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Worthington Industries Reports Q4 & FY Results

Steel News - Published on Mon, 01 Jul 2019

Image Source: Worthington Industries
Worthington Industries Inc has reported net sales of USD 938.8 million and net earnings of USD 37.7 million for its fiscal 2019 fourth quarter ended May 31, 2019. Net earnings in the quarter were negatively impacted by pre-tax impairment and restructuring charges of USD 8.5 million, including USD 4.0 million of which was recorded in equity income. Estimated inventory holding losses in Steel Processing reduced net earnings by an additional USD 8.4 million. In the fourth quarter of fiscal 2018, the company reported net sales of USD 1.0 billion and net earnings of USD 30.8 million.

For the fiscal year ended May 31, 2019, the company reported net sales of USD 3.8 billion and net earnings of USD 153.5 million, down from net earnings of US D194.8 million in the prior year.

Mr McConnell CEO said that “As we enter our new fiscal year, we expect to see continued positive momentum from our three-tiered strategy of growth through transformation, innovation and acquisitions. While we expect steel pricing and a softening automotive market will continue to be headwinds, our growth levers combined with investments in technology have us positioned well to deliver on our goal of year over year earnings growth. I’m also proud to announce that today our board approved an increase to our dividend marking the ninth straight year of increases.”

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Posted By : Ratan Singh on Mon, 01 Jul 2019
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