Worthington Industries Slides on Q1 Earnings Miss
Worthington Industries (NYSE:WOR) reported its latest quarterly earnings results early in the day Wednesday, unveiling earnings and revenue that came in below what analysts were calling for.
The metals manufacturing company — which is based out of Columbus, Ohio — said that for its first quarter of fiscal 2019, it brought in a bottom line of $54.94 million, or 91 cents per share. The figure was stronger than what the company amassed during the year-ago quarter, when its net income tallied up to $45.53 million, or 70 cents per share.
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Worthington Industries’ first-quarter earnings was below what analysts were calling for at $1.02 per share, according to Zacks Investment Research. The company added that its sales for its first quarter of the new fiscal year reached $988.11 million, marking a 16.5% gain from the $848.24 million it raked in during the year-ago quarter.
The figure was also below the Zacks projection by 2.12%. Worthington Industries also said that its board of directors has declared a quarterly dividend of 23 cents per share, which will be payable on December 28, 2018 to shareholders of record as of December 14, 2018.
The company has been able to shell out a quarterly dividend every single three-month period since it first became a publicly-traded company back in 1968.
WOR stock was down a little under 8% as of early afternoon Wednesday following the company’s fiscal first-quarter earnings miss.
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