Coleman Fuel Maker Worthington Enterprises Falls Some 10% After Hours on Earnings Miss
$Worthington Enterprises (WOR.US)$ sank nearly 10% after hours Tuesday after the diversified manufacturer – whose products range from Coleman fuel to Garden Weasel gardening tools – missed analyst estimates for its fiscal Q4 sales and earnings.
WOR fell 9.3% to $45.50 shortly before 5:30 p.m. ET after reporting $318.8 million in sales for the three months ended May 31, reportedly missing analysts' $359.4 million consensus estimate by 11.3%.
Worthington also recorded $0.74 of earnings per share, falling 21.3% short of the $0.94 that analysts had reportedly forecast.
President and CEO Andy Rose said in a statement that the company's building-products business had "a solid quarter," although one unit saw "some margin compression."
He added that Worthington's consumer-products division – which includes Coleman, Garden Weasel, Bernzomatic and other business lines – "performed well despite headwinds due to volume being pulled ahead into the previous quarter and some softening in consumer spending"
"While both [the building-products and consumer] segments saw lower volumes, the overall health of the company is good," the executive said.
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Jerry Kronenberg
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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