Worthington Steel, Inc. (NYSE: WS) has reported its financial results for the fiscal 2025 second quarter ended November 30, 2024. The company's net sales for the second quarter of fiscal 2025 were $739.0 million, a decrease of 9% compared to $808.0 million in the same period of the previous year. Operating income for the quarter was $18.9 million, a significant improvement from an operating loss of $8.8 million in the second quarter of fiscal 2024. The net earnings attributable to controlling interest also showed a positive turnaround, reaching $12.8 million compared to a net loss of $6.0 million in the same quarter last year.
Additionally, the company's adjusted EBIT (non-GAAP) for the quarter was $14.3 million, up from $6.6 million in the second quarter of fiscal 2024. The quarterly results also revealed an increase in gross margin by $19.8 million over the prior year quarter to $80.0 million, driven primarily by higher direct spreads, offset by lower volume.
In terms of earnings per share, net earnings per diluted share attributable to controlling interest were $0.25 for the second quarter of fiscal 2025, a significant improvement from a net loss per diluted share of $0.12 in the same period of the previous year. Adjusted net earnings per diluted share attributable to controlling interest (non-GAAP) also increased to $0.19 from $0.11 in the second quarter of fiscal 2024.
Looking at the balance sheet, the company had cash and cash equivalents of $52.0 million as of November 30, 2024. During the second quarter of fiscal 2025, Worthington Steel reported net cash provided by operating activities of $68.0 million, compared to $139.9 million in the prior year quarter. The company also declared a quarterly dividend of $0.16 per common share, payable on March 28, 2025, to shareholders of record at the close of business on March 14, 2025.
The company's financial highlights for the fiscal 2025 periods and the fiscal 2024 comparative periods are as follows:
- Volume (tons): 936,069 in 2Q 2025, compared to 968,595 in 2Q 2024
- Net sales: $739.0 million in 2Q 2025, compared to $808.0 million in 2Q 2024
- Operating income (loss): $18.9 million in 2Q 2025, compared to ($8.8) million in 2Q 2024
- Net earnings (loss) attributable to controlling interest: $12.8 million in 2Q 2025, compared to ($6.0) million in 2Q 2024
- Adjusted EBIT (non-GAAP): $14.3 million in 2Q 2025, compared to $6.6 million in 2Q 2024
These figures demonstrate the company's progress and positive momentum in key financial metrics compared to the same period in the previous fiscal year. As a result of these announcements, the company's shares have moved 5.1% on the market, and are now trading at a price of $34.1. If you want to know more, read the company's complete 8-K report here.
