Shares of metal manufacturer Worthington Industries (NYSE:WOR) are up today after it reported earnings for its third quarter of Fiscal Year 2023. Adjusted earnings per share came in at $1.04, which beat analysts’ consensus estimate of $0.78 per share. Sales decreased by 20.3% year-over-year, with revenue hitting $1.1 billion. Nevertheless, this was more than $191 million above expectations.
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Gross profit saw little change year-over-year, coming in at $143.8 million. The company was able to offset inflationary pressures and lower volumes in its Consumer Products segment with higher direct spreads and a favorable mix in its Building Products business.
In addition, lower steel prices allowed the firm to improve its balance sheet thanks to lower working capital requirements. Indeed, compared to May 31, 2022, cash increased by $232.8 million to $267.2 million, while total debt decreased by $51.4 million to $693.2 million.
A look at the past five trading days shows the impact that today’s earnings report had on WOR stock. Shares mostly traded sideways as they hovered around $54 per share. However, as a result of today’s news, investors are now up almost 17% during this timeframe.
