Worthington Industries, an industrial metals manufacturer headquartered in Columbus, Ohio, and an SFIA member, reported sales of $1.4 billion for its fiscal 2022 third quarter ending February 28, 2022. The figure represented a 82% increase over its third-quarter 2021 results.
A Worthington Industries news release says the uptick was driven by higher selling prices across all of its businesses. The company also had added sales from the acquisitions of Tempel Steel Company (“Tempel”) and Shiloh Industries’ U.S. BlankLight® business in the current fiscal year, a Worthington news release said.
“We delivered solid earnings in the quarter,” said Andy Rose, president and CEO of Worthington Industries. “Steel Processing faced headwinds due to continued steel pricing volatility and choppy but improving automotive demand. Building Products improved across the board with increased contributions from ClarkDietrich and our wholly owned businesses, while Consumer Products benefitted from robust demand and improved margins.”
Building Products Segment Results
Building Products’ net sales totaled $132.9 million, up 38%, or $36.6 million, from the comparable prior year quarter on higher average selling prices, said the Worthington news release.
Adjusted EBIT of $49.6 million was $22.3 million more than the prior year quarter, due to higher equity earnings at ClarkDietrich, also an SFIA member, up $15.5 million, and an increase in operating income, up $7.9 million, on the favorable impact of higher average selling prices, partially offset by higher wages and freight costs, the release said.
Outlook
“While steel price volatility is expected to remain a headwind for the company, overall, our businesses are performing well, and underlying end market demand remains healthy,” Rose said. “I am not surprised, but continue to be humbled and grateful for the way our teams are performing in today’s dynamic and challenging environment. We remain focused on delivering value added solutions to our customers and investing in innovative products that will benefit all of our stakeholders.”
Worthington reviewed its fiscal 2022 third quarter results during a recent conference call. The company website has more details, including presentation slides and a call transcript.
About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company pursuing its vision to be the transformative partner to its customers, a positive force for its communities and earn exceptional returns for its shareholders. For over six decades, the company has been delivering innovative solutions to customers spanning industries such as automotive, energy, retail and construction.
Headquartered in Columbus, Ohio, Worthington operates 58 facilities in 16 states and nine countries, sells into over 90 countries and employs approximately 9,500 people.
For more information, visit worthingtonindustries.com
