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Worthington Enterprises Reports Second Quarter Fiscal 2025 Results
WORWorthington Industries(WOR) GlobeNewswire·2024-12-17 21:15

Core Insights - Worthington Enterprises reported a net sales decrease of 8% to 274.0millioninQ2FY2025,primarilyduetothedeconsolidationoftheSustainableEnergySolutionssegment[2][3][4]−AdjustedEPSfromcontinuingoperationsincreasedby5274.0 million in Q2 FY2025, primarily due to the deconsolidation of the Sustainable Energy Solutions segment [2][3][4] - Adjusted EPS from continuing operations increased by 5% to 0.60, while adjusted EBITDA rose by 2% to 56.2milliondespitelowernetsales[2][3]−Thecompanyrepurchased200,000sharesfor56.2 million despite lower net sales [2][3] - The company repurchased 200,000 shares for 8.1 million and declared a quarterly dividend of 0.17pershare[2][3]FinancialPerformance−NetsalesforQ2FY2025were0.17 per share [2][3] Financial Performance - Net sales for Q2 FY2025 were 274.0 million, down from 298.2millioninQ2FY2024,adecreaseof298.2 million in Q2 FY2024, a decrease of 24.2 million or 8.1% [2][3] - Operating income improved to 3.5million,afavorablechangeof3.5 million, a favorable change of 17.9 million from a loss of 14.4millionintheprioryear[5]−Netearningsfromcontinuingoperationswere14.4 million in the prior year [5] - Net earnings from continuing operations were 28.3 million, compared to 17.9millionintheprioryear[2][3]SegmentPerformance−ConsumerProductssegmentgeneratednetsalesof17.9 million in the prior year [2][3] Segment Performance - Consumer Products segment generated net sales of 116.7 million, down 2.2% from the prior year, but adjusted EBITDA increased by 2.8millionto2.8 million to 15.5 million [10] - Building Products segment saw net sales rise by 4.0% to 157.3million,withadjustedEBITDAincreasingby157.3 million, with adjusted EBITDA increasing by 1.4 million to 47.2million[11]BalanceSheetandCashFlow−Thecompanyendedthequarterwithcashof47.2 million [11] Balance Sheet and Cash Flow - The company ended the quarter with cash of 193.8 million, down 50.4millionfromthepreviousquarter,primarilyduetotheacquisitionofRagasco[8]−Totaldebtremainedrelativelyunchangedat50.4 million from the previous quarter, primarily due to the acquisition of Ragasco [8] - Total debt remained relatively unchanged at 295.7 million, with no borrowings under the revolving credit facility [9] Outlook - The company aims to optimize its business and drive sustainable growth, focusing on transformation, innovation, and M&A opportunities [12]