Worthington Q2 2021 Earnings Report
Key Takeaways
Worthington Industries reported a decrease in net sales compared to the prior year quarter, driven by lower average selling prices in Steel Processing, lower volumes in the oil and gas equipment business in Pressure Cylinders, and the divestiture of the engineered cabs business in the prior year. The net loss was $74.0 million, or $(1.40) per diluted share, impacted by a pre-tax loss related to the Company’s investment in Nikola Corporation.
Net sales for the second quarter of fiscal 2021 were $731.1 million, a 12% decrease from the prior year quarter.
The company reported a net loss of $74.0 million, or $(1.40) per diluted share.
Steel Processing delivered strong year-over-year earnings growth.
Pressure Cylinders experienced solid demand for its consumer products.
Worthington
Worthington
Forward Guidance
Worthington Industries is optimistic that demand for key end markets will remain steady and looks to drive growth through innovation, transformation, and strategic acquisitions as they enter 2021.
Positive Outlook
- Demand for key end markets will remain steady.
- Tight steel market is an opportunity to differentiate.
- Well positioned entering 2021.
- Drive growth through innovation.
- Drive growth through transformation.
Challenges Ahead
- Challenging tight steel market.
- Some noise in the numbers
- Challenges of the ongoing COVID-19 pandemic
- Headwinds persisted in Europe
- Headwinds persisted in oil & gas business