Worthington stock is up 20% on Thursday: explained here

Worthington Industries Inc (NYSE: WOR) is trading about 20% up this morning after reporting strong results for its fiscal third quarter.

Worthington declares quarterly dividend

Shares of the metals manufacturing company are up also because it announced a quarterly dividend of 31 cents per share.

For Q3, Worthington reported $1.04 of adjusted per-share earnings versus 73 cents a share expected. $1.1 billion in revenue also topped estimates for under a billion dollar. In the earnings press release, CEO B. Andrew Rose said:

Versus the start of 2023, Worthington stock is up 35% at writing. Wall Street currently has a consensus “hold” rating on WOR.

What else was noteworthy?

Other notable figures in the earnings report include a 28% year-on-year decline in Steel Processing to $757 million related primarily to lower average selling prices.

Last year, Worthington announced plans of separating its Steel Processing business into a standalone public company in 2024. According to CEO Rose:

Lastly, gross margin remained roughly flat in the recent quarter as higher manufacturing expenses offset higher spreads in Steel Processing. Worthington ended the quarter with $267 million in cash.