COLUMBUS, Ohio - Worthington Enterprises, Inc. (NYSE:WOR) saw its stock jump 14% in after-hours trading Tuesday after the company reported fiscal second quarter earnings that beat analyst expectations.
The designer and manufacturer of products for building and consumer markets posted adjusted earnings per share of $0.60 for the quarter ended November 30, surpassing the analyst consensus estimate of $0.56.
Revenue came in at $274 million, down 8% year-over-year and below the $282.27 million analysts were expecting. The company said the revenue decline was primarily driven by the deconsolidation of its former Sustainable Energy Solutions segment.
Despite lower sales, Worthington's adjusted EBITDA rose 2% to $56.2 million compared to the same quarter last year.
"We delivered solid financial results for the quarter despite mild but persistent macro headwinds, achieving year over year and sequential growth in adjusted EBITDA and adjusted EPS," said Worthington Enterprises President and CEO Joe Hayek.
The Consumer Products segment saw earnings growth driven by increased volumes and improved gross margins. The Building Products segment generated higher earnings due to the inclusion of recently acquired Ragasco and stronger contributions from the WAVE joint venture.
Worthington repurchased 200,000 shares during the quarter for $8.1 million. The company also declared a quarterly dividend of $0.17 per share.
Looking ahead, Hayek said Worthington is "very well positioned as growth returns to our end markets" and remains confident in the company's ability to drive sustainable growth and deliver long-term shareholder value.
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