Steel Product Producers

Worthington Steel earnings soar in first full quarter as standalone company

March 21, 2024

Worthington Steel

Third quarter ended Feb. 29	2024	2023	% Change
Net sales	$805.8	$780.7	3.2%
Net earnings (loss)	$49.0	$5.4	807.4%
Per diluted share	$0.98	$0.11	790.9%
Nine months ended Feb. 29
Net sales	$2,519.6	$2,723.7	-7.5%
Net earnings (loss)	$101.5	$19.8	412.6%
Per diluted share	$2.05	$0.40	412.5%

(in millions of dollars except per share)

Worthington Steel’s profits jumped in its fiscal third quarter of 2024 vs. a year earlier, its first quarter as a standalone company.

The Columbus, Ohio-based steel processor reported net earnings attributable to controlling interest of $49.0 million in its Q3’24 ended Feb. 29, up a whopping 807% from $5.4 million a year earlier on net sales that increased 3% to $805.8 million.

“The Worthington Steel team delivered a strong third quarter and I want to thank and congratulate our employees on their great performance in our first quarter as a standalone company,” Geoff Gilmore, president and CEO, said in a statement on Thursday.

“We saw improvements in sales, operating income, and net income over the same quarter in 2023, and our teams are laser-focused on finishing the fiscal year strong,” he added.

The company said that on Dec. 1 of last year, a $150 million distribution was paid to the former parent firm, now Worthington Enterprises, in connection with the separation.

Recall that Worthington Industries completed its planned split into two separate companies, Worthington Steel Inc. and Worthington Enterprises Inc., on Dec. 1.

Worthington also noted that on March 13 its joint venture TWB Co. signed a licensing agreement with AcerlorMittal Tailored Blanks for a patented ablation technology. This will expand the organization’s capabilities in North America.

Looking ahead, Gilmore was bullish.

“Our team is aligned and focused on creating value for our shareholders and working with our customers to ensure the products the world uses every day are stronger, better performing, and more durable,” he said. “I’m optimistic about our future and confident in our team, our growth plans, and our strategy.”

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.