Worthington Steel (NYSE: WS) reported improved fourth quarter business trends after market close, though the company fell short of analyst expectations across key metrics.
For the fourth quarter, The firm reported adjusted earnings of $0.74 per share, exceeding analyst estimates of earnings of $0.73 per share despite a 29.5 percent year-over-year decline.
The company recorded quarterly revenue of $929.20 million, below analyst projections of $992.00 million despite annual revenue growth of 11.6% .
Geoff Gilmore, president and chief executive officer, said, “Fourth quarter results reflected solid execution in a mixed market with tighter year-over-year value-added spreads, which are beginning to normalize. Higher net sales were supported by growth in our direct business and continued focus on value-added solutions for customers.”
