Worthington Shares Slide Despite Revenue Gains from Acquisitions

Net income reached $48.1 million, or 97 cents a share, marking a significant recovery from the $3.88 million, or 8 cents a share, reported during the same period last year. Despite this year-over-year jump, the adjusted earnings of 97 cents per share fell short of the $1.06 anticipated by FactSet analysts. Total revenue climbed to $317.5 million, missing the consensus forecast of $386.5 million.

Growth was anchored by the building products division, which saw sales rise nearly 28% largely due to the $205 million acquisition of LSI Group, a specialist in commercial metal roofing. Chief Executive Joe Hayek indicated that the company’s immediate strategy centers on integrating these recent purchases to sustain momentum. Amid the market volatility, the board opted to raise the quarterly dividend by 5% to 20 cents per share, payable on September 29. Prior to the post-market drop, the stock had enjoyed an 18.3% climb throughout the year.