Worthington Steel reported fiscal 2027 first-quarter net sales of $2.73 billion, an increase of 212% from $872.9 million in the prior-year period following its acquisition of a majority interest in Klöckner & Co.
Kloeckner contributed approximately $1.77 billion of quarterly revenue.
Excluding Kloeckner, Worthington Steel’s net sales increased 9% year-over-year to approximately $953.9 million.
The legacy business benefited from higher direct shipment volumes and higher average selling prices.
Operating income increased to $56 million from $48.3 million.
Worthington Steel reported a net loss attributable to controlling interests from continuing operations of $7 million, or $0.14 per share.
Adjusted diluted EPS from continuing operations was $0.57 compared with $0.77 a year earlier.
Adjusted EBIT increased to $78.5 million from $55.5 million.
Adjusted EBITDA reached $111 million compared with $78.8 million in the prior-year quarter.
Worthington Steel acquired approximately 62% of Kloeckner’s outstanding shares in June.
Following a subsequent delisting tender offer, its ownership increased to approximately 62.11%.
The company has also entered into a Domination and Profit and Loss Transfer Agreement with Kloeckner, subject to required approvals and registration.
Worthington Steel declared a quarterly dividend of $0.16 per share.
KEY QUOTES:
“This quarter marks an important milestone for Worthington Steel as we report our first results including Kloeckner.”
“The addition of Kloeckner significantly expands our capabilities and positions us as a more diversified metals processing and manufacturing company.”
Geoff Gilmore, President and CEO of Worthington Steel
