in Q3 2024, slightly down from $0.81 per share in the same quarter of the prior year.

The company's consolidated net sales decreased by 8.5% from $346 million in the prior year to $317 million in Q3 2024. Gross profit decreased to $73 million from $79 million in Q3 of the previous year, although the gross margin improved to 23.1% from 22.8%.

The Consumer Products segment experienced a slight increase in net sales, reaching $133 million in Q3 2024 compared to $131 million in the same quarter of the prior year. However, adjusted EBITDA margin for this segment improved to 19.3% in Q3 2024 from 16.1% in the prior year.

In contrast, the Building Products segment saw a decrease in net sales, down 19% from $184 million in Q3 of the previous year to $148 million in Q3 2024. Despite the decrease in net sales, the segment's adjusted EBITDA margin improved to 35.8% from 31.6% in the prior year.

The Sustainable Energy Solutions (SES) segment reported an increase in net sales, reaching $35 million in Q3 2024, up 11% from the prior year. However, the segment reported an adjusted EBITDA loss of $3 million in Q3 2024 compared to breakeven results in the prior year.

In terms of cash flows, Worthington Enterprises reported cash flow from operations of $50 million in Q3 2024, with free cash flow reaching $40 million. The company also invested $10 million in capital projects during the quarter and acquired an 80% interest in an affiliate of HALO Products Group for approximately $9 million.

Following these announcements, the company's shares moved -4.4%, and are now trading at a price of $45.27. For more information, read the company's full 8-K submission here.

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