July 5, 2017

Worthington Reports Record Full-Year Earnings

Worthington Industries Inc., Columbus, Ohio, reported full-year net earnings of $204.5 million, an improvement of 42.3 percent from 2016. Full-year sales of $3.0 billion were up 7.0 percent from the prior year.

“We finished our fiscal year with strong results, leading to record annual earnings per share for the company,” said John McConnell, chairman and CEO. “While we benefited from rising steel prices, we also saw increases in volume for Steel Processing with improvements in markets such as agriculture.”

Net earnings in the fourth quarter totaled $56.5 million, a decline of 3.4 percent from the same month in 2016. Fourth-quarter net sales of $845.3 million were up 18.3 percent from last year.

Steel Processing accounted for most of the sales increase, as average selling prices and overall volume were both up over the prior year quarter. Gross margin increased $20.4 million over the prior year quarter to $154.8 million, driven by higher shipments and favorable spreads in Steel Processing and improvements in certain Pressure Cylinders businesses.

Steel Processing’s net sales totaled $582.2 million, up 25 percent over the comparable prior year quarter driven primarily by higher average selling prices. Operating income of $54.2 million was $13.8 million higher than the prior-year quarter on higher direct volume and a favorable pricing spread, which benefited from significantly higher inventory holding gains than the prior-year quarter. The mix of direct versus toll tons processed was 54-46 percent in the current quarter, compared to 52-48 percent-in 2016.

“As we begin our new fiscal year, we are optimistic that we will continue to see improvements in some of our key markets, and we are very pleased to have closed on our largest acquisition to date with the purchase of Amtrol,” McConnell said.


November 2017: 'Steady but Sloppy' Fittingly Sums 2017
More...
 
Pause
November 2017: Scrap First Steel Impact from Storms
More...
Fall 2017: Cutting & Sawing Equipment
More...
Summer 2017
More...
 
Pause
Advanced Controls on Braner Slitters
More...
AHVS Precision Leveler Features Flip-Top Design
More...
Formtek’s Tishken Slitter Increases Production Volume
More...
Red Bud System Handles High-Strength Steels
More...
Bradbury Launches Flat Trak CL Monitoring System
More...
Artus Knives Custom Designed
More...
 
Pause
Privacy Statement  |  Terms Of Use
Copyright by Metal Center News



Tuesday, December 12, 2017