Worthington Sales Up 16% in Q1
By Metal Center News Staff
on Oct 9, 2018
Worthington Industries Inc. reported net earnings of $54.9 million in the first quarter of the company’s 2019 fiscal year, compared with net earnings of $45.5 million in first-quarter 2018.
First-quarter net sales at Worthington totaled $988.1 million, a 16 percent increase over year-ago sales of $848.2 million.
The company said sales increases were driven by several factors, including higher average selling prices, higher direct volume in steel processing, and higher volume and an improved product mix in pressure cylinders.
“I am pleased we continued to produce year-over-year improvement,” said Worthington Chairman and CEO John McConnell. “While our steel processing business benefited from higher steel prices, we also saw stronger volumes in steel and in our pressure cylinders business.”
Worthington saw double-digit sales increases in two of its three major business segments.
Net sales in the steel processing segment increased 22 percent year over year to $660.5 million, while net sales in the pressure cylinders segment increased 11 percent to $300.4 million. The engineered cabs segment reported a 14 percent decrease in total sales compared with the year-ago period due to lower volumes.
During the quarter, the company also announced the retirements of Mark Russell, president and chief operating officer, and John Lamprinakos, president of steel processing. Andy Rose was named president and chief financial officer, while Geoff Gilmore was named executive vice president and COO. Gilmore will also oversee Worthington’s steel processing segment and continue to lead the pressure cylinders business.
“We announced several leadership changes recently,” McConnell said. “I am confident and excited that we have an excellent team to lead the company to new heights. We have a solid leadership group in place across our businesses and I look forward to continuing our momentum.”