Loading...
•
Feb 28, 2021
Worthington Q3 2021 Earnings Report
Worthington's Q3 2021 earnings were reported, featuring record earnings per share driven by strong performance in Steel Processing and solid results from Pressure Cylinders and joint ventures.
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.
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.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...