Steel Products

Worthington Enterprises' earnings dip in fiscal Q2'25

December 19, 2024

Worthington Enterprises Inc.

Second quarter ended Nov. 30	2024	2023	% Change
Net sales	$274.0	$298.2	-8.1%
Net income (loss)	$28.0	$28.2	-0.6%
Per diluted share	$0.57	$0.36	58%
Half year ended Nov. 30
Net sales	$531.4	$610.1	-12.9%
Net income (loss)	$52.0	$127.9	-59.3%
Per diluted share	$1.06	$0.91	16.5%

(in millions of dollars except per share)

Worthington Enterprises’ profits edged down in its fiscal second quarter of 2025 vs. a year earlier. The company said a slump in sales in the quarter was due largely to the “deconsolidation” of the Sustainable Energy Solutions segment in the fourth quarter of fiscal 2024.

The Columbus, Ohio-based designer and manufacturer of building products, consumer products, and sustainable energy solutions achieved net earnings of $28.0 million in fiscal Q2’25 vs. $28.2 million a year earlier. Sales declined roughly 8% to $274 million in the same comparison.

“We delivered solid financial results for the quarter despite mild but persistent macro headwinds,” President and CEO Joe Hayek said in a statement.

Consumer products saw net sales of $116.7 million in fiscal Q2’25, down $2.6 million (-2.2%) vs. the prior year quarter, while building products net sales were $157.3 million, up $6 million (+4.0%) in the same comparison.

Outlook

Worthington Enterprises remains optimistic about its future, emphasizing a strong focus on delivering value-added solutions.

“Our team continues to navigate the current environment effectively, maintaining a strong focus on delivering value-added solutions and products for our customers,” Hayek said.

He noted that while the company was pleased with its performance, “we continue to set our sights higher.”

“We have improved our value propositions in multiple product lines over the last year, and we are very well positioned as growth returns to our end markets,” Hayek said.

The company sees sustainable gains across its value chain and notably through M&A, Hayek added.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.