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Aug 31, 2020
Worthington Q1 2021 Earnings Report
Reported net sales of $702.9 million and net earnings of $616.7 million for the first quarter of fiscal 2021.
Key Takeaways
Worthington Industries reported a decrease in net sales by 18% to $702.9 million, but a significant increase in net earnings to $616.7 million, or $11.22 per diluted share, driven by a net pre-tax gain related to the company's investment in Nikola Corporation.
Net sales decreased by 18% compared to the prior year quarter, totaling $702.9 million.
Net earnings increased significantly to $616.7 million, or $11.22 per diluted share, compared to a net loss in the prior year quarter.
Operating loss increased due to lower gross margin and profit sharing expenses related to the Nikola investment.
Demand remains solid across many markets, with the exception of oil & gas and some industrial markets.
Forward Guidance
Demand remains solid across many of our markets with the exception of oil & gas and a few industrial markets. However, the current economy makes it difficult to predict with confidence how the balance of our fiscal year will play out. We are well capitalized and have significant cash on our balance sheet making us well positioned to take advantage of opportunities as they arise and drive long term value for our shareholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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