Worthington Industries today reported fiscal third-quarter results that included an 82% jump in sales versus the same quarter last year, driven by higher average selling prices and contributions from the acquisitions of Tempel Steel Co. and Shiloh Industries’ U.S. BlankLight business. Net sales for the quarter ended Feb. 28 totaled $1.4 billion, producing net earnings of $56.3 million, an improvement from sales of $759.1 million and earnings of $67.6 million in the third quarter of fiscal 2021.
“We delivered solid earnings in the quarter,” said Worthington President and CEO Andy Rose. “Steel Processing faced headwinds due to continued steel pricing volatility and choppy but improving automotive demand. Building Products improved across the board with increased contributions from ClarkDietrich and our wholly owned businesses, while Consumer Products benefited from robust demand and improved margins.”
Steel Processing’s net sales totaled $1.1 billion, up $548.1 million over the comparable quarter the prior year. The increase was driven by higher average selling prices and, to a lesser extent, the impact of acquisitions completed in fiscal 2022.
Consumer Products’ net sales totaled $161.7 million, up 41%, or $46.6 million, from the comparable prior-year quarter due to higher average selling prices and higher volume.
Building Products’ net sales totaled $132.9 million, up 38%, or $36.6 million, from the comparable quarter last year on higher average selling prices, the company said.
Sales in the company’s Sustainable Energy Solutions division totaled $31.0 million, down 3%, or $1.1 million, from the comparable prior-year quarter on lower volume associated with the May 31, 2021, divestiture of the Liquified Petroleum Gas business in Poland.
“While steel price volatility is expected to remain a headwind for the company overall, our businesses are performing well and underlying end-market demand remains healthy,” Rose said.
Headquartered in Columbus, Ohio, Worthington Industries is a leading value-added steel processor and manufacturer with 58 facilities in 16 states and nine countries.
By Tim Triplett, Tim@SteelMarketUpdate.com
Tim TriplettRead more from Tim Triplett
Latest in Steel Mills
Goncalves blames USS for ITC tin products decision, USS fires back
Cleveland-Cliffs CEO Lourenco Goncalves said he blames U.S. Steel’s lack of participation in the tin mill products trade case for an unfavorable US International Trade Commission (ITC) decision.
Nucor slashes plate prices by $90/st
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its April order book.
USW remains skeptical of USS acquisition despite Nippon’s promises
The United Steelworkers union expressed a lack of trust in assurances from Japan’s Nippon Steel Corp. (NSC) regarding its proposed buy of U.S. Steel.
Biden admin scrutinizing Nippon Steel’s Chinese ops in USS deal: Report
Nippon Steel Corp.’s (NSC) operations in China are a potential security concern of the Biden administration, according to a Bloomberg report citing anonymous sources close to the matter.
Kestenbaum looking at multiple ways to grow Stelco
Alan Kestenbaum, the CEO of Stelco, said the company is actively evaluating ways to grow the company, including both organic and inorganic opportunities.