COLUMBUS, Ohio - Worthington Steel, Inc. (NYSE: WS), a leader in value-added steel processing, reported its fiscal 2024 fourth quarter results, showcasing an earnings beat but a slight miss on revenue expectations. Shares of the company were down 0.7% following the report.
The company posted earnings per share (EPS) of $1.06, surpassing the analyst consensus of $0.58 by $0.48. However, revenue for the quarter was reported at $911 million, falling short of the consensus estimate of $918.2 million.
The company's net sales saw a 3% increase compared to the same quarter last year, rising from $884 million to $911 million.
Geoff Gilmore, president and CEO of Worthington Steel, attributed the company's solid fourth-quarter performance to the dedication of its employees. "Employees continue to be the driving force behind Worthington Steel's momentum," Gilmore said. He emphasized the company's commitment to strategy execution and shareholder value creation through organic growth and strategic mergers and acquisitions.
Operating income for the quarter decreased to $67.3 million from $89.8 million in the prior year, primarily due to a decline in gross margin and an increase in selling, general, and administrative expenses. Net earnings attributable to controlling interest also saw a decrease from $67.3 million to $53.2 million year-over-year (YoY).
Adjusted EBIT, a measure of earnings before interest and taxes, stood at $70.4 million, a decrease from the previous year's $98.4 million. The company also continued to receive industry recognition, earning the 2023 Supplier of the Year from General Motors (NYSE:GM) and maintaining its status as a John Deere (NYSE:DE) Partner-level Supplier for the 12th consecutive year.
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