Service Centers
Worthington Steel's earnings improve on increased sales volumes
Written by Becca Moczygemba
December 26, 2023
Worthington Steel
| Second quarter ended Nov. 30 | 2024 | 2023 | % Change |
|---|---|---|---|
| Net sales | $808 | $868.4 | -7.0% |
| Net earnings (loss) | $(2.1) | $(12.5) | 83.2% |
| Per diluted share | $(0.12) | $(0.32) | 62.5% |
| Six months ended Nov. 30 | |||
| Net sales | $1,713.8 | $1,943.0 | -11.8% |
| Net earnings (loss) | $60.0 | $18.8 | 219% |
| Per diluted share | $1.07 | $0.29 | 269% |
The newly separated Worthington Steel noted improved earnings in its results for the fiscal second quarter, which ended on Nov. 30.
Formerly part of Worthington Industries, the Columbus, Ohio-based processor attributed the 7% decrease in net sales to a decline in selling prices. However, lower sales prices were slightly offset by a 4.4% increase in direct tons sold this quarter versus the same quarter one year ago.
“It’s an exciting time to be at Worthington Steel. As we begin our journey as a standalone company, our team is experienced, energized and focused on our customers and shareholders,” commented Worthington Steel’s President and CEO Geoff Gilmore in an earnings release.
All told, Worthington posted a net loss of $2.1 million in the quarter ended Nov. 30, an 83% improvement from the same period in 2023 (see chart above).
Worthington also highlighted its acquisition of a Voestalpine Automotive facility in Nagold, Germany. The acquisition led to $21 million in cash acquired and $20.4 million in net assets acquired (subject to closing adjustments).
The acquisition establishes a footprint in Europe for Worthington and will allow the company to capitalize on the growing EV and industrial motor markets in the region, it said.
Becca Moczygemba
Read more from Becca MoczygembaLatest in Service Centers
Friedman Industries’ profits jump in its fiscal Q1
Friedman Industries’ fiscal first-quarter earnings nearly doubled from a year ago.
Russel Metals hits recent revenue high as Q2 shipments surge
Russel Metals posted its strongest quarterly revenue in three years, fueled by higher steel prices, steady demand, and near-record shipments across its service center network.
O’Neal CEO Parnell discusses technology, flexibility, and camaraderie
Her insatiable curiosity and desire to solve complex problems remain at the forefront of O’Neal Steel President and CEO Jodi Parnell’s success in the steel industry. Parnell is as fluent in employee management styles as she is in managing successful client technology adoption.
Olympic remains acquisitive despite Q2 earnings slide
Olympic Steel's earnings fell in the second quarter amid an "unprecedented" environment in the metals industry.
Ryerson profits fall in Q2 on low demand
Ryerson’s earnings slumped in the second quarter amid “recessed” demand.