Worthington Enterprises, Inc. (NYSE:WOR) shares are trading lower at a premarket on Wednesday after the company reported worse-than-expected first-quarter financial results.
On Tuesday, the company reported a net sales decline of 17.5% Y/Y to $257.3 million, missing the consensus of $300.26 million.
The decline was attributed to the deconsolidation of the former Sustainable Energy Solutions (SES) segment in the fourth quarter of FY24 and lower volumes in the Building Products segment.
Adjusted EBITDA from continuing operations fell to $48.4 million from $65.9 million a year ago quarter. Adjusted EPS of $0.50 missed the consensus of $0.74.
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