Worthington Shares Are Trading Lower Wednesday: What's Going On?

Worthington Enterprises, Inc. (NYSE:WOR) shares are trading lower Wednesday. The company reported first-quarter financial results on Tuesday after the market closed.

What To Know: Worthington reported first-quarter adjusted earnings per share of 74 cents, beating the consensus estimate of 70 cents. Sales for the quarter came in at $303.70 million, beating the consensus estimate of $291.84 million.

Net earnings increased 45% to $34.8 million, while adjusted EBITDA climbed 34% to $65.1 million. The gains were led by higher volumes in the Building Products segment and contributions from the Elgen Manufacturing acquisition that was completed in June.

Operating income came in at $9.2 million, swinging from a loss in the same quarter last year. On an adjusted basis, operating income rose to $11.7 million, driven by stronger performance in Building Products.

During the quarter, Worthington repurchased 100,000 shares for $6.3 million and declared a quarterly dividend of 19 cents per share. The company ended the period with $167.1 million in cash, down from May due in part to the $91.2 million Elgen acquisition.

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WOR Price Action: At the time of writing, Worthington shares are trading 11.55% lower at $53.30, according to data from Benzinga Pro.

This illustration was generated using artificial intelligence via Midjourney.