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Aug 31, 2022
Worthington Q1 2023 Earnings Report
Reported net sales of $1.4 billion and net earnings of $64.1 million for the fiscal 2023 first quarter ended August 31, 2022.
Key Takeaways
Worthington Industries reported a 27% increase in net sales to $1.4 billion for the first quarter of fiscal 2023, driven by the acquisition of Tempel Steel and higher average selling prices. Net earnings were $64.1 million, or $1.30 per diluted share, compared to $132.5 million, or $2.55 per diluted share, in the prior year quarter. The results were impacted by unique items and lower margin contributions from Steel Processing.
Net sales increased by 27% to $1.4 billion compared to the prior year quarter.
Net earnings decreased to $64.1 million, or $1.30 per diluted share.
Gross margin decreased due to lower margin contributions from Steel Processing.
The company announced a plan to separate its Steel Processing business.
Revenue by Segment
Forward Guidance
Most of our businesses are holding up well despite increased market volatility and a murky economic outlook. Our teams are ready to respond to market demands, up or down, as changes occur.
Revenue & Expenses
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Avg. Return Before/After Earnings
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