Worthington Steel Revises Q4 Loss Wider to $1.15/Share on Additional Impairment
WS sits 21% above its 52-week low of $27.22.
Summary
Worthington Steel restated its Q4 fiscal 2026 loss to $1.15 per share, up from the previously reported $0.98, after uncovering an additional $17.7 million in asset impairment charges. The error stemmed from inadvertently omitted bridge loan commitment costs tied to the Kloeckner acquisition. Management says the correction does not affect prior quarters, current guidance, or the operational outlook. This follows the June 25 initial Q4 report that already included a $94.5 million impairment charge, and the June 3 completion of the Kloeckner deal. The revision deepens the quarterly loss and raises questions about internal controls during a transformative acquisition.
At the time of this announcement, WS was trading at $33.05 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $27.22 to $49.17. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.