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Aug 31, 2023
Worthington Q1 2024 Earnings Report
Worthington Industries reported a strong first quarter, driven by solid results in Steel Processing and Building Products, but faced headwinds in Consumer Products due to weather, customer destocking, and lower consumer spending.
Key Takeaways
Worthington Industries reported net sales of $1.2 billion and net earnings attributable to controlling interest of $96.1 million, or $1.93 per diluted share, for its fiscal 2024 first quarter ended August 31, 2023. The company's Steel Processing segment saw healthy demand, while Building Products benefited from strong contributions from WAVE and ClarkDietrich combined with growth in wholly owned businesses.
Net sales decreased by 15% compared to the prior year quarter, totaling $1.2 billion.
Net earnings attributable to controlling interest increased to $96.1 million, or $1.93 per diluted share, compared to $64.1 million, or $1.30 per diluted share in the prior year quarter.
Steel Processing's adjusted EBIT was up $43.1 million over the prior year quarter to $78.0 million.
Building Products' adjusted EBIT increased $1.3 million over the prior year quarter to $54.0 million.
Revenue by Segment
Forward Guidance
Worthington's businesses continue to perform well despite some economic uncertainty and signs that consumers are stretched. The company is making good progress on its Worthington 2024 plan, which will create two, distinct market-leading companies, Worthington Enterprises and Worthington Steel, and is on-track to complete the separation as early as December 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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