Worthington Steel, Inc. (NYSE: WS) has announced its financial results for the fourth quarter and full year fiscal 2025, ending on May 31, 2025. The company reported a 9% decrease in net sales, which amounted to $832.9 million compared to $911.0 million in the fourth quarter of fiscal 2024. Operating income stood at $66.4 million, down from $67.3 million in the same period last year.
Net earnings attributable to controlling interest were $55.7 million, showing a slight increase from $53.2 million in the fourth quarter of fiscal 2024. The net earnings per diluted share attributable to controlling interest also saw a marginal rise to $1.10 from $1.06 in the same period last year. Adjusted net earnings per diluted share attributable to controlling interest were reported at $1.05, down from $1.06 in the fourth quarter of fiscal 2024.
The company's adjusted EBIT amounted to $70.1 million, a slight decrease from $70.4 million in the fourth quarter of fiscal 2024. Additionally, the volume of tons decreased to 982,180 from 1,029,565 in the same period last year.
Worthington Steel outlined the factors contributing to the decrease in net sales, attributing it to lower average selling prices and reduced toll volumes. The company also reported a decrease in gross margin by $4.0 million to $127.0 million, driven primarily by lower toll margins offset by higher direct spreads.
In terms of the full fiscal year 2025, net sales amounted to $3,093.3 million, down from $3,430.6 million in fiscal 2024. Operating income for the full year stood at $147.0 million, down from $194.5 million in the previous year. Net earnings attributable to controlling interest for the full year amounted to $110.7 million, a decrease from $154.7 million in fiscal 2024.
The company also highlighted its cash position and capital allocation, with cash and cash equivalents of $38.0 million and restricted cash of $54.9 million as of May 31, 2025. Worthington Steel reported a net debt position of $113.5 million.
Moreover, the company declared a quarterly dividend of $0.16 per share, payable on September 26, 2025, to shareholders of record at the close of business on September 12, 2025.
Worthington Steel's president and CEO, Geoff Gilmore, expressed satisfaction with the company's performance in a mixed economic environment, citing progress on growth initiatives, market share gains, and customer accolades.
The company will hold a quarterly conference call on June 26, 2025, to discuss its fiscal 2025 fourth quarter results in more detail. Worthington Steel operates 37 facilities in seven states and 10 countries, with a workforce of approximately 6,000 employees. As a result of these announcements, the company's shares have moved 1.23% on the market, and are now trading at a price of $32.03. Check out the company's full 8-K submission here.
