Diversified industrial manufacturing company Worthington (NYSE:WOR) will be announcing earnings results tomorrow afternoon. Here’s what you need to know.
Worthington missed analysts’ revenue expectations by 9.6% last quarter, reporting revenues of $318.8 million, down 13.6% year on year. It was a disappointing quarter for the company, with a miss of analysts’ earnings estimates.
Is Worthington a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Worthington’s revenue to decline 74.8% year on year to $300.3 million, a further deceleration from the 15.3% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.73 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Worthington has missed Wall Street’s revenue estimates five times over the last two years.
With Worthington being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for industrial machinery stocks. However, investors in the segment have had steady hands going into earnings, with share prices flat over the last month. Worthington is down 2.1% during the same time and is heading into earnings with an average analyst price target of $56.25 (compared to the current share price of $45.50).
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