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May 31, 2023
Worthington Q4 2023 Earnings Report
Worthington Industries reported strong Q4 2023 results, with record earnings per share driven by exceptional performance in the Steel Processing business.
Key Takeaways
Worthington Industries reported Q4 2023 net sales of $1.2 billion and net earnings of $129.9 million, or $2.61 per diluted share. The results were driven by a strong performance in the Steel Processing business. Demand for key end markets remained healthy, with all business segments delivering solid cash flows and earnings.
Net sales decreased by 19% year-over-year to $1.2 billion, primarily due to lower average selling prices in the Steel Processing business.
Gross margin increased by $76.6 million year-over-year to $244.4 million, driven by higher direct spreads in Steel Processing.
Operating income increased by $57.2 million year-over-year to $122.6 million, despite a $12.6 million headwind from higher impairment and restructuring charges.
The company is on track to complete the separation of its Steel Processing business by early calendar 2024.
Revenue by Segment
Forward Guidance
Worthington is well-positioned heading into the new fiscal year with solid growth strategies and a strong balance sheet. The company continues to make progress on the Worthington 2024 plan, which will create two distinct market-leading companies.
Positive Outlook
- Solid growth strategies
- Strong balance sheet
- Opportunities regardless of economic conditions
- Good progress on Worthington 2024 plan
- On-track to complete the separation by early calendar 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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