Worthington Industries (NYSE:WOR) reported a year-over-year drop in sales but improved profits for the fiscal second quarter as the Columbus, Ohio-based industrial manufacturing company completed the separation of its steel segment.
For 2Q, sales of $1.1 billion were down from $1.2 billion in the year-ago quarter which was attributed to lower selling prices partially offset by higher volumes.
Adjusted earnings per share improved from $0.44 in the year-ago quarter to $0.78 but missed analyst estimates of $0.81.
The company noted that its quarterly results included both Worthington Enterprises and Worthington Steel, with its steel business separated on December 1, 2023.
Worthington shares traded slightly higher following the release of its results, up 0.6% at US$58.85 mid-morning on Wednesday.