Worthington Q1 2022 Earnings Report
Key Takeaways
Worthington Industries reported net sales of $1.1 billion and net earnings of $132.5 million, or $2.55 per diluted share, for its fiscal 2022 first quarter ended August 31, 2021. The increase was driven primarily by higher average direct selling prices in Steel Processing.
Net sales for the first quarter of fiscal 2022 were $1.1 billion, an increase of 58% over the comparable quarter in the prior year.
Gross margin increased $106.0 million over the prior year quarter to $219.4 million.
Operating income for the current quarter was $135.8 million, an increase of $165.9 million over the operating loss in the prior year quarter.
Adjusted EBIT of $107.7 million was up $93.5 million, as operating income increased $86.3 million after adjusting for the impact of restructuring in both the current and prior year quarters.
Worthington
Worthington
Worthington Revenue by Segment
Forward Guidance
The Company is performing well, and while demand from our major end markets remains healthy, we will likely continue to face labor challenges and be impacted by lower automotive demand due to the ongoing semi-conductor shortage.
Challenges Ahead
- Likely to continue to face labor challenges
- Impacted by lower automotive demand
- Ongoing semi-conductor shortage
Revenue & Expenses
Visualization of income flow from segment revenue to net income