Worthington Enterprises, Inc. (NYSE: WOR) has reported its first quarter fiscal 2025 results, with net sales of $257.3 million and net earnings from continuing operations of $24.3 million, or $0.48 per diluted share. This represents a decrease from the first quarter of fiscal 2024, which saw net sales of $311.9 million and net earnings from continuing operations of $26.8 million, or $0.54 per diluted share.
On a non-GAAP basis, adjusted net earnings from continuing operations totaled $25.1 million for the first quarter of fiscal 2025, or $0.50 per diluted share, compared to $37.2 million, or $0.75 per diluted share, in the prior year comparable quarter.
The company's financial highlights, on a continuing operations basis, for the current year and prior year quarters are as follows:
- Net sales for the first quarter of fiscal 2025 were $257.3 million, a decrease of $54.6 million, or 17.5%, from the prior year quarter.
- Operating loss was $4.7 million for the first quarter of fiscal 2025, favorable by $2.6 million compared to the prior year quarter.
- Adjusted EBITDA from continuing operations was $48.4 million for the first quarter of fiscal 2025, down from $65.9 million in the prior year quarter.
- The company ended the quarter with total debt of $300.0 million, consistent with the balance at May 31, 2024, and cash of $178.5 million, down $65.7 million from May 31, 2024.
In terms of segment results, consumer products generated net sales of $117.6 million during the first quarter of fiscal 2025, up $0.2 million from the prior year quarter, while building products generated net sales of $139.7 million during the first quarter of fiscal 2025, down $26.2 million, or 15.8%, from the prior year quarter.
CEO Andy Rose noted, "We had another respectable quarter thanks to our team’s focus on managing costs and serving our customers even as persistent higher interest rates and macroeconomic uncertainty continued to impact demand."
Looking ahead, Rose expressed a positive long-term outlook, especially with the recent recalibration of interest rates. He emphasized the company's strong balance sheet and its ability to drive long-term growth and reward shareholders.
The company will be reviewing its fiscal 2025 first quarter results during its quarterly conference call on September 25, 2024. Worthington Enterprises is a designer and manufacturer of market-leading brands operating with two primary business segments: building products and consumer products. Following these announcements, the company's shares moved 1.8%, and are now trading at a price of $45.29. If you want to know more, read the company's complete 8-K report here.
