Worthington Steel Shares Slide After 2Q Revenue Falls on Lower Volumes, Prices

Dow Jones12-19

By Connor Hart

Shares of Worthington Steel tumbled after the company's revenue fell in its fiscal second quarter, hurt by lower volumes and prices.

The stock fell 11%, to $33.65, in after-hours trading Wednesday. Shares, which ended the regular session 3.7% lower at $37.92, are up 35% since the beginning of the year.

The Columbus, Ohio, metals processor reported a profit of $12.8 million, or 25 cents a share, for its three months ended Nov. 30, compared with a loss of $6 million, or 12 cents a share, in the same quarter last year. Last year's quarter contained a $14.9 million separation cost related to its separation from building- and consumer-products company Worthington Enterprises.

On an adjusted basis, per-share earnings came in at 19 cents.

Revenue fell to $739 million from $808 million last year. Direct tons sold fell 5% year-over-year, while toll tons sold decreased 1%. Direct selling prices were 4% lower than last year, the company said.

Chief Executive Geoff Gilmore said the company faced headwinds across a number of its end markets.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 18, 2024 17:51 ET (22:51 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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