Strong Revenue and Growth in Q1
Sales in Q1 were up 18% year-over-year, with a gross margin improvement to 27.1% from 24.3% last year, despite a $2.2 million purchase accounting charge from Elgen.
Adjusted EBITDA Growth
Year-over-year adjusted EBITDA increased by 34%, with an adjusted EBITDA margin of 21.4% compared to 18.8% in Q1 last year.
Building Products Segment Performance
Q1 sales grew 32% year-over-year to $185 million, driven by higher volumes and contributions from Elgen. Adjusted EBITDA margin improved to 31.3% from 28.4% last year.
Successful New Product Launches
New products like Balloon Time Mini, A2L refrigerant cylinders, and Halo Griddles have enabled market share growth and entry into new markets.
Sustainability and Safety Achievements
Worthington Enterprises reported a total incident case rate 40% lower than industry peers and continued outperforming industry benchmarks in safety.
Strong Free Cash Flow
Free cash flow for the quarter was $28 million, with a trailing 12-month free cash flow totaling $156 million, representing a 94% conversion rate relative to adjusted net earnings.