Diversified industrial manufacturing company Worthington (NYSE:WOR) will be announcing earnings results tomorrow after market close. Here’s what to look for.
Worthington beat analysts’ revenue expectations by 1% last quarter, reporting revenues of $274 million, down 8.1% year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates.
Is Worthington a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Worthington’s revenue to decline 9.9% year on year to $285.5 million, a further deceleration from the 8.5% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.70 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings.
With Worthington being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for industrial machinery stocks. However, the segment has faced declining investor sentiment as Worthington’s peer group is down 2.4% on average over the last month. Worthington is down 3.8% during the same time and is heading into earnings with an average analyst price target of $52.40 (compared to the current share price of $41.03).
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