July 6, 2016

Worthington Reports 2016 Profit of $143.7 Million

Worthington Industries, Inc., Columbus, Ohio, reported net earnings of $143.7 million for its 2016 fiscal year, an improvement of 87.1 percent compared with the previous year. Full-year net sales declined 17 percent from fiscal 2015 to $2.8 billion. Net earnings in the fourth quarter totaled $58.5 million, more than double the total from the same quarter in 2015. Fourth-quarter sales declined 15.5 percent to $714.7 million.

“We ended fiscal-year 2016 with a very good fourth quarter, which drove annual earnings per share to a record $2.22,” said John McConnell, chairman and CEO. “We had excellent results in the fourth quarter in Steel Processing, our joint ventures, especially WAVE, and the industrial and consumer products businesses in Pressure Cylinders.”

Steel Processing’s net sales of $466.0 million were down 14 percent from the comparable 2015 quarter driven primarily by lower average selling prices. Operating income of $40.4 million was $17.9 million higher than the prior-year quarter due to a favorable pricing spread and inventory holding gains.

On March 1, the company obtained operating control of the WSP joint venture with U.S. Steel. As a result, the company began consolidating the results of WSP within the financial results of Steel Processing. The ownership percentages remained unchanged with Worthington at 51 percent.

“While we expect some headwinds to continue, our legacy businesses are performing well and we anticipate a good start to our new fiscal year,” McConnell said. “The company’s two underperforming businesses, Engineered Cabs and Oil and Gas, are in better positions with smaller footprints. All of our efforts in Transformation 2.0 and innovation will help us continue to improve and achieve our goals for growth in each of our businesses.”


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Saturday, December 16, 2017