By Kelly Cloonan

Shares of Worthington Enterprises gained after the company beat Wall Street expectations for both sales and profit in the third quarter, partially fueled by its recent acquisition of Ragasco.

The stock rose midday Wednesday to $50.88, an increase of 22%, which would be the largest percent increase on record. Shares have fallen 16% over the past 12 months through midday Wednesday.

The building and consumer-products company, which owns brands such as Coleman and Bernzomatic, logged a profit of $39.7 million, or 79 cents a share, compared with $22 million, or 44 cents a share, a year earlier.

Adjusted earnings per share were 91 cents, above the 70 cents per share expected by analysts polled by FactSet.

Revenue fell 4%, to $304.5 million, compared with $316.8 million a year ago. Analysts expected sales of $289.1 million.

The company said volume growth and its recent acquisition of Ragasco helped partially offset a drag on sales from the deconsolidation of its former Sustainable Energy Solutions segment, which generated $35.4 million in sales in the same period a year ago.

The company also pointed to tailwinds such as market-share gains, a more favorable mix and improved margins in its wholly owned businesses as its joint ventures remain steady.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

March 26, 2025 14:18 ET (18:18 GMT)

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