Worthington Industries, Inc. (NYSE:WOR) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Worthington Industries, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 17.33% to $0.62 in the quarter versus EPS of $0.75 in the year-earlier quarter.
Revenue: Decreased 6.8% to $704.06 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Worthington Industries, Inc. reported adjusted EPS income of $0.62 per share. By that measure, the company missed the mean analyst estimate of $0.65. It beat the average revenue estimate of $699.55 million.
Quoting Management: “We had a solid performance this quarter and an excellent fiscal year. Excluding impairment and restructuring charges, we achieved the highest annual earnings per share in our history,” said John McConnell, Chairman and CEO. “There was some softening in Steel’s volumes, largely attributable to one tolling customer, but the results were strong from Cylinders as the segment increased sales in retail products and alternative fuels, and found new markets in oil and gas through our acquisitions and product development. The Engineered Cabs business remained soft and it is focused on improvement through our Transformation and leadership changes. The joint ventures had a very strong performance this quarter, particularly WAVE, ClarkDietrich and TWB.”
Key Stats (on next page)…