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Feb 29, 2020
Worthington Q3 2020 Earnings Report
Worthington Industries reported a decrease in net sales and net earnings for the third quarter of fiscal year 2020.
Key Takeaways
Worthington Industries reported net sales of $764.0 million and net earnings of $15.3 million, or $0.27 per diluted share, for its fiscal 2020 third quarter. This is compared to net sales of $874.4 million and net earnings of $26.8 million, or $0.46 per diluted share, in the third quarter of fiscal 2019.
Net sales decreased by 13% to $764.0 million compared to the prior year quarter.
Gross margin increased by $25.5 million to $115.5 million over the prior year quarter.
Operating loss was $1.4 million compared to operating income of $26.0 million in the prior year quarter.
Equity income from unconsolidated joint ventures increased $4.7 million to $25.5 million over the prior year quarter.
Forward Guidance
There are still many unknowns regarding the spread of COVID-19 and how the measures to control it will impact the economy and our Company.
Positive Outlook
- Many of our facilities are considered ‘essential businesses’ under the various state and federal guidelines and will continue to operate based on customer demand.
Challenges Ahead
- There are still many unknowns regarding the spread of COVID-19 and how the measures to control it will impact the economy and our Company.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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