Worthington Enterprises Reports Second Quarter Fiscal 2025 Results

Core Insights - Worthington Enterprises reported a net sales decrease of 8% to $274.0 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 $56.2 million despite lower net sales [2][3] - The company repurchased 200,000 shares for $8.1 million and declared a quarterly dividend of $0.17 per share [2][3] Financial Performance - Net sales for Q2 FY2025 were $274.0 million, down from $298.2 million in Q2 FY2024, a decrease of $24.2 million or 8.1% [2][3] - Operating income improved to $3.5 million, a favorable change of $17.9 million from a loss of $14.4 million in the prior year [5] - Net earnings from continuing operations were $28.3 million, compared to $17.9 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 $2.8 million to $15.5 million [10] - Building Products segment saw net sales rise by 4.0% to $157.3 million, with adjusted EBITDA increasing by $1.4 million to $47.2 million [11] Balance Sheet and Cash Flow - The company ended the quarter with cash of $193.8 million, down $50.4 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]