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worthington-reports-solid-earnings-in-q3-2022-results
worthington-reports-solid-earnings-in-q3-2022-results

Worthington reports ‘solid earnings’ in Q3 2022 results

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Despite having to tackle various headwinds, Andy Rose, President and CEO of Worthington Industries, said the Ohio-based firm has delivered “solid earnings” in its quarter three (Q3) 2022 financial results.

Worthington on Tuesday (22nd March) reported net sales of $1.4bn and net earnings of $1.4bn for the quarter, which ended 28th February (2022), representing considerable growth from Q3 2021.

Commenting on the company growth, Worthington said the increase was driven by high average selling prices across all of our business and contributions from the acquisition of Tempel Steel company and Shiloh Industries’ US BlankLight® business.

Gross margin for the quarter decreased $21m from the prior year quarter to $143.1m, as improvements in both the consumer and building products businesses were more than offset by the $56m unfavourable variance.

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