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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Worthington Steel
Worthington Steel (WS) investor relations material
Worthington Steel Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary7 Oct, 2026
Executive summary
Q1 FY2027 included Kloeckner from June 3; sales rose 212% YoY to $2,726.6M, while continuing-operations net loss attributable to controlling interest was $7.0M.
Adjusted EBIT was $78.5M and adjusted EBITDA was $111.0M; integration, synergy capture and debt reduction are key priorities.
Financial highlights
Net sales were $2,726.6M, up $1,853.7M or 212% YoY; Kloeckner contributed $1,772.7M, while legacy sales rose 9%.
Operating income was $56.0M vs. $48.3M; gross margin was $261.2M, including $144.0M from Kloeckner and an estimated $43M inventory fair-value step-up.
Continuing-operations net loss attributable to controlling interest was $7.0M vs. earnings of $36.8M; diluted EPS was $(0.14) vs. $0.73.
Adjusted diluted EPS was $0.57 vs. $0.77; adjusted EBIT was $78.5M vs. $55.5M and adjusted EBITDA was $111.0M vs. $78.8M.
Net interest expense rose to $38.8M from $2.9M; SG&A was $208.8M, including $22.6M of acquisition-related expenses.
Outlook and guidance
Combined FY2027 capex is estimated at $160M–$180M; spending timing will affect where investment falls within the range.
Targeted annual Kloeckner synergies are ~$150M by Year 2, with ~50% of run-rate expected in the first full year after DPLTA effectiveness; ~$50M of one-time integration costs are expected in the first 12 months.
Target net leverage below 2.5x within 24 months of DPLTA effectiveness, supported by synergies, working-capital reductions and portfolio optimization.
Q2 FY2027 legacy-business pre-tax inventory holding gains are estimated at $10M–$15M amid rising steel prices.
Becker sale is expected to close in calendar 2026 for ~€75M (~$84M) total proceeds, including ~€48M cash and ~€27M deferred consideration.
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Latest events from Worthington Steel
- Kloeckner expands the platform, with $150M of targeted annual synergies and deleveraging prioritized.WS
Investor presentation - All director nominees, executive compensation, and auditor ratification were approved.WSAGM 2026
- Key votes include director elections, executive pay approval, and auditor ratification.WSProxy filing
- Virtual meeting to elect directors, approve pay, ratify auditor, and highlight ESG leadership.WSProxy filing
- Strategic investments and the Kloeckner acquisition drive growth and margin expansion.WSInvestor presentation
- FY2026 net sales hit $3.44B; Kloeckner deal closed, but impairments led to a net loss.WSQ4 2026
- Acquisition of Klöckner forms a top-tier, diversified service center targeting $150M in synergies.WSInvestor presentation
- Net sales rose 5% to $872.9M, with higher direct volumes and improved profitability.WSQ1 2026
- Gross margin and earnings improved despite lower sales, with strategic growth initiatives underway.WSQ2 2025
Next Worthington Steel earnings date
Q2 202717 Dec, 2026
Worthington Steel
Next Worthington Steel earnings date
Q2 202717 Dec, 2026
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Frequently asked questions
Worthington Steel Inc. is a steel processor in North America. The company specializes in carbon flat-rolled steel and tailor welded blanks, including electrical steel laminations and aluminum tailor welded blanks. These products cater to a diverse range of industries such as automotive, heavy truck, agriculture, construction, and energy sectors. The company is headquartered in Columbus, Ohio, and its shares are listed on the New York Stock Exchange.