Worthington Steel down on quarterly profit miss
WS•Worthington Steel shares fell 8.8% after it reported first-quarter adjusted earnings of 57 cents per share, below analysts’ 68-cent estimate. Revenue was $953.9 million, above the $885.9 million estimate, driven by the Kloeckner acquisition.
1. Quarterly results
Worthington Steel reported first-quarter adjusted earnings per share of 57 cents, missing analysts’ estimate of 68 cents. Revenue was $953.9 million, beating the $885.9 million estimate, driven by the Kloeckner acquisition.
2. Disposal timing
The company said it expects the sale of Kloeckner Disposal Group to be completed within one year of the acquisition.
