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, firstname.lastname@example.org
Becca MoczygembaRead more from Becca Moczygemba
Latest in SMU Data and Models
SMU’s September at a Glance
Steel prices continued to decline last month – a trend we’ve seen repeated since mid-April.
SMU Market Survey Results Now Available
The latest SMU Market Survey results are now available on our website to all Premium members.
UAW Strike Hasn’t Dampened SMU Buyers Sentiment Indices
SMU's Current and Future Steel Buyers Sentiment Indices both increased this week despite the United Auto Workers (UAW) union strike expansion, based on our most recent survey data.
Sheet Lead Times Mixed, Plate Plummets
While lead times for sheet again had mixed movements this week, those for plate collapsed, according to SMU’s most recent market survey.
US Hot Band Now Even Cheaper Than Imported HRC
US hot-rolled coil (HRC) prices fell further relative to imported product this week. Domestic hot band remains cheaper than offshore HRC as US tags continue to sink at a sharper rate than those overseas.