Worthington Shares Surge on Higher Sales, Profit

Dow Jones09-23 05:22

Shares of Worthington Enterprises rose after the company logged higher sales and profit in the fiscal first quarter.

The stock rallied 15% to $67.79 in after-hours trading on Tuesday. Through the close shares are up 13% this year.

The building products maker said revenue increased 13% to $343.9 million in the fiscal first quarter. Analysts surveyed by FactSet were expecting $331.3 million.

Profit was $42.6 million, or 87 cents a share, compared with $35.1 million, or 70 cents a share, the year before.

Adjusted earnings per share 82 cents a share, ahead of the 75 cents a share projected by Wall Street analysts.

The company benefited from $4 million in tariff refunds, and a boost of $192 million in net sales from recent acquisitions.

Sales within building performance solutions increased 16%, driven primarily by acquisitions. Trade and specialty solutions revenue was up 8%, thanks to higher volume and higher average selling prices.

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