Categories Earnings, Industrials

Worthington Industries Q2 profit dips 14%, misses estimates

Worthington Industries (WOR) reported a 14% dip in earnings for the second quarter due to rising input costs and lower spreads in its Steel Processing business as well as lower profit sharing and bonus accruals. The results of the metals manufacturing company missed analysts’ expectations. Following this, the stock inched down over 10% in the premarket session.

Net income for the quarter dropped 13.7% to $34 million and earnings fell 8.1% to $0.57 per share. The results included net pre-tax restructuring charges totaling $0.4 million, which lowered earnings per share by $0.01.

However, net sales grew 10% to $958.2 million, driven by higher average direct selling prices in Steel Processing. This was partially offset by lower net sales in the consumer products business in Pressure Cylinders.

For the second quarter, Steel Processing’s net sales increased 18% driven primarily by higher average direct selling prices. Engineered Cabs’ net sales decreased 6% on lower volume.

Pressure Cylinders’ net sales declined 2% as consumer products in the prior year quarter benefited from hurricane-driven demand. Volume decreases in the industrial products and oil & gas equipment businesses were largely offset by favorable pricing and mix.

Worthington Industries Q1 profit jumps 21%

Looking ahead, the company is making good progress on recovering margins and anticipates continued solid end market demand. Worthington said its teams are executing strategies focused on accelerating its growth and delivering innovative solutions to its customers.

Recently in mid-August, the company has appointed Andy Rose as President. Rose continued as Chief Financial Officer on an interim basis until Nov. 1, 2018, when the company announced that Joseph Hayek was named Vice President and CFO.

Shares of Worthington Industries ended Monday’s regular session down 1.29% at $36.66 on the NYSE. The stock has fallen over 16% in the year so far and over 18% in the past three months.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

What to look for when CVS Health (CVS) reports Q3 earnings

Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain

eBay (EBAY): A few factors that helped drive growth in Q3 2024

Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,

CVX Earnings: Chevron reports lower revenue and profit for Q3 2024

Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top