Key Takeaways KR, WOR, DAL, NECB and WKC recently announced higher dividends for shareholders.Persistent inflation and market uncertainty are boosting focus on dividend-paying stocks.Each featured stock has raised dividends multiple times in the past five years with modest payout ratios. The financial markets remain volatile as mixed U.S. economic data give investors more reasons to stay cautious. Inflation remains sticky, with May Personal Consumption Expenditures (PCE), the Federal Reserve’s preferred inflation gauge, rising 4.1% year over year, the highest level since April 2023. Core PCE reached 3.4%. To counter growing inflation risk, the Fed has kept interest rates unchanged in the range of 3.50-3.75%, signaling that some policymakers still expect another rate hike this year, reinforcing concerns that borrowing costs could stay higher for longer.
The cracks are becoming harder to ignore. Housing starts fell to a six-month low of 1.177 million, far below expectations, while durable goods orders dropped 4.5% in May. Manufacturing data also showed uneven momentum, with New York factory activity slowing sharply despite remaining in expansion territory. Although first-quarter GDP was revised up to 2.1% and consumer spending continued, persistent inflation suggests the economy faces growing pressure, making investors wary about the outlook for growth and corporate earnings.
Amid such market conditions, cautious investors who wish to diversify their portfolios and pick dividend-paying stocks can keep a tab on some prominent names like The Kroger Co. (KR - Free Report) , Worthington Enterprises, Inc. (WOR - Free Report) , Delta Air Lines (DAL - Free Report) , Northeast Community Bancorp (NECB - Free Report) and World Kinect Corporation (WKC - Free Report) . Companies that pay out dividends consistently indicate a healthy business model. Stocks that have raised dividends recently exhibit a sound financial structure and can counter market upheavals. Moreover, stocks that tend to reward investors with a high dividend payout outperform non-dividend-paying entities in a highly volatile market.
The KrogerThe Kroger is one of the largest food and grocery retailers in the United States, operating an extensive omnichannel network of supermarkets, pharmacies, fuel centers and digital commerce platforms. This Cincinnati, OH-based company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
On June 25, KR declared that its shareholders would receive a dividend of 39 cents a share on Sept. 1, 2026. KR has a dividend yield of 2.4%.
Over the past five years, KR has increased its dividend six times, and its payout ratio presently sits at 28% of earnings. Check The Kroger’s dividend history here.
Worthington EnterprisesWorthington Enterprises is headquartered in Columbus, OH. This Zacks Rank #3 company is a designer and manufacturer of brands, operating in segments like Building Products, Consumer Products and Sustainable Energy Solutions.
On June 23, WOR declared that its shareholders would receive a dividend of 20 cents a share on Sept. 29, 2026. WOR has a dividend yield of 1.3%.
In the past five years, WOR has increased its dividend six times. Its payout ratio is currently 22% of earnings. Check Worthington Enterprises’ dividend history here.
Delta Air LinesDelta Air Lines provides scheduled air transportation for passengers and cargo in the United States and internationally. This Atlanta, GA-based company currently carries a Zacks Rank #3.
On June 18, DAL announced that its shareholders would receive a dividend of 22 cents a share on July 30, 2026. DAL has a dividend yield of 0.8%.
Over the past five years, DAL has increased its dividend four times. Its payout ratio now sits at 13% of earnings. Check Delta Air Lines' dividend history here.
Northeast Community BancorpNortheast Community Bancorp operates as a community-oriented financial institution offering traditional financial services to consumers and businesses in its market area and its lending territory. This Zacks Rank #3 company operates from White Plains, NY.
On June 18, NECB declared that its shareholders would receive a dividend of 25 cents a share on Aug. 6, 2026. NECB has a dividend yield of 3%.
Over the past five years, NECB has increased its dividend six times, and its payout ratio presently sits at 25% of earnings. Check Northeast Community Bancorp's dividend history here.
World Kinect CorporationWorld Kinect Corporation is headquartered in Miami, FL. This Zacks Rank #3 energy management company offers a broad suite of energy advisory, management and fulfillment services, digital and other technology solutions, as well as sustainability products and services across the energy product spectrum.
On June 18, WKC declared that its shareholders would receive a dividend of 23 cents a share on June 16, 2026. WKC has a dividend yield of 2.5%.
In the past five years, WKC has increased its dividend four times. Its payout ratio is currently 37% of earnings. Check World Kinect Corporation’s dividend history here.
Published in construction finance oil-energy retail transportation
Key Takeaways Worthington sees data center cooling as a multiyear growth opportunity with rising demand.Building Products sales rose 28%, with Elgen and LSI adding $44 million in revenues.Worthington generated $170 million in fiscal 2026 free cash flow, a 102% conversion rate. Worthington Enterprises, Inc. (WOR - Free Report) used its fourth-quarter fiscal 2026 earnings call to emphasize the growing contribution of innovation, acquisitions, and cash generation despite a quarter that fell short of Wall Street expectations.
Management pointed to expanding opportunities in data center infrastructure, improving profitability across wholly owned businesses, and continued integration of recent acquisitions as key themes shaping fiscal 2027.
Data Centers Become a Larger Growth PlatformPresident and chief executive officer Joseph Hayek described liquid-cooling infrastructure for data centers as one of the company’s most promising growth opportunities.
Worthington shipped approximately $13 million of ASME water tanks used in data center cooling systems during fiscal 2026 and expects to ship at least that much in the first quarter of fiscal 2027. Management said demand continues to increase, prompting additional investment in equipment and capacity.
Hayek also noted that several businesses across the portfolio participate in data center construction and operation, including WAVE, ClarkDietrich, Elgen, LSI, and portions of the water business. He characterized the market as an emerging, multiyear opportunity with growing cross-selling potential.
WOR Leans on Innovation Across MarketsHayek repeatedly highlighted innovation as the company’s primary organic growth driver.
One example was Balloon Time Mini, which recently secured placement in a majority of Walmart stores. Management said consumer adoption continues to build and supports growth in the celebrations business.
Innovation is also being applied to mature product categories. Executives pointed to new product development efforts across consumer businesses and said the company has a growing pipeline of launches scheduled for fiscal 2027.
Worthington Expands Building Products PortfolioAcquisitions remained a central part of the growth strategy.
Hayek said integration efforts for Elgen and LSI are progressing as planned and that both businesses are performing well. The acquisitions expanded the company’s building products capabilities and strengthened its position across the building envelope market.
Chief financial officer Colin Souza said Building Products sales rose 28% in the quarter, with acquisitions contributing $44 million of revenues. Excluding acquisitions, sales increased 5% on higher volumes.
Margin Pressure Tied to Temporary FactorsWhile fourth-quarter results were solid, management spent considerable time addressing factors that weighed on profitability.
Souza said adjusted EBITDA declined modestly from the prior-year quarter because of lower contributions from ClarkDietrich and a difficult comparison in the cooling and construction business. The prior-year period benefited from unusually strong demand tied to the industry transition toward A2L refrigerants.
During the Q&A session, a CJS Securities analyst asked whether those headwinds would persist. Souza responded that the impact was primarily a comparison issue rather than a deterioration in business fundamentals. He said inventory normalization related to the A2L transition could affect the next couple of quarters, but the pressure should moderate by the second quarter of fiscal 2027.
Ticker Highlights Cash Flow and Balance SheetAnother recurring theme was cash generation.
Worthington produced $55 million of free cash flow during the quarter, its strongest quarterly performance since becoming Worthington Enterprises. For fiscal 2026, free cash flow reached $170 million, representing a conversion rate of 102% relative to adjusted net earnings.
Souza said modernization spending is nearing completion, with roughly $16 million remaining. He added that capital expenditures should return to more normal levels after the project concludes, supporting future cash generation.
The company ended the year with net debt of $278 million and a net leverage ratio below 1x, while maintaining a fully undrawn $500 million revolving credit facility.
WOR Sees Pricing and Procurement AdvantagesExecutives also addressed inflation and commodity costs.
Souza said the company experienced higher costs across steel, aluminum, brass, freight, and diesel but has implemented pricing actions and contractual adjustments to protect profitability.
Hayek added that tight steel markets can create a competitive advantage for Worthington because of its procurement and supply-chain capabilities. He said the company’s purchasing expertise helps differentiate it from competitors when material availability becomes constrained.
Management Enters Fiscal 2027 With ConfidenceThe tone from management remained constructive despite the earnings miss versus the Zacks Consensus Estimate. WOR’s adjusted earnings per share of $0.97 missed the consensus estimate of $1.04, delivering a negative surprise of 6.7%. Revenues of approximately $371.50 million also trailed expectations of $385.70 million, delivering a negative surprise of 3.7%.
Hayek said the company enters fiscal 2027 with leading brands, multiple growth avenues, financial flexibility, and an expanding innovation engine that management believes positions the business for long-term value creation.
What Zacks Signals SuggestWOR currently carries a Zacks Rank #3 (Hold). Under the Zacks framework, a Rank #3 generally indicates balanced earnings estimate trends and suggests performance more in line with the broader market over the near term. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock also holds a Value Score of B, Growth Score of D, Momentum Score of C, and VGM Score of C. According to Zacks methodology, stronger Style Scores can enhance the prospects of highly ranked stocks, while the VGM Score provides a combined view of value, growth, and momentum characteristics. Investors should note that the Zacks Rank can change as analysts revise earnings estimates following the latest quarterly results.
Q4: 2026-06-23 Earnings SummaryEPS of $0.97 misses by $0.09
|
Revenue of
$371.46M
(16.85% Y/Y)
misses by $15.04M
Worthington Enterprises, Inc. (WOR) Q4 2026 Earnings Call June 24, 2026 8:30 AM EDT
Company Participants
Marcus Rogier - Investor Relations Officer & Treasurer
Joseph Hayek - President, CEO & Director
Colin Souza - VP & CFO
Conference Call Participants
Will Gildea - CJS Securities, Inc.
Brian Biros - Thompson Research Group, LLC
Susan Maklari - Goldman Sachs Group, Inc., Research Division
Madison Callinan - Canaccord Genuity Corp., Research Division
Presentation
Operator
Hello, everyone, thank you for joining us and welcome to the Worthington Enterprises' Fourth Quarter Fiscal 2026 Earnings Call. [Operator Instructions] I will now hand the conference over to Marcus Rogier, Treasurer and Investor Relations Officer. Marcus, please go ahead.
Marcus Rogier
Investor Relations Officer & Treasurer
Thank you, Paige. Good morning, everyone, and thank you for joining us for Worthington Enterprises' Fourth Quarter Fiscal 2026 Earnings Call. On the call today are Joe Hayek, our President and Chief Executive Officer, and Colin Souza, our Chief Financial Officer.
Before we begin, I'd like to remind everyone that certain statements made during today's call are forward-looking in nature and subject to risk and uncertainties that could cause actual results to differ materially from those expressed or implied. For more information on these risks and uncertainties, please refer to our earnings release issued yesterday after the market close, which is available on the investor relations section of our website.
Additionally, our remarks today will include references to non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures can also be found in the earnings release. Today's call is being recorded and a replay will be available later on our website at worthingtonenterprises.com.
With that, I'll turn the call over to Joe for opening remarks.
Joseph Hayek
President, CEO & Director
Thank you, Marcus, and good morning, everybody, add my welcome to this Worthington
SummaryWorthington Enterprises is downgraded to "Hold" after a double miss in Q4 earnings and a sharp post-earnings selloff.WOR’s valuation aligns with historical averages, with mixed PEG and price-to-sales ratios, and current trading near fair value.Q4 saw stable adjusted EBITDA margins, $55 million free cash flow, and a dividend hike, but profitability trends remain lackluster.Technical signals suggest a bearish false breakout, with shares likely to churn between $50–$60 amid declining long-term momentum. Daria Matveeva/iStock via Getty Images
Worthington Enterprises, Inc. (WOR) reported soft fiscal Q4 earnings this week. The Industrials-sector company saw its shares plunge by more than 9% after a double miss. But the drop came after a strong return since my previous analysis in September
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Worthington Enterprises, Inc. is rated a Buy following its recent earnings-driven dip, offering a compelling value and growth opportunity. Despite a Q4 top line and EPS miss, WOR posted strong full-year results: 20% net sales growth to $1.38B and 63% net earnings growth to $155M. Strategic M&A, notably Elgen and LSI Group, is expanding high-margin segments and supporting future margin optimization and market share gains.
The Zacks Building Products – Wood industry continues to face a tough operating environment. Elevated construction costs, the risk of project delays and ongoing affordability challenges are weighing on housing demand. Concerns around tariffs are adding pressure to global trade flows. Higher tariffs on Canadian lumber imports and lower import volumes from certain overseas suppliers are tightening the available supply. At the same time, spending on home repair and remodeling has eased from pandemic highs as higher mortgage rates strain household budgets. With homeownership becoming less accessible, demand conditions remain subdued for industry participants.
That said, underlying demand for essential replacements, home upgrades and the modernization of aging housing stock remains intact. Increased investments in infrastructure, along with rising focus on carbon and ESG-related projects, are providing some support. While high mortgage rates and cautious consumer spending continue to pose risks, disciplined cost control, product innovation and strategic acquisitions are expected to aid companies such as Weyerhaeuser Co. , Trex Company, Inc. and Worthington Enterprises, Inc.
Industry DescriptionThe Zacks Building Products – Wood industry includes forest product companies and manufacturers of lumber as well as other wood products used in home construction, repair and remodeling, along with the development of outdoor structures. Companies in the industry design, manufacture, source and sell flooring products like tile, wood, laminate, vinyl and natural stone flooring products, as well as decorative and installation accessories.
The industry players are also involved in the manufacturing and distribution of wood and plastic composite products, along with related accessories, mainly for residential decking and railing applications. The industry also includes timberland real estate investment trusts, or REITs.
4 Trends Shaping the Future of Building Products - Wood IndustryHigh Rates, Trade Policy and Tariffs: The industry’s prospects are highly correlated with the U.S. housing and the R&R market (considered one of the largest in terms of lumber demand) conditions. The U.S. housing market remained constrained by elevated interest rates and subdued consumer confidence. Buyer urgency was low in both new and existing home markets, and large public builders continued to use rate buydowns to stimulate demand. Economic uncertainty and ongoing weakness in home sales and building material sales are limiting residential remodeling.
Meanwhile, the reimplementation of tariffs on Canadian softwood lumber by President Trump in 2025 presents significant implications for the U.S. wood industry. In January 2026, President Trump’s decision to delay higher tariffs on furniture, kitchen cabinets and vanities until Jan. 1, 2027 offers only limited relief and underscores the ongoing uncertainty weighing on the U.S. wood industry.
Although the White House imposed a 25% tariff on these products in October 2025, steeper increases — to 30% for furniture and 50% for cabinets and vanities — were postponed for one year. Keeping the tariff at 25% through at least 2027 does little to ease cost pressures for domestic wood producers, who continue to face demand volatility, cautious consumer spending and disrupted pricing dynamics across downstream housing and renovation markets.
Rapid Lumber Market Swings: Historically, volatility in lumber prices has been a major concern for the wood industry. Any unusual rise in the cost of lumber products sold by primary producers increases the cost of inventory and limits margins on fixed-priced lumber products. Yet, a decline in costs eats into profits as products sold are indexed to the current lumber market. Meanwhile, the timberland business is governed by federal rules and state forestry commissions, which are subject to frequent changes, affecting businesses. Due to the very nature of their properties, timberland REITs are required to follow eco-friendly mandates in their trade.
Higher Spending on Infrastructure & Carbon/ESG Projects: The potential rate cuts are poised to increase affordability, stimulate residential activity and set the stage for growth in the wood industry. Additionally, government initiatives such as the Infrastructure Investment and Jobs Act and the Inflation Reduction Act are expected to boost infrastructure spending. This emphasis on modernization and clean energy is anticipated to drive growth for companies within the wood sector.
Acquisitions, Product Innovation & Efficient Cost-Reduction Strategies: The companies also bank on acquisitions and divestitures to expand and improve portfolio quality. New products continue to be an important top-line driver for the industry players. Also, efforts to introduce products are likely to have helped the players.
Again, in a bid to reduce costs, companies have been reducing the cost structure of their facilities through the sale or shutdown of underperforming units and manufacturing facilities, as well as investments in technology. Also, the industry players have been focusing on operational excellence, comprising merchandising for value, harvest, and transportation efficiencies and boosting harvest to capture seasonal and short-term opportunities.
Zacks Industry Rank Indicates Dull ProspectsThe Zacks Building Products – Wood industry is a nine-stock group within the broader Construction sector. The Zacks Wood industry currently carries a Zacks Industry Rank #206, which places it in the bottom 17% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a lower earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group’s earnings growth potential. Since March 2026, the industry’s earnings estimates for 2026 have decreased to $1.99 per share from $2.03.
Despite the industry’s blurred near-term view, we will present a few stocks that one may consider adding to their portfolio. Before that, it’s worth taking a look at the industry’s shareholder returns and current valuation.
Industry Lags Sector, S&P 500The Zacks Building Products – Wood industry has underperformed the broader Zacks Construction sector and the Zacks S&P 500 Composite over the past year.
Over this period, the industry has gained 10% compared with the broader sector’s 24.6% rise. The Zacks S&P 500 Composite has gained 28.2% over this period.
Industry's Current ValuationOn the basis of the forward 12-month price-to-earnings ratio, which is a commonly used multiple for valuing wood stocks, the industry trades at 27.2 compared with the S&P 500’s 21.34 and the sector’s 21.73.
Over the last five years, the industry has traded as high as 29.47X, as low as 10.18X and at a median of 18.62X.
3 Wood Stocks to Keep an Eye OnWe have highlighted three stocks from the industry that have been capitalizing on fundamental strengths.
Worthington: Headquartered in Columbus, OH, Worthington is an industrial manufacturing company. The company is benefiting from a combination of product innovation, operational improvements and strategic acquisitions. Also, rising demand for its ASME water tanks used in liquid-cooled data centers, with management highlighting a rapidly expanding pipeline and expecting multi-year growth as AI-driven data center construction accelerates, is encouraging.
Worthington is also expanding market share through new product launches, higher production capacity and acquisitions such as LSI, which strengthens its engineered building systems portfolio. At the same time, the Worthington Business System, AI-enabled process improvements and automation are helping improve efficiency, support margin expansion and drive sustainable organic growth.
Worthington — a Zacks Rank #3 (Hold) company — has gained 3.4% over the past year. The Zacks Consensus Estimate for WOR’s fiscal 2026 and 2027 earnings per share (EPS) calls for 11.1% and 14.8% growth, respectively. Worthington’s earnings surpassed the consensus mark in two of the last four reported quarters and missed on two occasions, with the average being 6.4%. It also has a VGM Score of B. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weyerhaeuser: A major private timberland owner, Weyerhaeuser was founded in Washington in 1900. Weyerhaeuser is strengthening its long-term growth outlook through product innovation, strategic investments and expansion across higher-value businesses. The company expects strong demand for its newly introduced AeroStrand and ProPanel products, while the Monticello Engineered Wood Products facility is set to expand TimberStrand production and support future growth.
Weyerhaeuser is also widening its distribution footprint to penetrate underserved markets and increase proprietary product sales. Beyond wood products, the company sees continued growth from its Strategic Land Solutions and Climate Solutions businesses, supported by steady real estate demand and an expanding renewable energy pipeline. Over the longer term, favorable housing demographics and an underbuilt U.S. housing market remain important demand drivers.
Weyerhaeuser — a Zacks Rank #3 company — has lost 6.4% over the past year. The company has seen an upward estimate revision for 2026 earnings to 32 cents from 26 cents per share over the past 60 days. The Zacks Consensus Estimate for its 2026 EPS implies 60% year-over-year growth. Weyerhaeuser’s earnings surpassed the consensus mark in all the last four reported quarters, with the average being 102.9%.
Trex: Based in Winchester, VA, Trex produces composite decking and railing products. Trex is positioning itself for sustained long-term growth by strengthening its market leadership through innovation, capacity expansion and deeper customer engagement. The company sees a significant opportunity to accelerate the conversion from traditional wood decking, which still represents about 75% of the market, to low-maintenance composite products.
Increased investments in marketing, contractor lead generation and brand awareness are expected to support market-share gains. Trex is also advancing a strong innovation pipeline with category-defining product launches planned between 2027 and 2030. Additional growth drivers include expanded retail shelf space, entry into the PVC decking market, plans to double the railing business within five years and the new Arkansas manufacturing facility, which provides ample capacity for future expansion while supporting stronger free cash flow.
Trex — a Zacks Rank #3 company — has lost 10.4% over the past year. Yet, the company has seen an upward estimate revision for 2026 earnings to $1.68 from $1.63 per share over the past 60 days, depicting analysts’ optimism over the company’s prospects. Trex’s earnings surpassed the consensus mark in three of the last four reported quarters and missed on one occasion, with the average being 127.4%.
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COLUMBUS, Ohio, June 23, 2026 (GLOBE NEWSWIRE) -- The Worthington Enterprises Inc. (NYSE: WOR) board of directors today declared a quarterly dividend of $0.20 per share, which represents an increase of $0.01 per share or 5% from the prior quarter. The dividend is payable on September 29, 2026, to shareholders of record on September 15, 2026. The company has paid a quarterly dividend since its initial public offering in 1968.
The board of directors also appointed accomplished manufacturing and building products executive Brad Southern as its newest member. Southern retired as Chairman and CEO of Louisiana-Pacific Corporation (LP) Building Solutions earlier this year. He joined LP in 1999, became CEO in 2017 and Chairman in 2020. Prior to joining LP, Southern held operational, financial and strategic planning leadership roles with MacMillan Bloedel. He is currently Chairman of the board of directors of the Nashville branch of the Federal Reserve Bank of Atlanta. He previously served on the boards of GMS Inc., Astec Industries, Keller Group, and several nonprofit and industry organizations.
Worthington Enterprises Board Chairman John Blystone said, “Brad brings our board of directors more than 40 years of leadership experience across operations, strategy, finance and corporate governance. Throughout his career, he led large-scale building products, manufacturing and commercial organizations with responsibility for multi-billion-dollar revenue operations and a broad portfolio of engineered solutions. We are grateful for his commitment and confident that his expertise will positively impact our strategies to create value and grow Worthington Enterprises.”
Worthington Enterprises will hold its quarterly earnings conference call tomorrow at 8:30 a.m. ET. The company will discuss its fiscal fourth quarter results, which will be released after the market closes this afternoon.
LIVE CONFERENCE CALL DETAILSDate:Wednesday, June 24, 2026Webcast Link:https://events.q4inc.com/attendee/686020142Starting Time:8:30 a.m. ETDomestic Participants:833-461-5787Conference ID:686020142 About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes heating and cooling, cooking, construction and water solutions, and building systems including HVAC and metal roofing components, architectural and acoustical grid ceilings, and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, BPD, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, LEVEL5 Tools®, Logan Stampings, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Roof Hugger®, Well-X-Trol® and XLite™, among others.
Headquartered in Columbus, Ohio, Worthington Enterprises employs approximately 4,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to historical information constitute “forward-looking statements” under federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from those expected by Worthington Enterprises. Readers should evaluate forward-looking statements in the context of such risks, uncertainties and other factors, many of which are described in Worthington Enterprises’ filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements are qualified by the cautionary statements included in Worthington Enterprises’ SEC filings and other public communications. This press release speaks only as of the date hereof. Worthington Enterprises does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
Sonya L. Higginbotham
Senior Vice President
Chief of Corporate Affairs, Communications and Sustainability
614.438.7391 [email protected]
Marcus A. Rogier
Treasurer and Investor Relations Officer
614.840.4663 [email protected]
200 Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonEnterprises.com
COLUMBUS, Ohio, June 23, 2026 (GLOBE NEWSWIRE) -- Worthington Enterprises Inc. (NYSE: WOR), a designer and manufacturer of market-leading building and consumer products that improve everyday life by elevating spaces and experiences, today reported results for its fiscal 2026 fourth quarter and full-year ended May 31, 2026.
Recent Developments and Highlights (comparisons to the prior-year period unless otherwise stated)
Fourth Quarter fiscal 2026
Net sales were $371.5 million, an increase of 17%, including $44.1 million from recent acquisitions and 3% from organic growth.Net earnings increased to $48.1 million from $3.6 million, while adjusted net earnings were $47.7 million and adjusted EBITDA was $83.5 million.Earnings per share on a fully diluted basis (“EPS – diluted”) improved to $0.97 from $0.08 per share, while adjusted EPS – diluted was $0.97 per share compared to $1.06.Operating cash flow increased $9.2 million to $71.6 million, while free cash flow increased $5.8 million to $55.1 million.Repurchased 350,000 common shares for $18.2 million, leaving 4,565,000 common shares available under the company’s existing repurchase authorization.Declared a quarterly dividend of $0.20 per common share payable on September 29, 2026, to shareholders of record at the close of business on September 15, 2026, representing a 5% increase, or $0.01 per share, compared to the prior quarter. Full-Year fiscal 2026
Net sales were $1.4 billion, an increase of 20%, including $121.7 million from recent acquisitions and 9% from organic growth. Net earnings increased 63% to $155.0 million, while adjusted net earnings increased 8% to $167.6 million and adjusted EBITDA grew 12% to $295.8 million.EPS – diluted improved to $3.14 from $1.92 per share, while adjusted EPS – diluted increased to $3.37 per share from $3.09 per share.Operating cash flow increased 8% to $226.1 million, while free cash flow improved 7% to $170.2 million.Completed the acquisitions of Elgen Manufacturing (“Elgen”) and LSI Group (“LSI”), further expanding the company’s building products portfolio and strengthening its position across the building envelope.
“We closed fiscal 2026 with another quarter of solid performance, delivering positive organic growth and strong free cash flow while continuing to execute our strategy,” said Worthington Enterprises President and CEO Joe Hayek. “For the full year, our teams drove double-digit growth in adjusted EBITDA, expanded margins in our wholly owned businesses and maintained a strong balance sheet. I want to thank my colleagues around the world for their continued commitment to serving our customers and delivering value for our shareholders. Their dedication continues to strengthen our business.”
Financial highlights for the current year and prior year quarters are as follows:
(U.S. dollars in millions, except per share amounts) 4Q 2026 4Q 2025 GAAP Financial Measures Net sales $371.5 $317.9 Operating income (loss) 23.2 (30.4)Earnings before income taxes 59.8 8.3 Net earnings 48.1 3.6 EPS – diluted 0.97 0.08 Net cash provided by operating activities 71.6 62.4 Non-GAAP Financial Measures (1) Adjusted operating income $25.5 $21.8 Adjusted EBITDA 83.5 85.1 Adjusted net earnings 47.7 53.1 Adjusted EPS – diluted 0.97 1.06 Free cash flow 55.1 49.3 (1) Refer to the “GAAP / Non-GAAP Reconciliations” and the “Use of Non-GAAP Financial Measures and Definitions” sections of this release for additional information regarding the use of non-GAAP financial measures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Consolidated Quarterly Results
Net sales for the fourth quarter of fiscal 2026 increased $53.6 million, or 16.9%, over the prior year quarter to $371.5 million. Recent acquisitions contributed $44.1 million to net sales in the current year quarter. Excluding the impact of acquisitions, net sales increased $9.5 million, or 3.0%, compared to the prior year quarter.
Operating income increased $53.6 million to $23.2 million. Results in the prior year quarter included nonrecurring items totaling $52.2 million, resulting primarily from the non-cash write-down of intangible assets in the General Tools & Instruments (“GTI”) business. On an adjusted basis, operating income increased $3.7 million in the quarter to $25.5 million, reflecting contributions from recent acquisitions.
Equity in net income of unconsolidated affiliates decreased $4.6 million from the prior year quarter to $38.1 million, primarily due to lower contributions from ClarkDietrich, which were down $6.8 million. Contributions from WAVE remained strong at $32.3 million and were largely consistent with the prior year quarter, while higher contributions from the Workhorse and SES joint ventures partially offset the decline. Equity income in the prior year quarter included a $3.4 million non-cash impairment charge at the SES joint venture.
Income tax expense was $11.7 million in the fourth quarter of fiscal 2026, compared to $4.7 million in the prior year quarter. The increase was driven by higher pre-tax earnings. Income tax expense in the fourth quarter of fiscal 2026 reflects an annual effective rate of 22.9%, compared to 26.1% in the prior year, which was impacted by certain discrete items. On an adjusted basis, the annual effective tax rate was 23.3%, compared to 23.0% in the prior year.
Balance Sheet and Cash Flow
Total debt at quarter end was $305.9 million, consisting entirely of long-term debt, an increase of $3.0 million from May 31, 2025, primarily due to the remeasurement of the company’s euro-denominated notes. The company had no borrowings under its revolving credit facility as of May 31, 2026, leaving $500.0 million available for future use and providing substantial liquidity.
The company ended the quarter with cash of $27.7 million, a decrease of $222.4 million from May 31, 2025, primarily reflecting the acquisitions of Elgen and LSI. During the fourth quarter of fiscal 2026, the company generated operating cash flow of $71.6 million, of which $16.5 million was invested in capital expenditures, resulting in free cash flow of $55.1 million, up from $49.3 million in the prior year quarter. Capital expenditures in the current year quarter included approximately $6.6 million related to ongoing facility modernization projects, which remain on track and are expected to be completed during fiscal 2027.
Quarterly Segment Results
Building Products generated net sales of $245.3 million in the current year quarter, an increase of $53.0 million, or 27.6%, over the prior year quarter. The increase was primarily driven by the impact of acquisitions, which contributed $44.1 million to net sales in the current year quarter. Excluding the impact of acquisitions, net sales increased $8.9 million, or 4.6% compared to the prior year quarter. Adjusted EBITDA decreased $2.7 million, mainly driven by a $6.8 million decline in equity income contributions from ClarkDietrich and less favorable product mix compared to the prior year quarter.
Consumer Products generated net sales of $126.1 million in the current year quarter, up $0.6 million from the prior year quarter, driven by higher average selling prices, which were mostly offset by lower volume. Adjusted EBITDA increased $3.5 million to $24.3 million, driven by gross margin improvement and lower SG&A expense.
Outlook
“As we enter fiscal 2027, we are building on the momentum we created this year,” Hayek said. “Our teams remain focused on innovation, transformation and strategic M&A as we continue to strengthen our market positions, integrate recent acquisitions, expand our capabilities and deliver value for our customers. Supported by strong free cash flow generation and a healthy balance sheet, we are excited about the opportunities ahead and remain focused on creating long-term shareholder value.”
Conference Call
The company will review fiscal 2026 fourth quarter and full-year results during its quarterly conference call on June 24, 2026, at 8:30 a.m. Eastern Time. Details regarding the conference call can be found on the company website at www.WorthingtonEnterprises.com.
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes heating and cooling, cooking, construction and water solutions, and building systems including HVAC and metal roofing components, architectural and acoustical grid ceilings, and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, BPD, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, LEVEL5 Tools®, Logan Stampings, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Roof Hugger®, Well-X-Trol® and XLite™, among others.
Headquartered in Columbus, Ohio, Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Safe Harbor Statement
Selected statements contained in this release constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Act”). We wish to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee” and similar words or phrases. These forward-looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; effects of pandemics and widespread health crises and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on the company’s customers, counterparties, employees and third-party service providers; and other non-historical matters.
Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the company’s products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the company’s products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations; effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which we participate; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom we do business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which we participate as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts, terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability, foreign currency exchange rate exposure and the acceptance of the company’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the company’s operations and financial results; deviation of actual results from estimates and/or assumptions used in the application of its significant accounting policies; the level of imports and import prices in the company’s markets; the impact of environmental laws and regulations or the actions of the United States Environmental Protection Agency or similar regulators which increase costs or limit the company’s ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, which may increase the company’s healthcare and other costs and negatively impact the company’s operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the company’s costs and negatively impact the company’s operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the company’s filings with the United States Securities and Exchange Commission, including those described in “Part I – Item 1A. – Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended May 31, 2025.
Forward-looking statements should be construed in the light of such risks. We note these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We do not undertake, and hereby disclaim, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per common share amounts) Three Months Ended Twelve Months Ended May 31, May 31, 2026 2025 2026 2025 Net sales $371,456 $317,884 $1,381,292 $1,153,762 Cost of goods sold 269,568 224,650 1,003,017 834,727 Gross profit 101,888 93,234 378,275 319,035 Selling, general and administrative expense 77,935 71,454 294,966 268,413 Impairment of long-lived assets - 50,813 - 50,813 Restructuring and other expense, net 794 1,372 7,100 10,524 Operating income (loss) 23,159 (30,405) 76,209 (10,715)Other income (expense): Miscellaneous income (expense), net 1,358 (4,031) (3,244) (3,222)Interest (expense) income, net (2,885) 60 (6,248) (2,090)Equity in net income of unconsolidated affiliates 38,141 42,707 134,631 144,836 Earnings before income taxes 59,773 8,331 201,348 128,809 Income tax expense 11,708 4,717 46,313 33,839 Net earnings 48,065 3,614 155,035 94,970 Net loss attributable to noncontrolling interest (81) (263) (1,050) (1,083)Net earnings attributable to controlling interest $48,146 $3,877 $156,085 $96,053 Basic Weighted average common shares outstanding 48,795 49,253 49,073 49,395 Earnings per share attributable to controlling interest $0.99 $0.08 $3.18 $1.94 Diluted Weighted average common shares outstanding 49,404 49,997 49,716 50,131 Earnings per share attributable to controlling interest $0.97 $0.08 $3.14 $1.92 Cash dividends declared per common share $0.19 $0.17 $0.76 $0.68 WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
May 31, 2026 2025 Assets Current assets: Cash and cash equivalents $27,725 $250,075 Receivables, less allowances of $1,310 and $907, respectively 228,168 215,824 Inventories Raw materials 110,536 80,522 Work in process 9,490 9,408 Finished products 87,270 79,463 Total inventories 207,296 169,393 Income taxes receivable 20,016 12,720 Prepaid expenses and other current assets 41,269 37,358 Total current assets 524,474 685,370 Investments in unconsolidated affiliates 118,048 129,262 Operating lease assets 42,888 22,699 Goodwill 500,784 376,480 Other intangible assets, net of accumulated amortization of $106,944 and $88,887, respectively 322,761 190,398 Other assets 28,215 20,717 Property, plant and equipment: Land 8,732 8,703 Buildings and improvements 136,441 132,742 Machinery and equipment 411,030 372,798 Construction in progress 66,509 33,326 Total property, plant and equipment 622,712 547,569 Less: accumulated depreciation 311,818 277,343 Total property, plant and equipment, net 310,894 270,226 Total assets $1,848,064 $1,695,152 Liabilities and equity Current liabilities: Accounts payable $115,203 $103,205 Accrued compensation, contributions to employee benefit plans and related taxes 41,728 43,864 Dividends payable 9,814 9,172 Other accrued items 45,832 34,478 Current operating lease liabilities 7,982 6,014 Income taxes payable 867 109 Total current liabilities 221,426 196,842 Other liabilities 56,657 53,364 Distributions in excess of investment in unconsolidated affiliate 105,349 103,767 Long-term debt 305,896 302,868 Noncurrent operating lease liabilities 35,883 17,173 Deferred income taxes, net 95,813 82,901 Total liabilities 821,024 756,915 Shareholders' equity - controlling interest 1,027,040 937,187 Noncontrolling interest - 1,050 Total equity 1,027,040 938,237 Total liabilities and equity $1,848,064 $1,695,152 WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Twelve Months Ended May 31, May 31, 2026 2025 2026 2025 Operating activities: Net earnings $48,065 $3,614 $155,035 $94,970 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 15,870 12,555 57,272 48,262 Impairment of long-lived assets - 50,813 - 50,813 Provision for (benefit from) deferred income taxes 627 (7,568) 8,439 (18,439)Impairment of investment in note receivable - 5,000 - 5,000 Bad debt expense (income) 246 (31) 358 3,158 Equity in net income of unconsolidated affiliates, net of distributions (3,630) (2,041) 5,361 8,769 Net loss on sale of assets 295 824 3,290 277 Stock-based compensation 3,230 3,399 13,734 16,186 Unrealized (gain) loss on investment in marketable securities (610) - 975 - Changes in assets and liabilities, net of impact of acquisitions: Receivables 3,836 (13,238) 7,706 (22,261)Inventories (9,858) (4,058) (11,557) 11,500 Accounts payable 7,185 13,219 3,820 619 Accrued compensation and employee benefits (1,166) 6,435 (1,986) 1,807 Other operating items, net 7,511 (6,509) (16,328) 9,083 Net cash provided by operating activities 71,601 62,414 226,119 209,744 Investing activities: Investment in property, plant and equipment (16,492) (13,086) (55,913) (50,580)Acquisitions, net of cash acquired 278 (6,862) (304,148) (95,018)Proceeds from sale of assets, net of selling costs 227 11 245 13,455 Investment in non-marketable equity securities, net of distributions (138) (85) (251) (2,958)Net cash used by investing activities (16,125) (20,022) (360,067) (135,101) Financing activities: Dividends paid (9,350) (8,396) (36,890) (33,903)Purchase of common shares (18,382) (9,831) (43,710) (30,883)Net repayments of short-term borrowings (4,792) - - - Principal payments on long-term obligations (1,094) - (1,854) - Proceeds from issuance of common shares, net of tax withholdings (112) 3,066 (5,948) (4,007)Net cash used by financing activities (33,730) (15,161) (88,402) (68,793)Increase (decrease) in cash and cash equivalents 21,746 27,231 (222,350) 5,850 Cash and cash equivalents at beginning of period 5,979 222,844 250,075 244,225 Cash and cash equivalents at end of period $27,725 $250,075 $27,725 $250,075 WORTHINGTON ENTERPRISES, INC.
SEGMENT INFORMATION
(Dollars in thousands) Three Months Ended Twelve Months Ended May 31, May 31, 2026 2025 2026 2025 Net sales Building Products $245,309 $192,316 $861,456 $654,137 Consumer Products 126,147 125,568 519,836 499,625 Consolidated $371,456 $317,884 $1,381,292 $1,153,762 Adjusted EBITDA Building Products $68,544 $71,253 $240,310 $212,831 Consumer Products 24,270 20,791 91,157 82,676 Total reportable segments 92,814 92,044 331,467 295,507 Other (1) (228) 638 (5,309) (2,672)Unallocated Corporate (9,063) (7,622) (30,330) (27,869)Consolidated $83,523 $85,060 $295,828 $264,966 Adjusted EBITDA margin Building Products 27.9% 37.0% 27.9% 32.5%Consumer Products 19.2% 16.6% 17.5% 16.5%Consolidated 22.5% 26.8% 21.4% 23.0% Equity income by unconsolidated affiliate WAVE (2) $32,285 $32,622 $118,063 $110,100 ClarkDietrich (2) 6,084 12,836 21,877 40,795 Other (1) (228) (2,751) (5,309) (6,059)Consolidated $38,141 $42,707 $134,631 $144,836 (1) Other includes the equity in net income of unconsolidated affiliates of the Workhorse and the SES joint ventures.
(2) Equity income contributed by the WAVE and ClarkDietrich joint ventures is included in Building Products segment results.
WORTHINGTON ENTERPRISES, INC.
GAAP / NON-GAAP RECONCILIATIONS
(Dollars in thousands, except per share amounts) For more information regarding the non-GAAP financial measures, refer to the “Use of Non-GAAP Financial Measures and Definitions” section of this release.
Consolidated Results – Adjusted Earnings per Share – Diluted
Three Months Ended May 31, 2026 Earnings Before Income Effective Operating Income Tax Net Diluted Tax Income Taxes Expense Earnings(1) EPS(1) Rate(1) GAAP$23,159 $59,773 $11,708 $48,146 $0.97 19.6%Amortization of inventory step-up(2) 1,500 1,500 (321) 1,179 0.02 Restructuring and other expense, net(3) 794 794 (133) 661 0.02 Non-cash gains in miscellaneous income, net(4) - (610) 157 (453) - Discrete tax item(8) - - (1,837) (1,837) (0.04) Non-GAAP$25,453 $61,457 $13,842 $47,696 $0.97 22.5% Three Months Ended May 31, 2025 Earnings Operating Before Income Effective Income Income Tax Net Diluted Tax (Loss) Taxes Expense Earnings(1) EPS(1) Rate(1) GAAP$(30,405) $8,331 $4,717 $3,877 $0.08 54.9%Impairment of long-lived assets(3) 50,813 50,813 (10,387) 40,426 0.81 Restructuring and other expense, net(3) 1,372 1,372 (164) 1,208 0.02 Non-cash losses in miscellaneous expense, net(4) - 5,000 - 5,000 0.10 Non-recurring loss in equity income(5) - 3,387 (801) 2,586 0.05 Non-GAAP$21,780 $68,903 $16,069 $53,097 $1.06 23.2% Twelve Months Ended May 31, 2026 Earnings Before Income Effective Operating Income Tax Net Diluted Tax Income Taxes Expense Earnings(1) EPS(1) Rate(1) GAAP$76,209 $201,348 $46,313 $156,085 $3.14 22.9%Amortization of inventory step-up(2) 5,151 5,151 (1,209) 3,942 0.08 Restructuring and other expense, net(3) 7,100 7,100 (1,425) 5,675 0.12 Non-cash losses in miscellaneous expense, net(4) - 3,925 (229) 3,696 0.07 Discrete tax item(8) - - (1,837) (1,837) (0.04) Non-GAAP$88,460 $217,524 $51,013 $167,561 $3.37 23.3% Twelve Months Ended May 31, 2025 Earnings Operating Before Income Effective Income Income Tax Net Diluted Tax (Loss) Taxes Expense Earnings(1) EPS(1) Rate(1) GAAP$(10,715) $128,809 $33,839 $96,053 $1.92 26.1%Amortization of inventory step-up(2) 1,477 1,477 (350) 1,127 0.02 Impairment of long-lived assets(3) 50,813 50,813 (10,387) 40,426 0.81 Restructuring and other expense, net(3) 10,524 10,524 (796) 9,728 0.19 Non-cash losses in miscellaneous expense, net(4) - 5,000 - 5,000 0.10 Non-recurring loss in equity income(5) - 3,387 (801) 2,586 0.05 Non-GAAP$52,099 $200,010 $46,173 $154,920 $3.09 23.0% Consolidated Results – Adjusted EBITDA
Three Months Ended Twelve Months Ended May 31, May 31, 2026 2025 2026 2025 Net earnings (GAAP) $48,065 $3,614 $155,035 $94,970 Plus: Net loss attributable to noncontrolling interest 81 263 1,050 1,083 Net earnings attributable to controlling interest 48,146 3,877 156,085 96,053 Interest expense (income), net 2,885 (60) 6,248 2,090 Income tax expense 11,708 4,717 46,313 33,839 EBIT(6) 62,739 8,534 208,646 131,982 Amortization of inventory step-up(2) 1,500 - 5,151 1,477 Impairment of long-lived assets(3) - 50,813 - 50,813 Restructuring and other expense, net(3) 794 1,372 7,100 10,524 Non-cash (gains) losses in miscellaneous (income) expense, net(4) (610) 5,000 3,925 5,000 Non-recurring loss in equity income(5) - 3,387 - 3,387 Adjusted EBIT(6) 64,423 69,106 224,822 203,183 Depreciation and amortization 15,870 12,555 57,272 48,262 Stock-based compensation(7) 3,230 3,399 13,734 13,521 Adjusted EBITDA (non-GAAP) $83,523 $85,060 $295,828 $264,966 Net earnings margin (GAAP) 12.9% 1.1% 11.2% 8.2%Adjusted EBITDA margin (non-GAAP) 22.5% 26.8% 21.4% 23.0% (1) Excludes the impact of noncontrolling interest.
(2) Reflects the amortization of the step-up to fair market value of acquired inventory related to the LSI and Elgen acquisitions in fiscal 2026 and the Ragasco acquisition in fiscal 2025.
(3) Significant pre-tax impairment and restructuring charges include the following:
Impairment of long-lived assets: Non-cash charge of $50,050 in the fourth quarter of 2025 related to the write-down of intangible assets associated with GTI.Restructuring and other expense, net: A charge of $4,536 in fiscal 2025 related to an increase in the fair value of the contingent liability associated with the Ragasco earnout. (4) Reflects the following non-cash activity in miscellaneous (income) expense, net:
A loss of $2,950 incurred during the second quarter of fiscal 2026 in connection with the divestiture of the company’s 49% interest in the composite assets of its SES joint venture on October 16, 2025. In exchange for the company’s interest in the divested assets, it received common shares of both Hexagon Composites and Hexagon Purus.Unrealized (gains) losses during fiscal 2026 associated with the marketable securities noted directly above.A pre-tax charge of $5,000 during the fourth quarter of fiscal 2025 to write down an investment in a note receivable that was determined to be other than temporarily impaired. (5) Reflects a non-cash impairment charge of $3,387 at the SES joint venture during the fourth quarter of fiscal 2025
(6) EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate the company’s performance, engage in financial and operational planning, or to determine incentive compensation. Instead, they are included as subtotals in the reconciliation of net earnings to adjusted EBITDA, which is a non-GAAP financial measure used by management.
(7) Excludes $2,665 of stock-based compensation reported in restructuring and other expense, net in the company’s consolidated statement of earnings during fiscal 2025 related to the accelerated vesting of certain outstanding equity awards upon retirement of a key employee.
(8) Reflects the release of a FIN 48 reserve associated with a non-recurring gain recognized in fiscal 2021.
Consolidated Results - Free Cash Flow
The following tables provide a reconciliation of net cash provided by operating activities to free cash flow and the calculation of operating cash flow conversion to free cash flow conversion for the three and 12 months ended May 31, 2026 and 2025.
Three Months Ended Twelve Months Ended May 31, May 31, 2026 2025 2026 2025 Net cash provided by operating activities (GAAP) $71,601 $62,414 $226,119 $209,744 Investment in property, plant, and equipment (16,492) (13,086) (55,913) (50,580)Free cash flow (non-GAAP) $55,109 $49,328 $170,206 $159,164 Net earnings attributable to controlling interest (GAAP) $48,146 $3,877 $156,085 $96,053 Adjusted net earnings attributable to controlling interest (non-GAAP) $47,696 $53,097 $167,561 $154,920 Operating cash flow conversion (GAAP)(1) 149% 1,610% 145% 218%Free cash flow conversion (non-GAAP) 116% 93% 102% 103% (1) Operating cash flow conversion is defined as net cash provided by operating activities divided by net earnings attributable to controlling interest.
WORTHINGTON ENTERPRISES, INC.
USE OF NON-GAAP FINANCIAL MEASURES AND DEFINITIONS
NON-GAAP FINANCIAL MEASURES. These materials include certain financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures typically exclude items that management believes are not reflective of, and thus should not be included when evaluating the performance of the company’s ongoing operations. Management uses these non-GAAP financial measures to evaluate ongoing performance, engage in financial and operational planning, and determine incentive compensation. Management believes these non-GAAP financial measures provide useful supplemental information regarding the performance of the company’s ongoing operations and should not be considered as an alternative to the comparable GAAP financial measure. Additionally, management believes these non-GAAP financial measures allow for meaningful comparisons and analysis of trends in the company’s businesses and enables investors to evaluate operations and future prospects in the same manner as management.
The following provides an explanation of each non-GAAP financial measure presented in these materials:
Adjusted operating income (loss) is defined as operating income (loss) excluding the items listed below, to the extent naturally included in operating income (loss).
Adjusted net earnings is defined as net earnings attributable to controlling interest excluding the after-tax effect of the excluded items outlined below.
Adjusted EPS – diluted is defined as adjusted net earnings divided by diluted weighted-average common shares outstanding for the applicable period.
Adjusted EBITDA is the measure by which management evaluates segment performance and overall profitability. EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA excludes additional items including, but not limited to, those listed below, as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of ongoing operations. Adjusted EBITDA also excludes stock-based compensation due to its non-cash nature, which is consistent with how management assesses operating performance and determines incentive compensation. At the segment level, adjusted EBITDA includes expense allocations for centralized corporate back-office functions that exist to support the day-to-day business operations. Public company and other governance costs are held at the corporate level within the unallocated corporate and other category.
Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales.
Free cash flow is a non-GAAP financial liquidity measure that is used by the company to assess its ability to generate cash beyond what is required for its business operations and capital expenditures. The company defines free cash flow as net cash flows from operating activities less investment in property, plant, and equipment.
Free cash flow conversion is a non-GAAP financial measure that is used by the company to measure how much of its adjusted net earnings attributable to controlling interest is converted into cash. The company defines free cash flow conversion as free cash flow divided by adjusted net earnings.
EXCLUSIONS FROM NON-GAAP FINANCIAL MEASURES
Management believes it is useful to exclude the following items from its non-GAAP financial measures for its own and investors’ assessment of the business for the reasons identified below. Additionally, management may exclude other items from non-GAAP financial measures that do not occur in the ordinary course of the company’s ongoing business operations and note them in the reconciliation from net earnings to the non-GAAP financial measure adjusted EBITDA.
Amortization of inventory step-up represents the increase in inventory fair value associated with the company’s acquisitions. The increase in inventory fair value is amortized to cost of sales over the period that the related inventory is sold. The amortization of inventory step-up is excluded because it is a non-cash expense that is not indicative of ongoing operating results.Impairment charges are excluded because they do not occur in the ordinary course of the company’s ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which management believes facilitates the comparison of historical, current and forecasted financial results.Restructuring activities consist of established programs that are intended to fundamentally change the company’s operations, and as such are excluded from its non-GAAP financial measures. The company’s restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. The company’s restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental costs associated with the company’s restructuring activities. Restructuring and other expense, net, may also include other nonrecurring items included in operating income but incremental to the company’s normal business activities. These items are excluded because they are not indicative of the ongoing operations of the company’s underlying business.Non-cash (gains) losses in miscellaneous (income) expense are excluded due to their non-cash nature and the fact that they do not occur in the normal course of business and may obscure analysis of trends and financial performance.Non-recurring loss in equity income is excluded because it does not occur in the normal course of business and is inherently unpredictable in timing and amount. Sonya L. Higginbotham
Senior Vice President
Chief of Corporate Affairs, Communications and Sustainability
614.438.7391 [email protected]
Marcus A. Rogier
Treasurer and Investor Relations Officer
614.840.4663 [email protected]
200 Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonEnterprises.com
Worthington Enterprises (WOR - Free Report) came out with quarterly earnings of $0.97 per share, missing the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.06 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -6.73%. A quarter ago, it was expected that this metal manufacturer would post earnings of $0.95 per share when it actually produced earnings of $0.98, delivering a surprise of +3.16%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Worthington Enterprises, which belongs to the Zacks Building Products - Wood industry, posted revenues of $371.46 million for the quarter ended May 2026, missing the Zacks Consensus Estimate by 3.69%. This compares to year-ago revenues of $317.88 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Worthington Enterprises shares have added about 19.2% since the beginning of the year versus the S&P 500's gain of 9.2%.
What's Next for Worthington Enterprises?While Worthington Enterprises has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Worthington Enterprises was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.81 on $330.6 million in revenues for the coming quarter and $3.92 on $1.5 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Wood is currently in the bottom 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, West Fraser Timber Co. Ltd. (WFG - Free Report) , has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.79 per share in its upcoming report, which represents a year-over-year change of -107.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
West Fraser Timber Co. Ltd.'s revenues are expected to be $1.46 billion, down 4.9% from the year-ago quarter.
The Zacks Building Products – Wood industry continues to face a tough operating environment. Elevated construction costs, the risk of project delays and ongoing affordability challenges are weighing on housing demand. Concerns around tariffs are adding pressure to global trade flows. Higher tariffs on Canadian lumber imports and lower import volumes from certain overseas suppliers are tightening the available supply. At the same time, spending on home repair and remodeling has eased from pandemic highs as higher mortgage rates strain household budgets. With homeownership becoming less accessible, demand conditions remain subdued for industry participants.
That said, underlying demand for essential replacements, home upgrades and the modernization of aging housing stock remains intact. Increased investments in infrastructure, along with rising focus on carbon and ESG-related projects, are providing some support. While high mortgage rates and cautious consumer spending continue to pose risks, disciplined cost control, product innovation and strategic acquisitions are expected to aid companies such as Weyerhaeuser Company (WY - Free Report) , Trex Company, Inc. (TREX - Free Report) and Worthington Enterprises, Inc. (WOR - Free Report) .
Industry Description The Zacks Building Products – Wood industry includes forest product companies and manufacturers of lumber as well as other wood products used in home construction, repair and remodeling, along with the development of outdoor structures. Companies in the industry design, manufacture, source and sell flooring products like tile, wood, laminate, vinyl and natural stone flooring products, as well as decorative and installation accessories. The industry players are also involved in the manufacturing and distribution of wood and plastic composite products, along with related accessories, mainly for residential decking and railing applications. The industry also includes timberland real estate investment trusts, or REITs.
4 Trends Shaping the Future of Building Products - Wood Industry High Rates, Trade Policy and Tariffs: The industry’s prospects are highly correlated with the U.S. housing and the R&R market (considered one of the largest in terms of lumber demand) conditions. The U.S. housing market remained constrained by elevated interest rates and subdued consumer confidence. Buyer urgency was low in both new and existing home markets, and large public builders continued to use rate buydowns to stimulate demand. Economic uncertainty and ongoing weakness in home sales and building material sales are limiting residential remodeling.
Meanwhile, the reimplementation of tariffs on Canadian softwood lumber by President Trump in 2025 presents significant implications for the U.S. wood industry. In January 2026, President Trump’s decision to delay higher tariffs on furniture, kitchen cabinets and vanities until Jan. 1, 2027 offers only limited relief and underscores the ongoing uncertainty weighing on the U.S. wood industry. Although the White House imposed a 25% tariff on these products in October 2025, steeper increases — to 30% for furniture and 50% for cabinets and vanities — were postponed for one year. Keeping the tariff at 25% through at least 2027 does little to ease cost pressures for domestic wood producers, who continue to face demand volatility, cautious consumer spending and disrupted pricing dynamics across downstream housing and renovation markets.
Rapid Lumber Market Swings: Historically, volatility in lumber prices has been a major concern for the wood industry. Any unusual rise in the cost of lumber products sold by primary producers increases the cost of inventory and limits margins on fixed-priced lumber products. Yet, a decline in costs eats into profits as products sold are indexed to the current lumber market. Meanwhile, the timberland business is governed by federal rules and state forestry commissions, which are subject to frequent changes, affecting businesses. Due to the very nature of their properties, timberland REITs are required to follow eco-friendly mandates in their trade.
Higher Spending on Infrastructure & Carbon/ESG Projects: The potential rate cuts are poised to increase affordability, stimulate residential activity and set the stage for growth in the wood industry. Additionally, government initiatives such as the Infrastructure Investment and Jobs Act and the Inflation Reduction Act are expected to boost infrastructure spending. This emphasis on modernization and clean energy is anticipated to drive growth for companies within the wood sector.
Acquisitions, Product Innovation & Efficient Cost-Reduction Strategies: The companies also bank on acquisitions and divestitures to expand and improve portfolio quality. New products continue to be an important top-line driver for the industry players. Also, efforts to introduce products are likely to have helped the players. Again, in a bid to reduce costs, companies have been reducing the cost structure of their facilities through the sale or shutdown of underperforming units and manufacturing facilities, as well as investments in technology. Also, the industry players have been focusing on operational excellence, comprising merchandising for value, harvest, and transportation efficiencies and boosting harvest to capture seasonal and short-term opportunities.
Zacks Industry Rank Indicates Dull Prospects The Zacks Building Products – Wood industry is a nine-stock group within the broader Construction sector. The Zacks Wood industry currently carries a Zacks Industry Rank #206, which places it in the bottom 17% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a lower earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group’s earnings growth potential. Since March 2026, the industry’s earnings estimates for 2026 have decreased to $1.99 per share from $2.03.
Despite the industry’s blurred near-term view, we will present a few stocks that one may consider adding to their portfolio. Before that, it’s worth taking a look at the industry’s shareholder returns and current valuation.
Industry Lags Sector, S&P 500 The Zacks Building Products – Wood industry has underperformed the broader Zacks Construction sector and the Zacks S&P 500 Composite over the past year.
Over this period, the industry has gained 10% compared with the broader sector’s 24.6% rise. The Zacks S&P 500 Composite has gained 28.2% over this period.
One-Year Price Performance
Industry's Current Valuation On the basis of the forward 12-month price-to-earnings ratio, which is a commonly used multiple for valuing wood stocks, the industry trades at 27.2 compared with the S&P 500’s 21.34 and the sector’s 21.73.
Over the last five years, the industry has traded as high as 29.47X, as low as 10.18X and at a median of 18.62X, as the chart below shows.
Industry’s P/E Ratio (Forward 12-Month) Versus S&P 500
Industry’s P/E Ratio (Forward 12-Month) Versus Sector
3 Wood Stocks to Keep an Eye On We have highlighted three stocks from the industry that have been capitalizing on fundamental strengths.
Worthington: Headquartered in Columbus, OH, Worthington is an industrial manufacturing company. The company is benefiting from a combination of product innovation, operational improvements and strategic acquisitions. Also, rising demand for its ASME water tanks used in liquid-cooled data centers, with management highlighting a rapidly expanding pipeline and expecting multi-year growth as AI-driven data center construction accelerates, is encouraging. Worthington is also expanding market share through new product launches, higher production capacity and acquisitions such as LSI, which strengthens its engineered building systems portfolio. At the same time, the Worthington Business System, AI-enabled process improvements and automation are helping improve efficiency, support margin expansion and drive sustainable organic growth.
Worthington — a Zacks Rank #3 (Hold) company — has gained 3.4% over the past year. The Zacks Consensus Estimate for WOR’s fiscal 2026 and 2027 earnings per share (EPS) calls for 11.1% and 14.8% growth, respectively. Worthington’s earnings surpassed the consensus mark in two of the last four reported quarters and missed on two occasions, with the average being 6.4%. It also has a VGM Score of B. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price and Consensus: WOR
Weyerhaeuser: A major private timberland owner, Weyerhaeuser was founded in Washington in 1900. Weyerhaeuser is strengthening its long-term growth outlook through product innovation, strategic investments and expansion across higher-value businesses. The company expects strong demand for its newly introduced AeroStrand and ProPanel products, while the Monticello Engineered Wood Products facility is set to expand TimberStrand production and support future growth. Weyerhaeuser is also widening its distribution footprint to penetrate underserved markets and increase proprietary product sales. Beyond wood products, the company sees continued growth from its Strategic Land Solutions and Climate Solutions businesses, supported by steady real estate demand and an expanding renewable energy pipeline. Over the longer term, favorable housing demographics and an underbuilt U.S. housing market remain important demand drivers.
Weyerhaeuser — a Zacks Rank #3 company — has lost 6.4% over the past year. The company has seen an upward estimate revision for 2026 earnings to 32 cents from 26 cents per share over the past 60 days. The Zacks Consensus Estimate for its 2026 EPS implies 60% year-over-year growth. Weyerhaeuser’s earnings surpassed the consensus mark in all the last four reported quarters, with the average being 102.9%.
Price and Consensus: WY
Trex: Based in Winchester, VA, Trex produces composite decking and railing products. Trex is positioning itself for sustained long-term growth by strengthening its market leadership through innovation, capacity expansion and deeper customer engagement. The company sees a significant opportunity to accelerate the conversion from traditional wood decking, which still represents about 75% of the market, to low-maintenance composite products. Increased investments in marketing, contractor lead generation and brand awareness are expected to support market-share gains. Trex is also advancing a strong innovation pipeline with category-defining product launches planned between 2027 and 2030. Additional growth drivers include expanded retail shelf space, entry into the PVC decking market, plans to double the railing business within five years and the new Arkansas manufacturing facility, which provides ample capacity for future expansion while supporting stronger free cash flow.
Trex — a Zacks Rank #3 company — has lost 10.4% over the past year. Yet, the company has seen an upward estimate revision for 2026 earnings to $1.68 from $1.63 per share over the past 60 days, depicting analysts’ optimism over the company’s prospects. Trex’s earnings surpassed the consensus mark in three of the last four reported quarters and missed on one occasion, with the average being 127.4%.
Worthington Enterprises, Inc. (NYSE:WOR) will release its fourth quarter earnings report after the closing bell on Tuesday, June 23.
Analysts expect the Columbus, Ohio-based grocer to report quarterly earnings of $1.06 per share, unchanged from $1.06 per share in the year-ago period. The consensus estimate for Worthington's quarterly revenue is $386.49 million. It reported $317.88 million last year, according to Benzinga Pro.
On March 24, Worthington Enterprises posted better-than-expected third-quarter earnings.
Worthington Enterprises shares rose 0.6% to close at $59.85 on Monday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
Considering buying WOR stock? Here’s what analysts think:
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Capital International Investors reduced its holdings in Worthington Enterprises, Inc. (NYSE: WOR) by 8.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 416,654 shares of the industrial products company's stock after selling 40,848 shares during the quarter. Capital International Investors owned
Windsor Advisory Group disclosed a buy of 78,197 shares of Worthington Enterprises (WOR +0.85%) in its February 17, 2026, SEC filing, with an estimated transaction value of $4.32 million based on quarterly average pricing.
What happenedAccording to a February 17, 2026, SEC filing, Windsor Advisory Group, LLC increased its holding in Worthington Enterprises by 78,197 shares during the fourth quarter. The estimated value of this share purchase is approximately $4.32 million, based on the mean unadjusted closing price for the period. The quarter-end value of the position rose by $2.88 million, reflecting both the increased share count and price appreciation.
What else to knowThis was a buy; Worthington Enterprises represented 17.13% of Windsor Advisory Group's 13F reportable AUM after the trade.Top holdings after the filing:NASDAQ:PAYX: $23.76 million (21.2% of AUM)NYSE:WOR: $19.20 million (17.1% of AUM)NYSE:WS: $7.19 million (6.4% of AUM)NYSEMKT:IVV: $6.68 million (6.0% of AUM)NASDAQ:NVDA: $6.33 million (5.7% of AUM)As of Friday, shares of Worthington Enterprises were priced at $47.64, up 15% over the past year, which roughly matches the S&P 500’s gain in the same period.Company overviewMetricValueRevenue (TTM)$1.25 billionNet Income (TTM)$106 millionDividend Yield1.6%Price (as of Friday)$47.64Company snapshotWorthington Enterprises offers value-added steel processing, manufactured consumer products, building products, and sustainable energy solutions, with key brands including Coleman, Bernzomatic, and Level5.The firm generates revenue primarily through steel processing and the sale of branded consumer and industrial products across diversified end markets.It serves automotive, construction, appliance, energy, and retail customers in North America and internationally.Worthington Enterprises is a leading industrial manufacturer specializing in steel processing and value-added metal fabrication, supported by a broad portfolio of consumer and building products. The company's diversified operating segments and established brands position it to serve a wide range of industrial and retail markets.
What this transaction means for investorsHigh-conviction investments in steady industrial companies might not grab headlines, but they reveal where managers see reliable cash flows hiding in plain sight. This particular allocation stands out not just for its size, but for the confidence it reflects. Putting over 17% of a portfolio into one company signals trust in both the business itself and its stabilizing role amid more volatile holdings.
Worthington strikes a balance. It's not about explosive growth, but it’s definitely not stagnant either. The company pulled in around $1.3 billion in sales and approximately $284 million in adjusted EBITDA in the year ended November 30, with improving margins as it shifts towards higher-value building products, and the recent acquisition of LSI underscores this change. It focuses on niche, engineered building components that come with consistent demand and high switching costs in a market expected to grow steadily by 3% to 5% each year.
When compared to holdings like Paychex or Nvidia, this stake brings a different flavor with its industrial focus and more predictable cash flow.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy.
That’s up from 91 cents per share in the year-ago period. The consensus estimate for Worthington's quarterly revenue is $349.41 million (it reported $304.52 million last year), according to Benzinga Pro.
To earn $500 per month or $6,000 annually from dividends alone, you would need an investment of approximately $376,070 or around 7,894 shares. For a more modest $100 per month or $1,200 per year, you would need $75,224 or around 1,579 shares.
To calculate: Divide the desired annual income ($6,000 or $1,200) by the dividend ($0.76 in this case). So, $6,000 / $0.76 = 7,894 ($500 per month), and $1,200 / $0.76 = 1,579 shares ($100 per month).
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
How that works: Compute the dividend yield by dividing the annual dividend payment by the stock’s current price.
For example, if a stock pays an annual dividend of $2 and is currently priced at $50, the dividend yield would be 4% ($2/$50). However, if the stock price increases to $60, the dividend yield drops to 3.33% ($2/$60). Conversely, if the stock price falls to $40, the dividend yield rises to 5% ($2/$40).
Similarly, changes in the dividend payment can impact the yield. If a company increases its dividend, the yield will also increase, provided the stock price stays the same. Conversely, if the dividend payment decreases, so will the yield.
WOR Price Action: Shares of Worthington fell 1.9% to close at $23.11 on Thursday.
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Worthington Enterprises, Inc. (NYSE:WOR) will release earnings for its third quarter after the closing bell on Tuesday, March 24.
Analysts expect the company to report quarterly earnings of 96 cents per share, up from 91 cents per share in the year-ago period. The consensus estimate for Worthington’s quarterly revenue is $349.41 million (it reported $304.52 million last year), according to Benzinga Pro.
On Dec. 16, Worthington reported mixed second-quarter financial results and announced it will acquire LSI Group.
KB Home shares gained 4% to close at $53.19 on Monday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company </em></a> in the recent period.
Considering buying WOR stock? Here’s what analysts think:
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COLUMBUS, Ohio, March 24, 2026 (GLOBE NEWSWIRE) -- The Worthington Enterprises Inc. (NYSE: WOR) Board of Directors today declared a quarterly dividend of $0.19 per share. The dividend is payable on June 29, 2026, to shareholders of record on June 15, 2026. The company has paid a quarterly dividend since its initial public offering in 1968.
Worthington Enterprises, a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences, will hold its quarterly earnings conference call tomorrow, March 25 at 8:30 a.m. ET. The company will discuss its fiscal third quarter results, which will be released later today after the market closes.
Please click here to register for tomorrow's live audio webcast or visit IR.worthingtonenterprises.com. For those unable to listen live, a replay will be available in the Investors section of the company’s website approximately two hours after the completion of the call and will be archived for one year.
LIVE CONFERENCE CALL DETAILSDate:Wednesday, March 25, 2026Webcast Link:https://events.q4inc.com/attendee/999794906Starting Time:8:30 a.m. ETConference ID:1777337Domestic Participants:888-330-3567
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes heating and cooling, cooking, construction and water solutions, and building systems including HVAC and metal roofing components, architectural and acoustical grid ceilings, and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, BPD, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, LEVEL5 Tools®, Logan Stampings, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Roof Hugger®, Well-X-Trol® and XLite™, among others.
Headquartered in Columbus, Ohio, Worthington Enterprises employs approximately 4,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to historical information constitute “forward-looking statements” under federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from those expected by Worthington Enterprises. Readers should evaluate forward-looking statements in the context of such risks, uncertainties and other factors, many of which are described in Worthington Enterprises’ filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements are qualified by the cautionary statements included in Worthington Enterprises’ SEC filings and other public communications. This press release speaks only as of the date hereof. Worthington Enterprises does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
Sonya L. Higginbotham
Senior Vice President
Chief of Corporate Affairs, Communications and Sustainability
614.438.7391 [email protected]
Marcus A. Rogier
Treasurer and Investor Relations Officer
614.840.4663 [email protected]
200 West Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonEnterprises.com
COLUMBUS, Ohio, March 24, 2026 (GLOBE NEWSWIRE) -- Worthington Enterprises Inc. (NYSE: WOR), a designer and manufacturer of market-leading building and consumer products that improve everyday life by elevating spaces and experiences, today reported results for its fiscal 2026 third quarter ended February 28, 2026.
Recent Developments and Third Quarter Highlights (all comparisons to the third quarter of fiscal 2025):
Net sales were $378.7 million, an increase of 24%.Net earnings increased 15% to $45.1 million, while adjusted net earnings increased 7% to $48.5 million and adjusted EBITDA grew 15% to $84.6 million.Earnings per share on a fully-diluted basis (“EPS – diluted”) improved to $0.92 from $0.79 per share, while adjusted EPS – diluted increased to $0.98 from $0.91 per share.Operating cash flow increased 8% to $61.9 million, while free cash flow improved 8% to $48.1 million.Repurchased 100,000 common shares for $5.4 million, leaving 4,915,000 common shares available for repurchase under the company’s existing authorization.Declared a quarterly dividend of $0.19 per common share payable on June 29, 2026, to shareholders of record at the close of business on June 15, 2026.Acquired LSI Group (“LSI”), a market-leading manufacturer of standing seam metal roof clips and retrofit components in the commercial metal roof market on January 16, 2026, for approximately $205.0 million, subject to closing adjustments. “We delivered another quarter of strong, resilient performance, achieving year-over-year growth in adjusted EPS and EBITDA for the sixth consecutive quarter,” said Worthington Enterprises President and CEO Joe Hayek. “Our teams delivered solid organic growth across both segments, driving meaningfully higher sales and earnings. We were happy to welcome the LSI team to Worthington when the acquisition closed in January, and we are excited about the contributions they are already making to our Building Products segment.”
Financial highlights for the current year and prior year quarters are as follows:
(U.S. dollars in millions, except per share amounts)3Q 2026 3Q 2025 GAAP Financial Measures Net sales$378.7 $304.5 Operating income 31.5 20.9 Earnings before income taxes 60.1 52.6 Net earnings 45.1 39.3 EPS – diluted 0.92 0.79 Net cash provided by operating activities 61.9 57.1 Non-GAAP Financial Measures(1) Adjusted operating income$35.2 $26.2 Adjusted EBITDA 84.6 73.8 Adjusted net earnings 48.5 45.3 Adjusted EPS – diluted 0.98 0.91 Free cash flow 48.1 44.4 (1) Refer to the “GAAP / Non-GAAP Reconciliations” and the “Use of Non-GAAP Financial Measures and Definitions” sections of this release for additional information regarding the use of non-GAAP financial measures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Consolidated Quarterly Results
Net sales for the third quarter of fiscal 2026 increased $74.2 million, or 24.4%, over the prior year quarter to $378.7 million, driven by higher overall volumes and the impact of acquisitions, which contributed $32.2 million to net sales in the current year quarter. Excluding the impact of acquisitions, net sales increased $42.0 million, or 13.8% compared to the prior year quarter.
Operating income increased $10.7 million to $31.5 million, reflecting higher net sales and improved fixed cost absorption in the company’s wholly owned businesses. On an adjusted basis, operating income increased $9.0 million in the third quarter of fiscal 2026 to $35.2 million compared to the prior year quarter, primarily due to higher volumes and contributions from recent acquisitions.
Equity in net income of unconsolidated affiliates decreased $1.4 million from the prior year quarter to $30.7 million, on lower contributions from ClarkDietrich, which were down $3.8 million, partially offset by higher contributions from WAVE, which were up $2.1 million.
Income tax expense was $15.0 million in the third quarter of fiscal 2026, compared to $13.2 million in the prior year quarter. The increase was driven by higher pre-tax earnings. Income tax expense in the third quarter of fiscal 2026 reflects an estimated annual effective tax rate of 24.3%, compared to 24.4% in the prior year quarter.
Balance Sheet and Cash Flow
Total debt at quarter end was $312.0 million, an increase of $9.2 million compared to May 31, 2025, due to an increase in short-term borrowings to fund acquisitions and the remeasurement of the company’s euro-denominated notes. The company had $4.8 million outstanding under its revolving credit facility as of February 28, 2026, leaving $495.2 million available for future use and providing substantial liquidity.
The company ended the quarter with cash and cash equivalents of $6.0 million, a decrease of $244.1 million from May 31, 2025, primarily driven by the acquisitions of Elgen Manufacturing (“Elgen”) and LSI. During the third quarter of fiscal 2026, the company generated operating cash flow of $61.9 million, of which $13.8 million was invested in capital expenditures, resulting in free cash flow of $48.1 million, up from $44.4 million in the prior year quarter. Capital expenditures in the current year quarter included approximately $4.1 million related to ongoing facility modernization projects.
Quarterly Segment Results
Building Products generated net sales of $223.9 million in the current year quarter, an increase of $59.0 million, or 35.8%, over the prior year quarter. The increase was driven by higher overall volumes and the impact of acquisitions, which contributed $32.2 million to net sales in the current year quarter. Excluding the impact of acquisitions, net sales in Building Products increased $26.8 million, or 16.3% compared to the prior year quarter. Adjusted EBITDA increased $5.6 million from the prior year quarter to $58.8 million, driven by the impact of higher net sales, partially offset by lower overall contributions of equity in net income of unconsolidated affiliates, primarily related to ClarkDietrich.
Consumer Products generated net sales of $154.8 million in the current year quarter, an increase of $15.1 million, or 10.8%, over the prior year quarter, driven by higher volumes and higher average selling prices. Adjusted EBITDA in Consumer Products increased $6.8 million from the prior year quarter to $35.5 million, driven by the impact of higher net sales.
Outlook
“As we approach the end of our fiscal year and look ahead to fiscal 2027, we believe we are very well positioned,” Hayek said. “The continued efforts of our teams to bring innovative solutions to our customers support our organic growth. Consistent free cash flow generation and a strong balance sheet provide the flexibility to pursue additional growth opportunities aligned with our strategy. We will continue to prioritize disciplined capital deployment and remain focused on delivering sustainable growth and long-term shareholder value.”
Conference Call
The company will review fiscal 2026 third quarter results during its quarterly conference call on March 25, 2026, at 8:30 a.m. Eastern Time. Details regarding the conference call can be found on the company website at www.WorthingtonEnterprises.com.
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes heating and cooling, cooking, construction and water solutions, and building systems including HVAC and metal roofing components, architectural and acoustical grid ceilings, and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, BPD, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, LEVEL5 Tools®, Logan Stampings, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Roof Hugger®, Well-X-Trol® and XLite™, among others.
Headquartered in Columbus, Ohio, Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Safe Harbor Statement
Selected statements contained in this release constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Act”). The company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee” and similar words or phrases. These forward-looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at the company’s operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; effects of pandemics and widespread health crises and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on the company’s customers, counterparties, employees and third-party service providers; and other non-historical matters.
Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the company’s products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the company’s products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations; effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts, terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability, foreign currency exchange rate exposure and the acceptance of the company’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the company’s operations and financial results; deviation of actual results from estimates and/or assumptions used by the company in the application of its significant accounting policies; the level of imports and import prices in the company’s markets; the impact of environmental laws and regulations or the actions of the United States Environmental Protection Agency or similar regulators which increase costs or limit the company’s ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, which may increase the company’s healthcare and other costs and negatively impact the company’s operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the company’s costs and negatively impact the company’s operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the company’s filings with the United States Securities and Exchange Commission, including those described in “Part I – Item 1A. – Risk Factors” of the company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2025.
Forward-looking statements should be construed in the light of such risks. The company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. The company does not undertake, and hereby disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per common share amounts) Three Months Ended Nine Months Ended February 28, February 28, 2026 2025 2026 2025 Net sales $378,677 $304,524 $1,009,836 $835,878 Cost of goods sold 269,203 215,277 733,449 610,077 Gross profit 109,474 89,247 276,387 225,801 Selling, general and administrative expense 75,745 63,005 217,031 196,959 Restructuring and other expense, net 2,186 5,374 6,306 9,152 Operating income 31,543 20,868 53,050 19,690 Other income (expense): Miscellaneous income (expense), net (316) 258 (4,602) 809 Interest expense, net (1,828) (628) (3,363) (2,150)Equity in net income of unconsolidated affiliates 30,715 32,081 96,490 102,129 Earnings before income taxes 60,114 52,579 141,575 120,478 Income tax expense 14,994 13,240 34,605 29,122 Net earnings 45,120 39,339 106,970 91,356 Net loss attributable to noncontrolling interest (343) (324) (969) (820)Net earnings attributable to controlling interest $45,463 $39,663 $107,939 $92,176 Basic Weighted average common shares outstanding 49,073 49,377 49,167 49,443 Earnings per share attributable to controlling interest $0.93 $0.80 $2.20 $1.86 Diluted Weighted average common shares outstanding 49,665 49,981 49,822 50,171 Earnings per share attributable to controlling interest $0.92 $0.79 $2.17 $1.84 Cash dividends declared per common share $0.19 $0.17 $0.57 $0.51 CONSOLIDATED BALANCE SHEETS
WORTHINGTON ENTERPRISES, INC.
(In thousands) February 28, May 31, 2026 2025 Assets Current assets: Cash and cash equivalents $5,979 $250,075 Receivables, less allowances of $1,062 and $907, respectively 231,878 215,824 Inventories Raw materials 104,684 80,522 Work in process 8,087 9,408 Finished products 84,817 79,463 Total inventories 197,588 169,393 Income taxes receivable 25,374 12,720 Prepaid expenses and other current assets 43,044 37,358 Total current assets 503,863 685,370 Investments in unconsolidated affiliates 118,678 129,262 Operating lease assets 44,703 22,699 Goodwill 499,492 376,480 Other intangible assets, net of accumulated amortization of $101,791 and $88,887, respectively 327,353 190,398 Other assets 24,900 20,717 Property, plant and equipment: Land 8,746 8,703 Buildings and improvements 136,279 132,742 Machinery and equipment 409,609 372,798 Construction in progress 57,206 33,326 Total property, plant and equipment 611,840 547,569 Less: accumulated depreciation 307,291 277,343 Total property, plant and equipment, net 304,549 270,226 Total assets $1,823,538 $1,695,152 Liabilities and equity Current liabilities: Accounts payable $107,386 $103,205 Short-term borrowings 4,792 - Accrued compensation, contributions to employee benefit plans and related taxes 43,062 43,864 Dividends payable 9,833 9,172 Other accrued items 39,659 34,478 Current operating lease liabilities 7,950 6,014 Income taxes payable 554 109 Total current liabilities 213,236 196,842 Other liabilities 58,462 53,364 Distributions in excess of investment in unconsolidated affiliate 109,592 103,767 Long-term debt 307,256 302,868 Noncurrent operating lease liabilities 37,681 17,173 Deferred income taxes, net 94,751 82,901 Total liabilities 820,978 756,915 Shareholders' equity - controlling interest 1,002,479 937,187 Noncontrolling interest 81 1,050 Total equity 1,002,560 938,237 Total liabilities and equity $1,823,538 $1,695,152 WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) Three Months Ended Nine Months Ended February 28, February 28, 2026 2025 2026 2025 Operating activities: Net earnings $45,120 $39,339 $106,970 $91,356 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 14,552 11,950 41,402 35,707 Provision for (benefit from) deferred income taxes 4,294 (8,016) 7,812 (10,871)Bad debt (income) expense (97) 1,128 112 3,189 Equity in net income of unconsolidated affiliates, net of distributions 4,064 3,089 8,991 10,810 Net (gain) loss on sale of assets (17) (21) 2,995 (547)Stock-based compensation 3,752 2,924 10,504 12,787 Unrealized loss on investment in marketable securities 340 - 1,584 - Changes in assets and liabilities, net of impact of acquisitions: Receivables (16,973) (18,553) 3,870 (9,023)Inventories 10,998 14,128 (1,699) 15,558 Accounts payable 6,612 46 (3,365) (12,600)Accrued compensation and employee benefits 13,658 8,838 (820) (4,628)Other operating items, net (24,365) 2,279 (23,838) 15,592 Net cash provided by operating activities 61,938 57,131 154,518 147,330 Investing activities: Investment in property, plant and equipment (13,794) (12,704) (39,421) (37,494)Acquisitions, net of cash acquired (212,191) - (304,426) (88,156)Proceeds from sale of assets, net of selling costs 18 59 18 13,444 Investment in non-marketable equity securities, net of distributions (58) (833) (113) (2,873)Net cash used by investing activities (226,025) (13,478) (343,942) (115,079) Financing activities: Dividends paid (9,341) (8,422) (27,540) (25,507)Repurchase of common shares (5,374) (6,170) (25,328) (21,052)Net proceeds from short-term borrowings 4,792 - 4,792 - Principal payments on long-term obligations (284) - (760) - Proceeds from issuance of common shares, net of tax withholdings (15) (22) (5,836) (7,073)Net cash used by financing activities (10,222) (14,614) (54,672) (53,632)(Decrease) increase in cash and cash equivalents (174,309) 29,039 (244,096) (21,381)Cash and cash equivalents at beginning of period 180,288 193,805 250,075 244,225 Cash and cash equivalents at end of period $5,979 $222,844 $5,979 $222,844 WORTHINGTON ENTERPRISES, INC.
SEGMENT INFORMATION
(Dollars in thousands)
Three Months Ended Nine Months Ended February 28, February 28, 2026 2025 2026 2025 Net sales Building Products $223,850 $164,810 $616,147 $461,821 Consumer Products 154,827 139,714 393,689 374,057 Consolidated $378,677 $304,524 $1,009,836 $835,878 Adjusted EBITDA Building Products $58,825 $53,187 $171,766 $141,578 Consumer Products 35,452 28,625 66,887 61,884 Total reportable segments 94,277 81,812 238,653 203,462 Other(1) (2,107) (2,417) (5,080) (3,309)Unallocated Corporate (7,555) (5,616) (21,269) (20,247)Consolidated $84,615 $73,779 $212,304 $179,906 Adjusted EBITDA margin Building Products 26.3% 32.3% 27.9% 30.7%Consumer Products 22.9% 20.5% 17.0% 16.5%Consolidated 22.3% 24.2% 21.0% 21.5% Equity income by unconsolidated affiliate WAVE(2) $27,096 $25,012 $85,778 $77,478 ClarkDietrich(2) 5,726 9,486 15,792 27,960 Other(1) (2,107) (2,417) (5,080) (3,309)Consolidated $30,715 $32,081 $96,490 $102,129 _________________________
(1) Other includes the equity earnings of Taxi Workhorse, LLC and the SES joint venture.
(2) Equity income contributed by WAVE and ClarkDietrich is included in Building Products segment results.
WORTHINGTON ENTERPRISES, INC.
GAAP / NON-GAAP RECONCILIATIONS
(Dollars in thousands, except per share amounts) For more information regarding the non-GAAP financial measures, including details of the definition update made in the third quarter of fiscal 2026, refer to the “Use of Non-GAAP Financial Measures and Definitions” section of this release.
Consolidated Results – Adjusted Earnings per Share – Diluted
Three Months Ended February 28, 2026 Earnings Before Income Operating Income Tax Net Diluted Income Taxes Expense Earnings(1) EPS(1) GAAP$31,543 $60,114 $14,994 $45,463 $0.92 Amortization of inventory step-up(2) 1,500 1,500 (367) 1,133 0.02 Restructuring and other expense, net 2,186 2,186 (512) 1,674 0.03 Unrealized loss on investment in marketable securities(4) - 340 (84) 256 0.01 Non-GAAP$35,229 $64,140 $15,957 $48,526 $0.98 Three Months Ended February 28, 2025 Earnings Before Income Operating Income Tax Net Diluted Income Taxes Expense Earnings(1) EPS(1) GAAP$20,868 $52,579 $13,240 $39,663 $0.79 Restructuring and other expense, net 5,374 5,374 295 5,669 0.12 Non-GAAP$26,242 $57,953 $12,945 $45,332 $0.91 Nine Months Ended February 28, 2026 Earnings Before Income Operating Income Tax Net Diluted Income Taxes Expense Earnings(1) EPS(1) GAAP$53,050 $141,575 $34,605 $107,939 $2.17 Amortization of inventory step-up(2) 3,651 3,651 (888) 2,763 0.06 Restructuring and other expense, net 6,306 6,306 (1,292) 5,014 0.11 Loss on partial sale of investment in SES(3) - 2,950 - 2,950 0.06 Unrealized loss on investment in marketable securities(4) - 1,584 (385) 1,199 0.01 Non-GAAP$63,007 $156,066 $37,170 $119,865 $2.41 Nine Months Ended February 28, 2025 Earnings Before Income Operating Income Tax Net Diluted Income Taxes Expense Earnings(1) EPS(1) GAAP$19,690 $120,478 $29,122 $92,176 $1.84 Amortization of inventory step-up 1,477 1,477 (369) 1,108 0.02 Restructuring and other expense, net 9,152 9,152 (632) 8,520 0.17 Non-GAAP$30,319 $131,107 $30,123 $101,804 $2.03 Consolidated Results – Adjusted EBITDA
Three Months Ended Nine Months Ended February 28, February 28, 2026 2025 2026 2025 Net earnings (GAAP) $45,120 $39,339 $106,970 $91,356 Plus: Net loss attributable to noncontrolling interest 343 324 969 820 Net earnings attributable to controlling interest 45,463 39,663 107,939 92,176 Interest expense, net 1,828 628 3,363 2,150 Income tax expense 14,994 13,240 34,605 29,122 EBIT(5) 62,285 53,531 145,907 123,448 Amortization of inventory step-up(2) 1,500 - 3,651 1,477 Restructuring and other expense, net 2,186 5,374 6,306 9,152 Loss on partial sale of investment in SES(3) - - 2,950 - Unrealized loss on investment in marketable securities(4) 340 - 1,584 - Adjusted EBIT(5) 66,311 58,905 160,398 134,077 Depreciation and amortization 14,552 11,950 41,402 35,707 Stock-based compensation(6) 3,752 2,924 10,504 10,122 Adjusted EBITDA (non-GAAP) $84,615 $73,779 $212,304 $179,906 Net earnings margin (GAAP) 11.9% 12.9% 10.6% 10.9%Adjusted EBITDA margin (non-GAAP) 22.3% 24.2% 21.0% 21.5% _________________________
(1) Excludes the impact of noncontrolling interest.
(2) Reflects the amortization of the step-up to fair market value of acquired inventory related to the LSI and Elgen acquisitions in fiscal 2026 and the Ragasco acquisition in fiscal 2025. The company updated the definition of its non-GAAP financial measures to exclude inventory step-up charges in the third quarter of fiscal 2026. All previously reported amounts have been recast to conform to this change. Additional information is available in the “Use of Non-GAAP Financial Measures and Definitions” section at the end of the release.
(3) Reflects the loss incurred in connection with divestment of the company’s 49% interest in the composite assets of its SES joint venture on October 14, 2025. In exchange for the company’s interest in the divested assets, it received common shares in both Hexagon Composites and Hexagon Purus.
(4) Reflects the unrealized loss associated with the marketable securities noted in footnote (3) above.
(5) EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate the company's performance, engage in financial and operational planning, or to determine incentive compensation. Instead, they are included as subtotals in the reconciliation of net earnings to adjusted EBITDA, which is a non-GAAP financial measure used by management.
(6) Excludes $2.7 million of stock-based compensation reported in restructuring and other expense, net in the company’s consolidated statement of earnings for the nine months ended February 28, 2025 related to the accelerated vesting of certain outstanding equity awards upon retirement of a key employee.
Consolidated Results - Free Cash Flow
The following tables provide a reconciliation of net cash provided by operating activities to free cash flow and the calculation of operating cash flow conversion to free cash flow conversion for the three and nine months ended February 28, 2026 and 2025.
Three Months Ended Nine Months Ended February 28, February 28, 2026 2025 2026 2025 Net cash provided by operating activities (GAAP) $61,938 $57,131 $154,518 $147,330 Investment in property, plant, and equipment (13,794) (12,704) (39,421) (37,494)Free cash flow (non-GAAP) $48,144 $44,427 $115,097 $109,836 Net earnings attributable to controlling interest (GAAP) $45,463 $39,663 $107,939 $92,176 Adjusted net earnings attributable to controlling interest (non-GAAP) $48,526 $45,332 $119,865 $101,804 Operating cash flow conversion (GAAP)(1) 136% 144% 143% 160%Free cash flow conversion (non-GAAP) 99% 98% 96% 108% _________________________
(1) Operating cash flow conversion is defined as net cash provided by operating activities divided by net earnings attributable to controlling interest.
WORTHINGTON ENTERPRISES, INC.
USE OF NON-GAAP FINANCIAL MEASURES AND DEFINITIONS NON-GAAP FINANCIAL MEASURES. These materials include certain financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Non-GAAP financial measures typically exclude items that management believes are not reflective of, and thus should not be included when evaluating the performance of the company’s ongoing operations. Management uses these non-GAAP financial measures to evaluate ongoing performance, engage in financial and operational planning, and determine incentive compensation. Management believes these non-GAAP financial measures provide useful supplemental information regarding the performance of the company’s ongoing operations and should not be considered as an alternative to the comparable GAAP financial measure. Additionally, management believes these non-GAAP financial measures allow for meaningful comparisons and analysis of trends in the company’s businesses and enables investors to evaluate operations and future prospects in the same manner as management.
Beginning in the third quarter of fiscal 2026, the company updated its definition of adjusted operating income, adjusted net earnings, adjusted EBITDA, and adjusted EPS – diluted to exclude the acquisition-related amortization of inventory step-up charges. Prior periods have been recast for comparability.
The following provides an explanation of each non-GAAP financial measure presented in these materials:
Adjusted operating income (loss) is defined as operating income (loss) excluding the items listed below, to the extent naturally included in operating income (loss).
Adjusted net earnings is defined as net earnings attributable to controlling interest excluding the after-tax effect of the excluded items outlined below.
Adjusted EPS – diluted is defined as adjusted net earnings divided by diluted weighted-average common shares outstanding for the applicable period.
Adjusted EBITDA is the measure by which management evaluates segment performance and overall profitability. EBITDA is defined as earnings before interest, taxes, depreciation, and amortization. Adjusted EBITDA excludes additional items including, but not limited to, those listed below, as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of ongoing operations. Adjusted EBITDA also excludes stock-based compensation due to its non-cash nature, which is consistent with how management assesses operating performance and determines incentive compensation. At the segment level, adjusted EBITDA includes expense allocations for centralized corporate back-office functions that exist to support the day-to-day business operations. Public company and other governance costs are held at the corporate level within the unallocated corporate and other category.
Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales.
Free cash flow is a non-GAAP financial liquidity measure that is used by the company to assess its ability to generate cash beyond what is required for its business operations and capital expenditures. The company defines free cash flow as net cash flows from operating activities less investment in property, plant, and equipment.
Free cash flow conversion is a non-GAAP financial measure that is used by the company to measure how much of its adjusted net earnings attributable to controlling interest is converted into cash. The company defines free cash flow conversion as free cash flow divided by adjusted net earnings.
EXCLUSIONS FROM NON-GAAP FINANCIAL MEASURES
Management believes it is useful to exclude the following items from its non-GAAP financial measures for its own and investors’ assessment of the business for the reasons identified below. Additionally, management may exclude other items from non-GAAP financial measures that do not occur in the ordinary course of the company’s ongoing business operations and note them in the reconciliation from net earnings to the non-GAAP financial measure adjusted EBITDA.
Amortization of inventory step-up represents the increase in inventory fair value associated with the company’s acquisitions. The increase in inventory fair value is amortized to cost of sales over the period that the related inventory is sold. The amortization of inventory step-up is excluded because it is a non-cash expense that is not indicative of ongoing operating results.Impairment charges are excluded because they do not occur in the ordinary course of the company’s ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which management believes facilitates the comparison of historical, current and forecasted financial results.Restructuring activities consist of established programs that are intended to fundamentally change the company’s operations, and as such are excluded from its non-GAAP financial measures. The company’s restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. The company’s restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental costs associated with the company’s restructuring activities. Restructuring and other expense, net, may also include other nonrecurring items included in operating income but incremental to the company’s normal business activities. These items are excluded because they are not indicative of the ongoing operations of the company’s underlying business.Loss on partial sale of investment in SES, which resulted from the divestiture of the company’s 49% interest in the Composites business of SES, is excluded because it did not occur in the normal course of business and is inherently predictable in timing and amount.Unrealized losses on marketable equity securities represents the net impact of unrealized losses resulting from mark-to-market adjustments on the company’s marketable equity securities. The company excludes this activity because it is not reflective of on-going operating activity and does not provide a meaningful evaluation of operating performance. UPDATE TO NON-GAAP DEFINITIONS - ADJUSTMENTS FOR AMORTIZATION OF INVENTORY STEP-UP
Beginning in the third quarter of fiscal 2026, the company updated its definitions of adjusted operating income, adjusted net earnings, adjusted EBITDA, and adjusted EPS – diluted to exclude the acquisition-related amortization of inventory step-up charges.
The following tables reflect updates made to the company’s non-GAAP financial measures previously disclosed for fiscal 2024, fiscal 2025 and the first two quarters of fiscal 2026 as a result of the company’s change to exclude the impact of the amortization of inventory step-ups. All dollar amounts are presented in thousands except per share amounts and are on a continuing operations basis.
Fiscal 2024
Fiscal Adjusted operating income Q1 Q2 Q3 Q4 2024 As reported $4,758 $2,366 $7,978 $5,789 $20,891 Impact of adjustment - - 50 - 50 Updated $4,758 $2,366 $8,028 $5,789 $20,941 Fiscal Adjusted net earnings Q1 Q2 Q3 Q4 2024 As reported $37,250 $28,514 $40,190 $37,508 $143,462 Impact of adjustment - - 38 - 38 Updated $37,250 $28,514 $40,228 $37,508 $143,500 Fiscal Adjusted EBITDA Q1 Q2 Q3 Q4 2024 As reported $65,915 $55,044 $66,872 $63,168 $250,999 Impact of adjustment - - 50 - 50 Updated $65,915 $55,044 $66,922 $63,168 $251,049 Due to the insignificant magnitude of the amortization of inventory step-up charges in fiscal 2024, there was no change to the reported adjusted EPS – diluted amount.
Worthington Enterprises (WOR - Free Report) came out with quarterly earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.95 per share. This compares to earnings of $0.91 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +3.70%. A quarter ago, it was expected that this metal manufacturer would post earnings of $0.72 per share when it actually produced earnings of $0.65, delivering a surprise of -9.72%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Worthington Enterprises, which belongs to the Zacks Building Products - Wood industry, posted revenues of $378.68 million for the quarter ended February 2026, surpassing the Zacks Consensus Estimate by 8.68%. This compares to year-ago revenues of $304.52 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Worthington Enterprises shares have lost about 4.7% since the beginning of the year versus the S&P 500's decline of 3.9%.
What's Next for Worthington Enterprises?While Worthington Enterprises has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Worthington Enterprises was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.09 on $370.05 million in revenues for the coming quarter and $3.43 on $1.35 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Wood is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Weyerhaeuser (WY - Free Report) , is yet to report results for the quarter ended March 2026.
This timber and paper products company is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -72.7%. The consensus EPS estimate for the quarter has been revised 13.3% higher over the last 30 days to the current level.
Weyerhaeuser's revenues are expected to be $1.73 billion, down 2% from the year-ago quarter.
Worthington Enterprises (NYSE: WOR) reported strong third-quarter fiscal 2026 results, posting year-over-year growth in revenue, profitability, and earnings per share despite what management described as "mixed" market conditions. Executives credited disciplined execution under the Worthington Business System (WBS), a growing stream of new products, and contributions from recent acquisitions. Quarterly results show revenue growth and higher
Worthington Enterprises (WOR - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Worthington Enterprises basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Worthington Enterprises imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Worthington EnterprisesFor the fiscal year ending May 2026, this metal manufacturer is expected to earn $3.46 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Worthington Enterprises. Over the past three months, the Zacks Consensus Estimate for the company has increased 1%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Worthington Enterprises to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
The Zacks Building Products – Wood industry continues to face a tough operating environment. Elevated construction costs, the risk of project delays and ongoing affordability challenges are weighing on housing demand. Concerns around tariffs and potential retaliatory trade actions are adding pressure to global trade flows. At the same time, spending on home repair and remodeling has eased from pandemic highs as higher mortgage rates strain household budgets. With homeownership becoming less accessible, demand conditions remain subdued for industry participants.
That said, underlying demand for essential replacements, home performance upgrades and the modernization of aging housing stock remains intact. Increased investments in infrastructure, along with rising focus on carbon and ESG-related projects, are providing some support. While high mortgage rates and cautious consumer spending continue to pose risks, disciplined cost control, product innovation and strategic acquisitions are expected to aid companies such as Weyerhaeuser Company (WY - Free Report) , Rayonier Inc. (RYN - Free Report) and Worthington Enterprises, Inc. (WOR - Free Report) .
Industry Description The Zacks Building Products – Wood industry includes forest product companies and manufacturers of lumber as well as other wood products used in home construction, repair and remodeling, along with the development of outdoor structures. Companies in the industry design, manufacture, source and sell flooring products like tile, wood, laminate, vinyl and natural stone flooring products, as well as decorative and installation accessories. The industry players are also involved in the manufacturing and distribution of wood and plastic composite products, along with related accessories, mainly for residential decking and railing applications. The industry also includes timberland real estate investment trusts, or REITs.
4 Trends Shaping the Future of Building Products - Wood Industry High Rates, Trade Policy and Tariffs: The industry’s prospects are highly correlated with the U.S. housing and the R&R market (considered one of the largest in terms of lumber demand) conditions. The U.S. housing market remained constrained by elevated interest rates and subdued consumer confidence. Buyer urgency was low in both new and existing home markets, and large public builders continued to use rate buydowns to stimulate demand. Economic uncertainty and ongoing weakness in home sales and building material sales are limiting residential remodeling.
Meanwhile, the reimplementation of tariffs on Canadian softwood lumber by President Trump in 2025 presents significant implications for the U.S. wood industry. In January 2026, President Trump’s decision to delay higher tariffs on furniture, kitchen cabinets and vanities until Jan. 1, 2027 offers only limited relief and underscores the ongoing uncertainty weighing on the U.S. wood industry. Although the White House imposed a 25% tariff on these products in October 2025, steeper increases — to 30% for furniture and 50% for cabinets and vanities — were set to take effect in 2026 before being postponed. Keeping the tariff at 25% through at least 2027 does little to ease cost pressures for domestic wood producers, who continue to face demand volatility, cautious consumer spending and disrupted pricing dynamics across downstream housing and renovation markets.
Rapid Lumber Market Swings: Historically, volatility in lumber prices has been a major concern for the wood industry. Any unusual rise in the cost of lumber products sold by primary producers increases the cost of inventory and limits margins on fixed-priced lumber products. Yet, a decline in costs eats into profits as products sold are indexed to the current lumber market. Meanwhile, the timberland business is governed by federal rules and state forestry commissions, which are subject to frequent changes, affecting businesses. Due to the very nature of their properties, timberland REITs are required to follow eco-friendly mandates in their trade.
Higher Spending on Infrastructure & Carbon/ESG Projects: The projected rate cuts are poised to increase affordability, stimulate residential activity and set the stage for growth in the wood industry. Additionally, government initiatives such as the Infrastructure Investment and Jobs Act (IIJA) and the Inflation Reduction Act (IRA) are expected to boost infrastructure spending. This emphasis on modernization and clean energy is anticipated to drive growth for companies within the wood sector.
Acquisitions, Product Innovation & Efficient Cost-Reduction Strategies: The companies also bank on acquisitions and divestitures to expand and improve portfolio quality. New products continue to be an important top-line driver for the industry players. Also, efforts to introduce products are likely to have helped the players. Again, in a bid to reduce costs, companies have been reducing the cost structure of their facilities through the sale or shutdown of underperforming units and manufacturing facilities, as well as investments in technology. Also, the industry players have been focusing on operational excellence, comprising merchandising for value, harvest, and transportation efficiencies and boosting harvest to capture seasonal and short-term opportunities.
Zacks Industry Rank Indicates Dull Prospects The Zacks Building Products – Wood industry is a nine-stock group within the broader Construction sector. The Zacks Wood industry currently carries a Zacks Industry Rank #196, which places it in the bottom 19% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of a lower earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group’s earnings growth potential. Since February 2026, the industry’s earnings estimates for 2026 have decreased to $2.04 per share from $2.22.
Despite the industry’s blurred near-term view, we will present a few stocks that one may consider adding to their portfolio. Before that, it’s worth taking a look at the industry’s shareholder returns and current valuation.
Industry Lags Sector, S&P 500 The Zacks Building Products – Wood industry has underperformed the broader Zacks Construction sector and the Zacks S&P 500 Composite over the past year.
Over this period, the industry has gained 16.8% compared with the broader sector’s 20.6% rise. The Zacks S&P 500 Composite has gained 24.4% over this period.
One-Year Price Performance
Industry's Current Valuation On the basis of the forward 12-month price-to-earnings ratio, which is a commonly used multiple for valuing wood stocks, the industry trades at 27.45 compared with the S&P 500’s 20.73 and the sector’s 19.56.
Over the last five years, the industry has traded as high as 29.47X, as low as 10.18X and at a median of 18.43X, as the chart below shows.
Industry’s P/E Ratio (Forward 12-Month) Versus S&P 500
Industry’s P/E Ratio (Forward 12-Month) Versus Sector
3 Wood Stocks to Keep an Eye On We have highlighted three stocks from the industry that have been capitalizing on fundamental strengths.
Worthington: Headquartered in Columbus, OH, Worthington is an industrial manufacturing company. The company is positioned for steady growth, supported by strong operational momentum and strategic initiatives. The company is seeing healthy organic expansion, backed by rising volumes, selective pricing actions and a steady rollout of new products across its portfolio. A key driver ahead is its increasing participation in data center infrastructure, particularly liquid-cooling solutions, which are expected to support growth over several years. In addition, acquisitions like LSI are strengthening its footprint in specialized, high-value markets. With a diversified business mix, ongoing efficiency improvements and a focus on innovation and automation, Worthington is well placed to drive consistent earnings and market share gains over time.
Worthington — a Zacks Rank #3 (Hold) company — has gained 18.2% over the past year. The Zacks Consensus Estimate for WOR’s 2026 earnings per share (EPS) calls for 11.7% growth for fiscal 2026 on 21% growth in revenues. Worthington’s earnings surpassed the consensus mark in two of the last four reported quarters and missed on two occasions, with the average being 6.4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Price and Consensus: WOR
Weyerhaeuser: A major private timberland owner, Weyerhaeuser was founded in Washington in 1900. Despite near-term market challenges, Weyerhaeuser’s growth prospects remain solid, supported by a clear long-term strategy and diversified earnings streams. The company is actively optimizing its timberlands portfolio and deploying capital into higher-return opportunities while maintaining financial flexibility. A key growth driver is its Climate Solutions business, which is scaling rapidly with a target to reach $250 million in EBITDA by 2030. Strategic investments, including new manufacturing capacity and biocarbon initiatives, further strengthen its growth pipeline. Although housing weakness continues to weigh on demand, improving pricing trends and favorable long-term housing fundamentals provide a supportive backdrop for sustained expansion.
Weyerhaeuser — a Zacks Rank #3 company — has lost 3.2% over the past year. The company has seen an upward estimate revision for 2026 earnings to 26 cents from 25 cents per share over the past seven days. The Zacks Consensus Estimate for its 2026 EPS implies 30% year-over-year growth on 2% growth in revenues. Weyerhaeuser’s earnings surpassed the consensus mark in the last three reported quarters and met on one occasion, with the average being 59.1%.
Price and Consensus: WY
Rayonier: Rayonier is a leading timberland REIT with holdings in some of the most productive U.S. softwood regions. Rayonier’s outlook remains favorable, driven by its diversified timberland portfolio, growing real estate platform and expanding land-based solutions business. Rayonier’s growth prospects are improving following its merger with PotlatchDeltic, which expands its timberland base and strengthens its portfolio mix. The combined entity is expected to benefit from cost synergies, better operational execution and disciplined capital allocation. A major driver remains the Real Estate segment, where strong demand and premium pricing continue to support earnings growth. For 2026, higher harvest volumes and improving lumber market conditions are likely to aid timber pricing. Over time, tightening supply dynamics should further support fundamentals. In addition, opportunities in areas like carbon capture, solar projects and other land-based solutions provide new avenues for long-term revenue growth and value creation.
Rayonier — a Zacks Rank #3 company — has lost 11.1% over the past year. Yet, the company has seen an upward estimate revision for 2026 earnings to 44 cents from 43 cents per share over the past seven days, depicting analysts’ optimism over the company’s prospects. The Zacks Consensus Estimate for its 2026 revenues calls for 212.8% year-over-year growth. Rayonier’s earnings surpassed the consensus mark in three of the last four reported quarters and missed on one occasion, with the average being 20.2%.
On April 29, 2026, Worthington Enterprises Inc (WOR) shares fell 3.3% today, bringing the current price to $53.84. Over the past year, the stock has seen a 52-w
Key Takeaways Jacobs is expected to report fiscal second-quarter EPS of $1.64, up 14.7% YoY, with revenues rising 11.6%.J is expected to benefit from strong demand across transport, water, data centers and advanced facilities.Backlog is likely to be up 18.2%, with margins supported by growth strategy and cost efficiencies. Jacobs Solutions, Inc. (J - Free Report) is slated to report second-quarter fiscal 2026 results on May 5, after market close.
In the last reported quarter, the company’s adjusted earnings and gross revenues topped the Zacks Consensus Estimate by 0.7%% and 3.5%, respectively. On a year-over-year basis, both metrics grew 15% and 12.3%, respectively.
Jacobs’ earnings beat the consensus mark in each of the last four quarters, the average surprise being 2.7%.
How Are Estimates Placed for Jacobs Stock?For the fiscal second quarter, the Zacks Consensus Estimate for earnings per share has remained unchanged at $1.64 over the past 60 days. The estimated figure indicates 14.7% year-over-year growth from $1.43 per share.
The consensus mark for gross revenues is pegged at $3.25 billion, indicating an increase of 11.6% from the year-ago figure of $2.91 billion.
Factors to Note Ahead of Jacobs' Q2 ResultsRevenues
Jacobs’ revenues in the fiscal second quarter are expected to have increased year over year because of durable secular demand drivers, including transportation modernization, water resilience, data centers and semiconductor manufacturing. This growth is likely to have been reflected in increased contributions from the company’s Infrastructure & Advanced Facilities segment (which accounted for 89.4% of gross revenues in the first quarter of fiscal 2026). Moreover, robust demand trends across digital consulting, AI advisory, national security, healthcare resilience and energy transition work are expected to have supported the PA Consulting segment’s uptrend (which contributed 10.7% in fiscal first-quarter gross revenues) during the fiscal second quarter.
The Zacks Consensus Estimate for revenues from the Infrastructure & Advanced Facilities and PA Consulting segments is pegged at $2.8 billion and $338 million, indicating year-over-year growth from $2.6 billion and $308 million, respectively.
Owing to the favorable market fundamentals alongside Jacobs’ focus on its multi-year growth strategy and expansion efforts across the national border is expected to have boosted backlog growth in the fiscal second quarter. The consensus mark for backlog during the quarter is pinned at $26.19 billion, up 18.2% year over year.
Although ongoing geopolitical tensions and elevated inflation are likely to have been threatening top-line growth, the favorable demand trends and efficient execution by J are expected to have been encouraging.
Earnings
The bottom line of Jacobs is likely to have grown in the fiscal second quarter because of its multi-year growth strategy, “Challenge Accepted”, which focuses on delivering scalable, full-lifecycle infrastructure, advanced manufacturing and sustainability solutions. The company aims at driving long-term profitable growth by concentrating on complex client challenges. Moreover, Jacobs’ efforts to streamline operations and improve cost structure are likely to have aided its margins in the fiscal second quarter.
The Zacks Consensus Estimate for operating profit of the Infrastructure & Advanced Facilities and PA Consulting segments is pegged at $237 million and $76 million, implying year-over-year growth of 16.6% and 13.4%, respectively.
What the Zacks Model Says for JacobsOur proven model does not conclusively predict an earnings beat for Jacobs this time around. A combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, this is not the case here.
J’s Earnings ESP: Jacobs has an Earnings ESP of -0.76%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
J’s Zacks Rank: The stock currently carries a Zacks Rank of 3.
Stocks With the Favorable CombinationHere are some stocks from the Zacks Construction sector, which, per our model, have the right combination of elements to deliver an earnings beat this time around.
VSE Corporation (VSEC - Free Report) currently has an Earnings ESP of +6.66% and a Zacks Rank of 3. You can see the complete list of today’s Zacks #1 Rank stocks here.
VSE’s earnings beat estimates in each of the last four quarters, the average surprise being 33%. Its earnings for the first quarter of 2026 are expected to grow 19.2%.
Dycom Industries, Inc. (DY - Free Report) currently has an Earnings ESP of +0.55% and a Zacks Rank of 3.
With the average surprise of 17.1%, Dycom’s earnings beat estimates in each of the trailing four quarters. Dycom’s earnings for the first quarter of fiscal 2027 are expected to grow 30.6% compared with the prior year.
Worthington Enterprises, Inc. (WOR - Free Report) currently has an Earnings ESP of +3.85% and a Zacks Rank of 3.
With the average surprise of 6.4%, Worthington’s earnings beat estimates in two of the last four quarters and missed on the remaining two occasions. Worthington’s earnings for the fourth quarter of fiscal 2026 are expected to inch down 1.9%.
COLUMBUS, Ohio, May 19, 2026 (GLOBE NEWSWIRE) -- Worthington Enterprises (NYSE: WOR), a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences, has earned recognition from Newsweek as one of America’s Most Patriotic Companies. The honor is based on research conducted by Plant-A Insights Group. Worthington Enterprises is one of 20 companies headquartered in Ohio and 450 nationwide to earn this distinction, which recognizes organizations that embody American values and contribute meaningfully to their communities and country.
“During a year when we are celebrating America’s 250th birthday, this recognition is especially meaningful for a business founded more than 70 years ago by World War II veteran John H. McConnell,” said Joe Hayek, president and CEO, Worthington Enterprises. “This company was built on a Golden Rule-based Philosophy that continues to guide how we treat one another and serve our customers. We’re a proud example of the opportunities this country provides—the ability to, over more than 70 years, build, grow and create through a free enterprise system. Today, our teams carry that legacy forward, creating opportunities for thousands of people and delivering products that improve everyday life in the United States and around the world.”
Worthington Enterprises manufactures most of the products in its portfolio in the United States, supporting essential everyday applications from cooking, heating and cooling to water, foam insulation, sealants and adhesives, as well as construction, framing and roofing. The company’s suite of market-leading brands serves a wide range of users — from campers and contractors to DIYers and gardeners — all working to make the ordinary extraordinary.
As an employer of nearly 3,000 people across 14 U.S. locations, Worthington Enterprises invests in development programs for its employees and the future workforce, including military veterans. The company participates in the U.S. Army Partnership for Your Success (PaYS) program and the U.S. Department of Defense SkillBridge program. Worthington Enterprises is an 11-time recipient of the Military-Friendly Employer designation, reflecting its commitment to recruiting, developing and supporting veteran talent during the transition to civilian careers.
Jennifer H. Cunningham, editor-in-chief, Newsweek, said, “For many consumers, what matters most aren’t just the products or services a company provides—but the principles it stands for. Whether it’s supporting veterans, funding education or championing “Made in the USA,” a company that embodies patriotism taps into a shared sense of identity that can deeply influence how it’s perceived. Newsweek is proud to partner with Plant-A Insights Group to recognize organizations that wear their American values proudly and contribute meaningfully to their communities and country.”
About the Report
America’s Most Patriotic Companies 2026 recognizes the nation’s most patriotic companies based on a comprehensive research study that includes a large-scale national survey, in-depth desk research and media monitoring. An initial review of more than 10,000 U.S.-based firms was conducted to identify companies that support military personnel and veterans through formal employer programs, discounts, and other tangible benefits. Of these, an estimated 2,500 companies were selected for an evaluation in a nationwide survey. More than 22,000 Americans participated in a large-scale national survey through multiple online access panels between September 2025 – October 2025. Participants were asked to indicate their own level of patriotism based on a non-partisan definition centered on their love, support of, and commitment to the core ideals and values of the United States. They then rated companies based on their commitment to acting ethically and the degree to which the companies represented the values of the United States of America. Finally, respondents evaluated the companies on how patriotic they perceived them to be. Survey participants who identified themselves as active or former members of the military, police, or fire department was given additional consideration, with their responses weighted more heavily in the final scoring model. In addition, in-depth desk research measured company support for U.S. communities affected by seven recent natural disasters, using data from the US Chamber of Commerce Corporate Aid Tracker and company press announcements. An overall score was calculated for each company based on the scoring model and the 450 highest-scoring companies are recognized by Newsweek and Plant-A as America’s Most Patriotic Companies 2026.
About Worthington Enterprises
Worthington Enterprises Inc. (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes heating and cooling, cooking, construction and water solutions, and building systems including HVAC and metal roofing components, architectural and acoustical grid ceilings, and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, BPD, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, LEVEL5 Tools®, Logan Stampings, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Roof Hugger®, Well-X-Trol® and XLite™, among others.
Headquartered in Columbus, Ohio, Worthington Enterprises employs approximately 4,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to historical information constitute “forward-looking statements” under federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from those expected by Worthington Enterprises. Readers should evaluate forward-looking statements in the context of such risks, uncertainties and other factors, many of which are described in Worthington Enterprises’ filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements are qualified by the cautionary statements included in Worthington Enterprises’ SEC filings and other public communications. This press release speaks only as of the date hereof. Worthington Enterprises does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
Sonya L. Higginbotham
Senior Vice President
Chief of Corporate Affairs, Communications and Sustainability
614.438.7391 [email protected]
Marcus A. Rogier
Treasurer and Investor Relations Officer
614.840.4663 [email protected]
200 Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonEnterprises.com
Worthington Enterprises, Inc. remains a Buy, with historical outperformance when purchased on corrections and a current price below $60 seen as attractive. Despite a one-year bearish trend, WOR's long-term uptrend since 2000 remains intact, supported by higher lows and highs. U.S. manufacturing tailwinds, including Made-in-America policies and favorable tariffs, continue to benefit WOR and support sector growth.
COLUMBUS, Ohio, June 09, 2026 (GLOBE NEWSWIRE) -- Worthington Enterprises Inc. (NYSE: WOR) will hold its quarterly earnings conference call Wednesday, June 24 at 8:30 a.m. ET. The company will discuss its fiscal fourth quarter results, which will be released after the market closes Tuesday, June 23.
Please click here to register for the June 24 live audio webcast or visit IR.worthingtonenterprises.com. For those unable to listen live, a replay will be available in the Investors section of the company’s website approximately two hours after the completion of the call and will be archived for one year.
LIVE CONFERENCE CALL DETAILS
Date: Wednesday, June 24, 2026Webcast Link:https://events.q4inc.com/attendee/686020142Starting Time: 8:30 a.m. ETDomestic Participants:833-461-5787Conference ID:686020142
About Worthington Enterprises
Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that improve everyday life by elevating spaces and experiences. The company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes heating and cooling, cooking, construction and water solutions, and building systems including HVAC and metal roofing components, architectural and acoustical grid ceilings, and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, BPD, Coleman® (propane cylinders), CoMet®, Elgen, Garden Weasel®, General®, HALO™, Hawkeye™, LEVEL5 Tools®, Logan Stampings, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Roof Hugger®, Well-X-Trol® and XLite™, among others.
Headquartered in Columbus, Ohio, Worthington Enterprises employs approximately 4,000 people throughout North America and Europe.
Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.
Forward-Looking Statements
Statements by Worthington Enterprises that are not limited to historical information constitute “forward-looking statements” under federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from those expected by Worthington Enterprises. Readers should evaluate forward-looking statements in the context of such risks, uncertainties and other factors, many of which are described in Worthington Enterprises’ filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements are qualified by the cautionary statements included in Worthington Enterprises’ SEC filings and other public communications. This press release speaks only as of the date hereof. Worthington Enterprises does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation.
Sonya L. Higginbotham
Senior Vice President
Chief of Corporate Affairs, Communications and Sustainability
614.438.7391 [email protected]
Marcus A. Rogier
Treasurer and Investor Relations Officer
614.840.4663 [email protected]
200 Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonEnterprises.com
