Worthington Q4 2021 Earnings Report
Key Takeaways
Worthington Industries reported a record fourth quarter, with earnings per share of $2.15, or $2.33 excluding net pretax charges. Net sales reached $978 million, up significantly from the prior year, driven by increased volumes and higher steel prices. Adjusted EBITDA was a record $186 million for the quarter and $483 million for the fiscal year.
Q4 earnings per share were $2.15, or $2.33 excluding charges related to divestitures.
Net sales increased to $978 million, driven by higher volumes and steel prices.
Gross profit increased to $226 million, with a gross margin of 23.1%.
Adjusted EBITDA reached a record $186 million for the quarter.
Worthington
Worthington
Worthington Revenue by Segment
Forward Guidance
The company is well-positioned to continue creating value for shareholders in fiscal '22 and beyond, with a focus on innovation, M&A, and leveraging the transformation playbook to achieve above-market growth rates and increase return on capital. Supply chains continue to be constrained, but overall demand levels and backlogs are quite good across almost all major markets.
Positive Outlook
- Demand levels and backlogs are quite good across almost all major markets.
- Proactively raising prices in downstream manufacturing businesses to offset increased raw material costs.
- Focus shifted to accelerating innovation and M&A growth initiatives across the portfolio.
- Strong balance sheet recently supplemented by the exceptional return generated on investment in Nikola Corporation.
- Well positioned to continue creating value for shareholders in fiscal '22 and beyond.
Challenges Ahead
- Steel supply shortages.
- Semiconductor slowdowns.
- Labor availability.
- Supply chains continue to be constrained.
- U.S. steel market remains tight, and teams and customers continue to face unprecedented market conditions.