Worthington Enterprises, Inc. reported significant financial improvements in its first quarter of fiscal 2026, ending August 31, 2025. The company achieved net sales of $303.7 million, an increase of 18% from $257.3 million in the same quarter of the previous year. This growth was driven primarily by a 32.3% increase in the Building Products segment, which generated $184.8 million in sales, bolstered by the recent acquisition of Elgen, contributing $20.9 million. The Consumer Products segment saw a modest increase of 1.1%, reaching $118.9 million, attributed to a favorable product mix despite lower overall volume.
The company's operating income turned positive at $9.2 million, a substantial recovery from an operating loss of $4.7 million in the prior year quarter. Adjusted EBITDA also rose significantly to $65.1 million, up from $48.4 million, reflecting a 34.3% increase. Net earnings attributable to controlling interest were reported at $35.1 million, compared to $24.3 million in the previous year, resulting in diluted earnings per share of $0.70, up from $0.48.
Strategically, Worthington completed the acquisition of Elgen on June 18, 2025, for approximately $91.2 million. This acquisition is expected to enhance the company's offerings in HVAC parts and components, further solidifying its position in the Building Products market. The integration of Elgen's operations is anticipated to contribute positively to future revenue streams, although initial results reflected a nominal impact on adjusted EBITDA due to purchase accounting adjustments.
Operationally, Worthington's total assets increased to $1.74 billion as of August 31, 2025, compared to $1.70 billion at the end of the previous fiscal year. The company reported a cash and cash equivalents balance of $167.1 million, down from $250.1 million, primarily due to cash used in investing activities related to the Elgen acquisition. The company maintained a strong liquidity position with $500 million available under its revolving credit facility, indicating readiness to support ongoing operations and potential future investments.
Looking ahead, Worthington anticipates continued demand fluctuations influenced by macroeconomic conditions, including inflation and interest rates. The company expects that while the Building Products segment may benefit from improved project planning activity, overall demand across its key markets will remain uneven in the near term. Management remains focused on optimizing operations and pursuing strategic investments to drive long-term growth and shareholder value.
About WORTHINGTON ENTERPRISES, INC.
Worthington Enterprises designs and manufactures metal products for consumer, construction, and industrial markets. Its core segments include Consumer Products, offering tools, outdoor living, and celebration items, and Building Products, providing pressurized containment solutions like cylinders and structural components. The company serves retail, industrial, and construction customers globally, leveraging strong brands, manufacturing scale, and supply chain expertise to deliver innovative, high-quality products.
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