<p>沃辛顿工业公司（Worthington Industries, Inc. (WOR)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>沃辛顿企业的最新财报电话会议描绘了一个总体乐观的局面，管理层强调了收入和调整后 EBITDA 的强劲同比增长，这得益于近期的战略收购和持续的创新。尽管由于整合问题和合资企业 ClarkDietrich 的艰难背景，盈利能力受到压力，但高管们强调了公司的强大资产负债表、稳定的现金生成能力以及对长期增长轨迹的信心。</p>
<h2>收入和盈利增长重拾动能</h2>
<p>沃辛顿本季度的收入较去年同期增长超过 19%，即使在强劲的去年基数下。剔除最近收购的 Elgen 业务，核心收入仍然健康增长 10%，显示出核心终端市场的广泛需求。调整后 EBITDA 同比增长 8%，反映了销售额和运营效率的提高，尽管这些增长在一定程度上被其他业务的利润压力所抵消。</p>
<h2>战略收购增强增长平台</h2>
<p>管理层强调收购是本季度的关键驱动因素，也是其长期战略的核心部分。公司宣布计划以 2.05 亿美元收购 LSI，预计将增强沃辛顿在工程建筑系统中的地位。该交易预计将对调整后的 EBITDA 利润率、调整后的每股收益和自由现金流产生积极影响，表明管理层对收购不仅能扩大收入，还能提升盈利质量和现金生成能力的信心。</p>
<h2>创新和市场扩展驱动新机会</h2>
<p>创新和产品开发仍然是沃辛顿的核心主题。公司提到在数据中心冷却解决方案方面推出的新产品——这一领域受益于数字基础设施的长期增长，以及大型丙烷罐的翻新服务。这些举措将沃辛顿的触角延伸至更高价值的细分市场和重复服务机会。公司还继续扩大其零售足迹，与主要客户如 Costco 增加了更多的合作，这将支持销量增长和品牌知名度。</p>
<h2>现金流强劲和审慎的资产负债表管理</h2>
<p>沃辛顿强调其强大的现金生成能力和保守的资产负债表是其关键竞争优势。本季度的经营现金流达到 5200 万美元，自由现金流为 3900 万美元，为再投资和股东回报提供了充足的灵活性。公司的净债务与调整后 EBITDA 的比率仅为 0.4 倍，反映出低杠杆和充足的财务能力，可以在不拉伸资产负债表的情况下资助收购、资本项目和分红。</p>
<h2>企业认可支持人才和 ESG 叙事</h2>
<p>除了财务指标，沃辛顿还强调了其作为吸引雇员和负责任企业公民的声誉。公司被《计算机世界》评选为 2026 年 IT 最佳工作场所之一，突显了其吸引和留住关键数字和技术人才的能力。它还被《新闻周刊》评选为美国最负责任的公司之一，这支持了公司的 ESG 叙事，并可能增强其对寻求可持续发展的员工和长期投资者的吸引力。</p>
<h2>由于整合和增长投资导致毛利率压缩</h2>
<p>并非所有趋势都是积极的。管理层承认，毛利率从去年的 27% 下滑至 25.8%，因为新收购的 Elgen 的整合挑战对盈利能力造成了压力。此外，增长投资——如新产品和产能的提升成本——也对短期毛利率造成了压力。尽管高管们将这些问题视为暂时性，并与建立更强的平台相关联，但它们代表了投资者在未来几个季度将关注的关键运营执行领域。</p>
<h2>ClarkDietrich 仍然是一个阻力</h2>
<p>ClarkDietrich 合资企业是另一个软点。该业务的股权收益大幅下降，从去年同期的 1000 万美元降至本季度的 400 万美元，反映出其核心建筑相关领域面临的市场环境挑战。这一下降也导致整体盈利的压缩，即使其他业务表现良好。管理层重申了对 ClarkDietrich 的长期信心，但承认短期业绩可能仍会受到周期性条件的压力。</p>
<h2>关税压力和缓解策略</h2>
<p>关税持续带来阻力，影响了输入成本并复杂化了定价。沃辛顿讨论了包括更严格的供应商谈判、更严格的成本控制和有针对性的定价措施在内的缓解措施，以尽可能保护利润率。尽管这些措施有助于减少影响，但与关税相关的波动仍然是一个风险因素，特别是在暴露于全球供应链和商品钢材的部分业务中。</p>
<h2>前景展望：增长、整合和资本纪律</h2>
<p>展望未来，沃辛顿的指引和评论传达出谨慎的乐观情绪。公司预计将在超过 19% 的收入增长和 8% 的调整后 EBITDA 增长的基础上继续发展，这得益于有机举措和收购如 Elgen 以及计划中的 LSI 交易的贡献。在过去的 12 个月中，调整后 EBITDA 达到了 2.84 亿美元，即使在 ClarkDietrich 的股权收益因疲软而拖累 1500 万美元的情况下，调整后 EBITDA 的利润率也从一年前的 20% 提高到了近 23%。管理层强调将继续专注于整合收购，以恢复和扩大利润率，同时保持销售、一般和行政费用的精简——这一比例已经减少了 320 个基点。资本配置将保持谨慎，资本支出适度，持续分红，以及相对于调整后净收益的强劲自由现金流转化率为 96%，所有这些都得益于公司低杠杆和充足的资产负债表灵活性。</p>
<p>总体而言，沃辛顿企业的财报电话会议反映出公司健康状况良好，利用战略性收购和创新推动增长，同时应对整合挑战、利润压力以及 ClarkDietrich 的周期性疲软。凭借强劲的现金流、保守的资产负债表和一系列增长举措，公司似乎在长期价值创造方面处于良好位置，尽管投资者将在未来几个季度关注整合和利润恢复的执行情况。</p>

沃辛顿工业

<p>沃辛顿工业报告了强劲的第二季度业绩，收入增长超过 19%，调整后的息税折旧摊销前利润（EBITDA）增长 8%，这得益于战略收购和创新。尽管由于整合问题和合资企业挑战导致利润率承压，公司强调了其强大的资产负债表和现金生成能力。关键的收购、产品发布和市场扩展被强调为增长驱动力。沃辛顿还因其工作场所和环境、社会及治理（ESG）努力获得了企业认可。然而，毛利率压缩和关税压力仍然是令人担忧的问题。公司对未来的增长和整合保持谨慎乐观</p>

<p>Worthington Industries, Inc. ((WOR)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>沃辛顿工业公司（Worthington Industries, Inc. (WOR)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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</div><p>Worthington Enterprises’ latest earnings call painted a generally upbeat picture, with management emphasizing strong year-over-year growth in revenue and adjusted EBITDA, underpinned by recent strategic acquisitions and ongoing innovation. While profitability was pressured by integration issues and a tough backdrop for joint venture ClarkDietrich, executives underscored the company’s robust balance sheet, solid cash generation, and confidence in its long-term growth trajectory.</p>
<div class="lb-trans"><p>沃辛顿企业的最新财报电话会议描绘了一个总体乐观的局面，管理层强调了收入和调整后 EBITDA 的强劲同比增长，这得益于近期的战略收购和持续的创新。尽管由于整合问题和合资企业 ClarkDietrich 的艰难背景，盈利能力受到压力，但高管们强调了公司的强大资产负债表、稳定的现金生成能力以及对长期增长轨迹的信心。</p>
</div><h2>Revenue and Earnings Growth Regain Momentum</h2>
<div class="lb-trans"><h2>收入和盈利增长重拾动能</h2>
</div><p>Worthington delivered a more than 19% increase in revenue for the quarter compared with the same period last year, even after a strong prior-year base. Stripping out the recently acquired Elgen business, organic revenue still rose a healthy 10%, signaling broad-based demand across core end markets. Adjusted EBITDA climbed 8% year over year, reflecting both higher sales and operational efficiencies, although the gains were partially offset by margin pressure elsewhere in the portfolio.</p>
<div class="lb-trans"><p>沃辛顿本季度的收入较去年同期增长超过 19%，即使在强劲的去年基数下。剔除最近收购的 Elgen 业务，核心收入仍然健康增长 10%，显示出核心终端市场的广泛需求。调整后 EBITDA 同比增长 8%，反映了销售额和运营效率的提高，尽管这些增长在一定程度上被其他业务的利润压力所抵消。</p>
</div><h2>Strategic Acquisitions Bolster Growth Platform</h2>
<div class="lb-trans"><h2>战略收购增强增长平台</h2>
</div><p>Management highlighted acquisitions as a key driver of the quarter and a central part of its long-term strategy. The company announced the planned $205 million purchase of LSI, which is expected to strengthen Worthington’s position in engineered building systems. The deal is projected to be accretive to adjusted EBITDA margins, adjusted EPS, and free cash flow, signaling management’s confidence that the acquisition will not only scale revenue but also enhance the quality of earnings and cash generation.</p>
<div class="lb-trans"><p>管理层强调收购是本季度的关键驱动因素，也是其长期战略的核心部分。公司宣布计划以 2.05 亿美元收购 LSI，预计将增强沃辛顿在工程建筑系统中的地位。该交易预计将对调整后的 EBITDA 利润率、调整后的每股收益和自由现金流产生积极影响，表明管理层对收购不仅能扩大收入，还能提升盈利质量和现金生成能力的信心。</p>
</div><h2>Innovation and Market Expansion Drive New Opportunities</h2>
<div class="lb-trans"><h2>创新和市场扩展驱动新机会</h2>
</div><p>Innovation and product development remain central themes for Worthington. The company cited new product launches in data center cooling solutions—an area benefiting from secular growth in digital infrastructure—as well as refurbishment offerings for large-format propane tanks. These initiatives extend Worthington’s reach into higher-value niches and recurring service opportunities. The company also continued to broaden its retail footprint, adding further placements with major customers such as Costco, which should support volume growth and brand visibility.</p>
<div class="lb-trans"><p>创新和产品开发仍然是沃辛顿的核心主题。公司提到在数据中心冷却解决方案方面推出的新产品——这一领域受益于数字基础设施的长期增长，以及大型丙烷罐的翻新服务。这些举措将沃辛顿的触角延伸至更高价值的细分市场和重复服务机会。公司还继续扩大其零售足迹，与主要客户如 Costco 增加了更多的合作，这将支持销量增长和品牌知名度。</p>
</div><h2>Cash Flow Strength and Prudent Balance Sheet Management</h2>
<div class="lb-trans"><h2>现金流强劲和审慎的资产负债表管理</h2>
</div><p>Worthington underscored its strong cash generation and conservative balance sheet as key competitive advantages. Operating cash flow reached $52 million for the quarter, with free cash flow of $39 million, providing ample flexibility for reinvestment and shareholder returns. The company’s net debt to trailing adjusted EBITDA ratio stands at just 0.4x, reflecting low leverage and substantial financial capacity to fund acquisitions, capital projects, and dividends without stretching the balance sheet.</p>
<div class="lb-trans"><p>沃辛顿强调其强大的现金生成能力和保守的资产负债表是其关键竞争优势。本季度的经营现金流达到 5200 万美元，自由现金流为 3900 万美元，为再投资和股东回报提供了充足的灵活性。公司的净债务与调整后 EBITDA 的比率仅为 0.4 倍，反映出低杠杆和充足的财务能力，可以在不拉伸资产负债表的情况下资助收购、资本项目和分红。</p>
</div><h2>Corporate Recognition Supports Talent and ESG Narrative</h2>
<div class="lb-trans"><h2>企业认可支持人才和 ESG 叙事</h2>
</div><p>Beyond financial metrics, Worthington leaned into its reputation as an attractive employer and responsible corporate citizen. The company was named one of the Best Places to Work in IT for 2026 by Computerworld, highlighting its ability to attract and retain key digital and technology talent. It was also recognized by Newsweek as one of America’s Most Responsible Companies, which supports the company’s ESG narrative and may enhance its appeal to both employees and long-term investors seeking sustainability-focused businesses.</p>
<div class="lb-trans"><p>除了财务指标，沃辛顿还强调了其作为吸引雇员和负责任企业公民的声誉。公司被《计算机世界》评选为 2026 年 IT 最佳工作场所之一，突显了其吸引和留住关键数字和技术人才的能力。它还被《新闻周刊》评选为美国最负责任的公司之一，这支持了公司的 ESG 叙事，并可能增强其对寻求可持续发展的员工和长期投资者的吸引力。</p>
</div><h2>Gross Margin Compression from Integration and Growth Investments</h2>
<div class="lb-trans"><h2>由于整合和增长投资导致毛利率压缩</h2>
</div><p>Not all trends were positive. Management acknowledged that gross margins slipped to 25.8% from 27% a year ago, as integration challenges at newly acquired Elgen weighed on profitability. In addition, growth investments—such as ramp-up costs for new products and capacity—pressured near-term margins. While executives framed these issues as transitory and linked to building a stronger platform, they represent a key operational execution area investors will watch in coming quarters.</p>
<div class="lb-trans"><p>并非所有趋势都是积极的。管理层承认，毛利率从去年的 27% 下滑至 25.8%，因为新收购的 Elgen 的整合挑战对盈利能力造成了压力。此外，增长投资——如新产品和产能的提升成本——也对短期毛利率造成了压力。尽管高管们将这些问题视为暂时性，并与建立更强的平台相关联，但它们代表了投资者在未来几个季度将关注的关键运营执行领域。</p>
</div><h2>ClarkDietrich Remains a Headwind</h2>
<div class="lb-trans"><h2>ClarkDietrich 仍然是一个阻力</h2>
</div><p>The ClarkDietrich joint venture was another soft spot. Equity earnings from the business dropped sharply, from $10 million in the prior year to $4 million this quarter, reflecting a challenging market environment in its core construction-related segments. This decline also contributed to the overall compression in earnings, even as the rest of the portfolio performed well. Management reiterated its long-term confidence in ClarkDietrich but acknowledged that near-term results are likely to remain pressured by cyclical conditions.</p>
<div class="lb-trans"><p>ClarkDietrich 合资企业是另一个软点。该业务的股权收益大幅下降，从去年同期的 1000 万美元降至本季度的 400 万美元，反映出其核心建筑相关领域面临的市场环境挑战。这一下降也导致整体盈利的压缩，即使其他业务表现良好。管理层重申了对 ClarkDietrich 的长期信心，但承认短期业绩可能仍会受到周期性条件的压力。</p>
</div><h2>Tariff Pressures and Mitigation Strategies</h2>
<div class="lb-trans"><h2>关税压力和缓解策略</h2>
</div><p>Tariffs continued to present a headwind, influencing input costs and complicating pricing. Worthington discussed mitigation efforts including tighter supplier negotiations, more rigorous cost controls, and targeted pricing actions to protect margins where possible. While these measures helped reduce the impact, tariff-related volatility remains a risk factor, particularly in parts of the portfolio exposed to global supply chains and commodity steel.</p>
<div class="lb-trans"><p>关税持续带来阻力，影响了输入成本并复杂化了定价。沃辛顿讨论了包括更严格的供应商谈判、更严格的成本控制和有针对性的定价措施在内的缓解措施，以尽可能保护利润率。尽管这些措施有助于减少影响，但与关税相关的波动仍然是一个风险因素，特别是在暴露于全球供应链和商品钢材的部分业务中。</p>
</div><h2>Forward Outlook: Growth, Integration, and Capital Discipline</h2>
<div class="lb-trans"><h2>前景展望：增长、整合和资本纪律</h2>
</div><p>Looking ahead, Worthington’s guidance and commentary signal cautious optimism. The company expects to build on its more than 19% revenue growth and 8% adjusted EBITDA increase, aided by both organic initiatives and contributions from acquisitions such as Elgen and the planned LSI deal. Over the last 12 months, adjusted EBITDA reached $284 million, even after a $15 million drag from weaker ClarkDietrich equity earnings, and adjusted EBITDA margins improved to nearly 23% from 20% a year earlier. Management emphasized continued focus on integrating acquisitions to restore and expand margins, while keeping SG&amp;A lean—already reduced by 320 basis points as a share of sales. Capital allocation will remain disciplined, with measured capital expenditures, ongoing dividends, and a strong free cash flow conversion rate of 96% relative to adjusted net earnings, all supported by the company’s low leverage and ample balance sheet flexibility.</p>
<div class="lb-trans"><p>展望未来，沃辛顿的指引和评论传达出谨慎的乐观情绪。公司预计将在超过 19% 的收入增长和 8% 的调整后 EBITDA 增长的基础上继续发展，这得益于有机举措和收购如 Elgen 以及计划中的 LSI 交易的贡献。在过去的 12 个月中，调整后 EBITDA 达到了 2.84 亿美元，即使在 ClarkDietrich 的股权收益因疲软而拖累 1500 万美元的情况下，调整后 EBITDA 的利润率也从一年前的 20% 提高到了近 23%。管理层强调将继续专注于整合收购，以恢复和扩大利润率，同时保持销售、一般和行政费用的精简——这一比例已经减少了 320 个基点。资本配置将保持谨慎，资本支出适度，持续分红，以及相对于调整后净收益的强劲自由现金流转化率为 96%，所有这些都得益于公司低杠杆和充足的资产负债表灵活性。</p>
</div><p>Overall, Worthington Enterprises’ earnings call reflected a company in solid health, using strategic acquisitions and innovation to drive growth while navigating integration challenges, margin pressure, and cyclical softness at ClarkDietrich. With strong cash flow, a conservative balance sheet, and a pipeline of growth initiatives, the company appears well-positioned for long-term value creation, though investors will be monitoring execution on integration and margin recovery in the quarters ahead.</p>
<div class="lb-trans"><p>总体而言，沃辛顿企业的财报电话会议反映出公司健康状况良好，利用战略性收购和创新推动增长，同时应对整合挑战、利润压力以及 ClarkDietrich 的周期性疲软。凭借强劲的现金流、保守的资产负债表和一系列增长举措，公司似乎在长期价值创造方面处于良好位置，尽管投资者将在未来几个季度关注整合和利润恢复的执行情况。</p>
</div>

尽管面临利润压力，沃辛顿工业仍然显示出增长的迹象