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Worthington Enterprises Inc. (WOR) has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing reports net sales of $274 million for the quarter, a decrease from $298.2 million in the same quarter the previous year. This decline is attributed to unfavorable product mix and lower volumes in certain segments.
Operating income for the quarter was $3.5 million, compared to a loss of $14.4 million in the previous year. The improvement is due to higher gross profit and reduced SG&A expenses.
Net earnings from continuing operations were $28.3 million, up from $17.9 million in the previous year, with the increase driven by higher operating income and lower separation costs.
Adjusted EBITDA from continuing operations was $56.2 million, slightly up from $55 million in the previous year, reflecting improved performance in the Consumer Products segment.
The company completed the acquisition of Ragasco, a manufacturer of composite propane cylinders, for approximately $101.4 million, with additional contingent consideration possible.
Worthington Enterprises reported cash and cash equivalents of $193.8 million as of November 30, 2024, down from $244.2 million at the beginning of the period, primarily due to acquisition and repurchase activities.
The company declared a quarterly dividend of $0.17 per share, payable on March 28, 2025, to shareholders of record as of March 14, 2025.
Worthington Enterprises continues to monitor macroeconomic trends, including interest rates and construction spending, which impact its end markets and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Worthington Enterprises Inc. quarterly 10-Q report dated January 10, 2025. To report an error, please email earnings@qz.com.