SMU Data and Models
Worthington Reports Solid Quarter, Boosted by Steel Processing
Written by Becca Moczygemba
June 29, 2023
Worthington Industries Inc. announced strong earnings for its fiscal 2023 fourth quarter, boosted by an exceptional performance from its steel processing business.
The Columbus, Ohio-based manufacturing and steel processing company reported net earnings of $129.9 million for fiscal Q4 ended May 31, a 62% increase from $80.3 million in the same period one year prior.
“We finished our fiscal year on a strong note delivering record earnings per share in the fourth quarter, led by an exceptional performance in our steel processing business,” Worthington president and CEO Andy Rose said in a statement.
“Demand for most of our key end markets remained healthy with all business segments delivering solid cash flows and earnings despite some pockets of market softness,” Rose added.
Worthington’s steel processing segment’s net sales totaled $860.1 million, a 23% decrease from $1,119.8 million in the year-ago period. The company said the decline was driven by lower average direct selling prices and declines in volumes.
Worthington’s building products division had net sales of $142.2 million, down 18% from fiscal 2022 Q4.
Sales in the consumer products segment were down 3% year-over-year (YoY) to $181.2 million, while sustainable energy solutions sales were up 9.9% YoY to $142.2 million.
After announcing in September 2022 its plan to spin off its steel processing business and create two distinct companies, Rose noted that the plan is on track and the project is set to wrap up in early 2024.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
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