<p>沃辛頓工業公司（Worthington Industries, Inc. (WOR)）已召開第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>沃辛頓企業的最新財報電話會議描繪了一個總體樂觀的局面，管理層強調了收入和調整後 EBITDA 的強勁同比增長，這得益於近期的戰略收購和持續的創新。儘管由於整合問題和合資企業 ClarkDietrich 的艱難背景，盈利能力受到壓力，但高管們強調了公司的強大資產負債表、穩定的現金生成能力以及對長期增長軌跡的信心。</p>
<h2>收入和盈利增長重拾動能</h2>
<p>沃辛頓本季度的收入較去年同期增長超過 19%，即使在強勁的去年基數下。剔除最近收購的 Elgen 業務，核心收入仍然健康增長 10%，顯示出核心終端市場的廣泛需求。調整後 EBITDA 同比增長 8%，反映了銷售額和運營效率的提高，儘管這些增長在一定程度上被其他業務的利潤壓力所抵消。</p>
<h2>戰略收購增強增長平台</h2>
<p>管理層強調收購是本季度的關鍵驅動因素，也是其長期戰略的核心部分。公司宣佈計劃以 2.05 億美元收購 LSI，預計將增強沃辛頓在工程建築系統中的地位。該交易預計將對調整後的 EBITDA 利潤率、調整後的每股收益和自由現金流產生積極影響，表明管理層對收購不僅能擴大收入，還能提升盈利質量和現金生成能力的信心。</p>
<h2>創新和市場擴展驅動新機會</h2>
<p>創新和產品開發仍然是沃辛頓的核心主題。公司提到在數據中心冷卻解決方案方面推出的新產品——這一領域受益於數字基礎設施的長期增長，以及大型丙烷罐的翻新服務。這些舉措將沃辛頓的觸角延伸至更高價值的細分市場和重複服務機會。公司還繼續擴大其零售足跡，與主要客户如 Costco 增加了更多的合作，這將支持銷量增長和品牌知名度。</p>
<h2>現金流強勁和審慎的資產負債表管理</h2>
<p>沃辛頓強調其強大的現金生成能力和保守的資產負債表是其關鍵競爭優勢。本季度的經營現金流達到 5200 萬美元，自由現金流為 3900 萬美元，為再投資和股東回報提供了充足的靈活性。公司的淨債務與調整後 EBITDA 的比率僅為 0.4 倍，反映出低槓桿和充足的財務能力，可以在不拉伸資產負債表的情況下資助收購、資本項目和分紅。</p>
<h2>企業認可支持人才和 ESG 敍事</h2>
<p>除了財務指標，沃辛頓還強調了其作為吸引僱員和負責任企業公民的聲譽。公司被《計算機世界》評選為 2026 年 IT 最佳工作場所之一，突顯了其吸引和留住關鍵數字和技術人才的能力。它還被《新聞週刊》評選為美國最負責任的公司之一，這支持了公司的 ESG 敍事，並可能增強其對尋求可持續發展的員工和長期投資者的吸引力。</p>
<h2>由於整合和增長投資導致毛利率壓縮</h2>
<p>並非所有趨勢都是積極的。管理層承認，毛利率從去年的 27% 下滑至 25.8%，因為新收購的 Elgen 的整合挑戰對盈利能力造成了壓力。此外，增長投資——如新產品和產能的提升成本——也對短期毛利率造成了壓力。儘管高管們將這些問題視為暫時性，並與建立更強的平台相關聯，但它們代表了投資者在未來幾個季度將關注的關鍵運營執行領域。</p>
<h2>ClarkDietrich 仍然是一個阻力</h2>
<p>ClarkDietrich 合資企業是另一個軟點。該業務的股權收益大幅下降，從去年同期的 1000 萬美元降至本季度的 400 萬美元，反映出其核心建築相關領域面臨的市場環境挑戰。這一下降也導致整體盈利的壓縮，即使其他業務表現良好。管理層重申了對 ClarkDietrich 的長期信心，但承認短期業績可能仍會受到週期性條件的壓力。</p>
<h2>關税壓力和緩解策略</h2>
<p>關税持續帶來阻力，影響了輸入成本並複雜化了定價。沃辛頓討論了包括更嚴格的供應商談判、更嚴格的成本控制和有針對性的定價措施在內的緩解措施，以儘可能保護利潤率。儘管這些措施有助於減少影響，但與關税相關的波動仍然是一個風險因素，特別是在暴露於全球供應鏈和商品鋼材的部分業務中。</p>
<h2>前景展望：增長、整合和資本紀律</h2>
<p>展望未來，沃辛頓的指引和評論傳達出謹慎的樂觀情緒。公司預計將在超過 19% 的收入增長和 8% 的調整後 EBITDA 增長的基礎上繼續發展，這得益於有機舉措和收購如 Elgen 以及計劃中的 LSI 交易的貢獻。在過去的 12 個月中，調整後 EBITDA 達到了 2.84 億美元，即使在 ClarkDietrich 的股權收益因疲軟而拖累 1500 萬美元的情況下，調整後 EBITDA 的利潤率也從一年前的 20% 提高到了近 23%。管理層強調將繼續專注於整合收購，以恢復和擴大利潤率，同時保持銷售、一般和行政費用的精簡——這一比例已經減少了 320 個基點。資本配置將保持謹慎，資本支出適度，持續分紅，以及相對於調整後淨收益的強勁自由現金流轉化率為 96%，所有這些都得益於公司低槓桿和充足的資產負債表靈活性。</p>
<p>總體而言，沃辛頓企業的財報電話會議反映出公司健康狀況良好，利用戰略性收購和創新推動增長，同時應對整合挑戰、利潤壓力以及 ClarkDietrich 的週期性疲軟。憑藉強勁的現金流、保守的資產負債表和一系列增長舉措，公司似乎在長期價值創造方面處於良好位置，儘管投資者將在未來幾個季度關注整合和利潤恢復的執行情況。</p>

沃辛頓工業

<p>沃辛頓工業報告了強勁的第二季度業績，收入增長超過 19%，調整後的息税折舊攤銷前利潤（EBITDA）增長 8%，這得益於戰略收購和創新。儘管由於整合問題和合資企業挑戰導致利潤率承壓，公司強調了其強大的資產負債表和現金生成能力。關鍵的收購、產品發佈和市場擴展被強調為增長驅動力。沃辛頓還因其工作場所和環境、社會及治理（ESG）努力獲得了企業認可。然而，毛利率壓縮和關税壓力仍然是令人擔憂的問題。公司對未來的增長和整合保持謹慎樂觀</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>沃辛頓工業公司（Worthington Industries, Inc. (WOR)）已召開第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投資</h3>
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<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
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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>沃辛頓企業的最新財報電話會議描繪了一個總體樂觀的局面，管理層強調了收入和調整後 EBITDA 的強勁同比增長，這得益於近期的戰略收購和持續的創新。儘管由於整合問題和合資企業 ClarkDietrich 的艱難背景，盈利能力受到壓力，但高管們強調了公司的強大資產負債表、穩定的現金生成能力以及對長期增長軌跡的信心。</p>
</div><h2>Revenue and Earnings Growth Regain Momentum</h2>
<div class="lb-trans"><h2>收入和盈利增長重拾動能</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>沃辛頓本季度的收入較去年同期增長超過 19%，即使在強勁的去年基數下。剔除最近收購的 Elgen 業務，核心收入仍然健康增長 10%，顯示出核心終端市場的廣泛需求。調整後 EBITDA 同比增長 8%，反映了銷售額和運營效率的提高，儘管這些增長在一定程度上被其他業務的利潤壓力所抵消。</p>
</div><h2>Strategic Acquisitions Bolster Growth Platform</h2>
<div class="lb-trans"><h2>戰略收購增強增長平台</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>管理層強調收購是本季度的關鍵驅動因素，也是其長期戰略的核心部分。公司宣佈計劃以 2.05 億美元收購 LSI，預計將增強沃辛頓在工程建築系統中的地位。該交易預計將對調整後的 EBITDA 利潤率、調整後的每股收益和自由現金流產生積極影響，表明管理層對收購不僅能擴大收入，還能提升盈利質量和現金生成能力的信心。</p>
</div><h2>Innovation and Market Expansion Drive New Opportunities</h2>
<div class="lb-trans"><h2>創新和市場擴展驅動新機會</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>創新和產品開發仍然是沃辛頓的核心主題。公司提到在數據中心冷卻解決方案方面推出的新產品——這一領域受益於數字基礎設施的長期增長，以及大型丙烷罐的翻新服務。這些舉措將沃辛頓的觸角延伸至更高價值的細分市場和重複服務機會。公司還繼續擴大其零售足跡，與主要客户如 Costco 增加了更多的合作，這將支持銷量增長和品牌知名度。</p>
</div><h2>Cash Flow Strength and Prudent Balance Sheet Management</h2>
<div class="lb-trans"><h2>現金流強勁和審慎的資產負債表管理</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>沃辛頓強調其強大的現金生成能力和保守的資產負債表是其關鍵競爭優勢。本季度的經營現金流達到 5200 萬美元，自由現金流為 3900 萬美元，為再投資和股東回報提供了充足的靈活性。公司的淨債務與調整後 EBITDA 的比率僅為 0.4 倍，反映出低槓桿和充足的財務能力，可以在不拉伸資產負債表的情況下資助收購、資本項目和分紅。</p>
</div><h2>Corporate Recognition Supports Talent and ESG Narrative</h2>
<div class="lb-trans"><h2>企業認可支持人才和 ESG 敍事</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>除了財務指標，沃辛頓還強調了其作為吸引僱員和負責任企業公民的聲譽。公司被《計算機世界》評選為 2026 年 IT 最佳工作場所之一，突顯了其吸引和留住關鍵數字和技術人才的能力。它還被《新聞週刊》評選為美國最負責任的公司之一，這支持了公司的 ESG 敍事，並可能增強其對尋求可持續發展的員工和長期投資者的吸引力。</p>
</div><h2>Gross Margin Compression from Integration and Growth Investments</h2>
<div class="lb-trans"><h2>由於整合和增長投資導致毛利率壓縮</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>並非所有趨勢都是積極的。管理層承認，毛利率從去年的 27% 下滑至 25.8%，因為新收購的 Elgen 的整合挑戰對盈利能力造成了壓力。此外，增長投資——如新產品和產能的提升成本——也對短期毛利率造成了壓力。儘管高管們將這些問題視為暫時性，並與建立更強的平台相關聯，但它們代表了投資者在未來幾個季度將關注的關鍵運營執行領域。</p>
</div><h2>ClarkDietrich Remains a Headwind</h2>
<div class="lb-trans"><h2>ClarkDietrich 仍然是一個阻力</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 合資企業是另一個軟點。該業務的股權收益大幅下降，從去年同期的 1000 萬美元降至本季度的 400 萬美元，反映出其核心建築相關領域面臨的市場環境挑戰。這一下降也導致整體盈利的壓縮，即使其他業務表現良好。管理層重申了對 ClarkDietrich 的長期信心，但承認短期業績可能仍會受到週期性條件的壓力。</p>
</div><h2>Tariff Pressures and Mitigation Strategies</h2>
<div class="lb-trans"><h2>關税壓力和緩解策略</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>關税持續帶來阻力，影響了輸入成本並複雜化了定價。沃辛頓討論了包括更嚴格的供應商談判、更嚴格的成本控制和有針對性的定價措施在內的緩解措施，以儘可能保護利潤率。儘管這些措施有助於減少影響，但與關税相關的波動仍然是一個風險因素，特別是在暴露於全球供應鏈和商品鋼材的部分業務中。</p>
</div><h2>Forward Outlook: Growth, Integration, and Capital Discipline</h2>
<div class="lb-trans"><h2>前景展望：增長、整合和資本紀律</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>展望未來，沃辛頓的指引和評論傳達出謹慎的樂觀情緒。公司預計將在超過 19% 的收入增長和 8% 的調整後 EBITDA 增長的基礎上繼續發展，這得益於有機舉措和收購如 Elgen 以及計劃中的 LSI 交易的貢獻。在過去的 12 個月中，調整後 EBITDA 達到了 2.84 億美元，即使在 ClarkDietrich 的股權收益因疲軟而拖累 1500 萬美元的情況下，調整後 EBITDA 的利潤率也從一年前的 20% 提高到了近 23%。管理層強調將繼續專注於整合收購，以恢復和擴大利潤率，同時保持銷售、一般和行政費用的精簡——這一比例已經減少了 320 個基點。資本配置將保持謹慎，資本支出適度，持續分紅，以及相對於調整後淨收益的強勁自由現金流轉化率為 96%，所有這些都得益於公司低槓桿和充足的資產負債表靈活性。</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>總體而言，沃辛頓企業的財報電話會議反映出公司健康狀況良好，利用戰略性收購和創新推動增長，同時應對整合挑戰、利潤壓力以及 ClarkDietrich 的週期性疲軟。憑藉強勁的現金流、保守的資產負債表和一系列增長舉措，公司似乎在長期價值創造方面處於良好位置，儘管投資者將在未來幾個季度關注整合和利潤恢復的執行情況。</p>
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儘管面臨利潤壓力，沃辛頓工業仍然顯示出增長的跡象