Worthington Enterprises (formerly known as Worthington Industries) has reported net sales of $1.1bn and net earnings of $24.3m, or $0.49 per diluted share, for its fiscal 2024 second quarter (Q2), ending 30th November 2023.
Andy Rose, President and CEO of Worthington, said, “This was our last quarter as Worthington Industries, and I am very proud of our people all across the company who stayed focused on serving our customers while we worked hard during the last year to prepare for and ultimately execute the separation of our steel processing business on 1st December.”
Net sales for the quarter decreased $88.6m, or 7.5%, from the prior year. Gross margin increased by $18m from the prior year and the company generated an operating loss of $1.1m in the current quarter, compared to operating income of $90.5m in the prior year quarter.
Interest expense was $2.2m in the current quarter, down $5.4m compared to the prior year quarter due to higher interest income and, to a lesser extent, lower average debt levels driven by the July 28, 2023, redemption of the Company’s senior unsecured notes that were set to mature in April 2026 (“2026 Notes”).
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