Worthington Steel Inc. (WS) shares tumbled over 10% in extended trading on Wednesday, erasing gains from the regular session. The steep after-hours plunge followed the company's fiscal second-quarter results, which showed lower-than-expected revenue despite an earnings beat.
For the quarter ended November 30, 2024, the steel processor reported adjusted earnings per diluted share of $0.19, up from $0.11 a year earlier and surpassing analyst estimates. However, net sales for the quarter declined to $739 million from $808 million in the same period last year, missing analysts' expectations of around $740.4 million.
The disappointing revenue numbers appeared to overshadow Worthington Steel's earnings beat, triggering a sell-off in the stock during the after-hours session. Investors reacted negatively to the year-over-year decline in sales, which could signal softening demand or other challenges facing the company's business.
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