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Worthington Industries Announced Q1 2020 Results

Steel News - Published on Fri, 27 Sep 2019

Image Source: investors.com
Worthington Industries, Inc reported net sales of USD 855.9 million and a net loss of USD 4.8 million for its fiscal 2020 first quarter ended August 31, 2019. Results for the current quarter were negatively impacted by pre-tax impairment and restructuring charges of USD 45.3 million, of which USD 4.2 million was recorded in equity income. Mr John McConnell, Chairman and CEO said that "Despite softness in several of our end markets and a lot of noise in the numbers, the overall health of the Company is good. We delivered strong results in Pressure Cylinders, led by increasing demand in the oil and gas business and continued solid performance in consumer products.  Steel Processing continues to deal with steel price declines and market softness in automotive and agricultural demand, but our Steel team is managing that business well with a focus on long-term growth.”

Financial highlights for the current and comparative periods are as follows:
1Q 20204Q 20191Q 2019
Net sales$ 855.9$ 938.8$ 988.1
Operating income (loss)-14.63250.9
Equity income24.825.130
Net earnings (loss)-4.837.754.9
Earnings (loss) per share$ (0.09)$ 0.66$ 0.91
 

(US dollars in millions, except per share amounts)

Source :

Posted By : Rabi Wangkhem on Fri, 27 Sep 2019
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