☰
The company’s building products segment sales rose 11.2% to $164.8 million.
Worthington Enterprises (WOR) stock rose 3.2% in premarket trading on Wednesday after the company’s third-quarter earnings topped Wall Street’s estimates.
The building equipment firm posted adjusted earnings of $0.91 per share, while analysts expected $0.70, according to FinChat data.
The company’s net sales declined 3.9% to $304.5 million from a year earlier. However, its sales exceeded Wall Street’s expectations of $289.1 million.
Worthington said that the decrease was due to the deconsolidation of its sustainable energy solutions business during the fourth quarter, partially offset by contributions from cylinder maker Ragasco and higher overall volumes.
"Our growth in sales and earnings was driven by market share gains, a more favorable mix, and improved gross margins in our wholly owned businesses,” CEO Joe Hayek said.
The company’s consumer products segment generated net sales of $139.7 million in the third quarter, an increase of 4.9% compared to a year earlier due to higher volumes.
Its building products segment sales rose 11.2% to $164.8 million.
“While recent tariff announcements are creating some uncertainty across multiple markets, we are well-positioned as a domestic designer and manufacturer of market-leading brands,” Hayek added.
Retail sentiment on Stocktwits jumped to ‘extremely bullish’ (76/100) territory from ‘bearish’(37/100) a day ago, while retail chatter remained ‘extremely high.’
Worthington shares have gained 3.8% year-to-date.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here.