Worthington reports ‘solid’ fiscal Q3 2023 results


Ohio-based Worthington Industries has reported net sales of $1.1bn and net earnings of $46.3m for its fiscal 2023 third quarter (Q3), which ended 28th February 2023.

The steel processor and cylinder manufacturer noted that a 20% decrease in net sales versus the comparable prior year quarter were driven by lower average selling prices due to lower steel prices.

Gross margin increased $0.7m from the prior year quarter to $143.8m, as higher direct spreads in steel processing and a favourable mix in its building products business were largely offset by higher manufacturing expenses.

Operating income for the quarter was $30.1m, a decrease of $7.5m from the prior year quarter, as costs incurred in connection with the panned separation of the company’s steel processing business outpaced the year over year decline in impairment and restructuring charges to create a $5 pre-tax million headwind in the current quarter.

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