Drop In Steel Prices Impacts Worthington Industries Q1 Revenue, CEO Anticipates Margin and Demand Improvement
Portfolio Pulse from Akanksha Bakshi
Worthington Industries, Inc. (NYSE:WOR) reported a 15.3% YoY decline in Q1 FY24 net sales, totaling $1.19 billion, missing the consensus of $1.23 billion due to lower average selling prices in Steel Processing and reduced overall volumes. However, adjusted EPS stood at $2.06, beating the consensus of $2.04. The company's gross profit rose by 16.6% YoY to $197.49 million, and operating income reached $77.71 million. The company's board declared a quarterly dividend of $0.32 per share. WOR shares are trading 2.19% lower at $69.52 in Thursday’s premarket session.
September 28, 2023 | 12:40 pm
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NEGATIVE IMPACT
Worthington Industries reported lower than expected Q1 FY24 net sales, but beat EPS consensus. The company declared a quarterly dividend of $0.32 per share. WOR shares are trading lower.
The company's lower than expected sales and the drop in share price indicate a negative short-term impact. However, the beat on EPS and the declaration of a dividend might offset some of the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100