Worthington Q4 2022 Earnings Report
Key Takeaways
Worthington Industries reported a strong Q4 with net sales of $1.5 billion, up significantly from $978 million in the prior year. Earnings were $1.61 per share, though adjusted EPS was $1.58 compared to $2.33 in the prior year. The company experienced inventory holding losses of $42 million, impacting gross profit and adjusted EBITDA.
Consolidated net sales in the quarter were $1.5 billion, up significantly compared to $978 million in Q4 of last year.
Gross profit for the quarter decreased to $168 million from $226 million in the prior year.
Building Products delivered record EBIT for the quarter of $64 million and EBIT margin was 36.8%, up from $41 million and 33.3% in Q4 of last year.
Cash flow from operations was $165 million in the quarter and free cash flow was $142 million, with strong release of cash from operating working capital primarily due to lower steel prices and reduced inventories which added $77 million to cash flow.
Worthington
Worthington
Worthington Revenue by Segment
Forward Guidance
Higher producer prices and consumer prices combined with higher interest rates presents some risk to what otherwise would be a solid economic backdrop to start fiscal 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income