| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Worthington Steel, Inc. (NYSE:WS) shares are skyrocketing on Friday.
The company reported third quarter fiscal 2024 adjusted earnings per share of 99 cents, beating the Wall Street view of 84 cents.
Quarterly revenues of $805.80 million outpaced the analyst consensus of $700.50 million. Sales increased 3%, compared to the prior year quarter.
The increase was driven primarily by a 1% increase in direct selling prices and an 11% increase in toll selling prices.
“We saw improvements in sales, operating income and net income over the same quarter in 2023, and our teams are laser-focused on finishing the fiscal year strong,” said Geoff Gilmore, president and chief executive officer of Worthington Steel.
Gross margin increased by $56.9 million over the prior year quarter to $120.1 million. The increase was driven primarily by improved direct spreads and higher volume.
Operating income improved by $56.8 million over the prior year quarter to $66.3 million, primarily due to the improved gross margin.
“I’m optimistic about our future and confident in our team, our growth plans and our strategy,” Gilmore added.
Worthington Steel has declared a quarterly dividend of $0.16 per common share, payable on June 28, 2024, to shareholders of record on June 14, 2024.
Price Action: WS shares are trading higher by 24.7% to $39.79 on the last check Friday.
Photo via Shutterstock
Posted In: WS
