Worthington Q3 2021 Earnings Report
Key Takeaways
Worthington Industries reported Q3 2021 net sales of $759.1 million and net earnings of $67.6 million, or $1.27 per diluted share. The company's performance was driven by healthy demand across major end markets, inventory holding gains, and lower manufacturing costs.
Net sales decreased slightly by 1% year-over-year to $759.1 million.
Net earnings significantly increased to $67.6 million, or $1.27 per diluted share, compared to $15.3 million, or $0.27 per diluted share in the prior year quarter.
Gross margin increased by $48.6 million to $164.1 million, primarily due to improved direct spreads in Steel Processing.
Operating income increased by $51.2 million to $49.8 million, with adjusted operating income up $44.9 million to $77.2 million.
Worthington
Worthington
Forward Guidance
Worthington's businesses are performing well, and the company is well-positioned moving forward despite challenges such as a tight steel market, semi-conductor shortages, extreme weather, and COVID-related production issues.
Positive Outlook
- Businesses are performing well.
- Strategic acquisitions and divestitures have been completed.
- Teams are exceptional and will continue to navigate challenges.
- The company is driving its business to new heights.
- Well positioned moving forward.
Challenges Ahead
- Facing a tight steel market.
- Experiencing semi-conductor shortages impacting automotive customers.
- Dealing with extreme weather conditions.
- Continuing to face COVID related production issues.
- Some challenges will persist.