Worthington Industries, Inc. has released its second quarter fiscal 2019 results, which ended 30th November 2018.
The Ohio-based company reported net sales of $958.2m and net earnings of $34.0m (or $0.57 per diluted share) for its fiscal 2019 second quarter compared to its $871.3 reported net sales from the second quarter of 2018.
“I am pleased with the way our teams executed in a challenging environment,” said John McConnell, Chairman and CEO.
Net earnings in the quarter included pre-tax restricting charges totalling $0.4m, which reduced earning per diluted share by $0.01.
“We faced headwinds in the quarter due to rising input costs and lower spreads in our Steel Processing business, but volumes for our key markets remained solid and our employees continue to work hard to make improvements.”
Net sales for the second quarter of fiscal 2019 were $958.2m, up 10% over the comparable quarter in the prior year, when net sales were $871.3m. The increase was primarily driven by higher average direct selling prices in steel processing, partially offset by lower net sales in the consumer products business in pressure cylinders
“Despite a challenging quarter, we are making good progress on recovering margins, and anticipate continued solid end market demand,” McConnell said.
“I am confident that our teams across the company are executing strategies focused on accelerating our growth, and delivering innovative solutions to our customer,” McConnell concluded.