Worthington Industries, Inc. (NYSE:WOR) today reported net sales of
$703.4 million and net earnings of $35.9 million, or $0.55 per
diluted share, for its fiscal 2017 third quarter ended February 28,
2017. For the third quarter of fiscal 2016, the Company reported
net sales of $647.1 million and net earnings of $29.8 million, or
$0.47 per diluted share.
Financial highlights for the current and comparative periods are
as follows:
(U.S. dollars in millions, except per share data) |
|
|
3Q 2017 |
|
2Q 2017 |
|
3Q 2016 |
|
9M 2017 |
|
9M 2016 |
Net sales |
$ |
703.4 |
|
$ |
727.8 |
|
$ |
647.1 |
|
$ |
2,168.8 |
|
$ |
2,105.0 |
Operating income |
|
34.3 |
|
|
43.0 |
|
|
25.1 |
|
|
142.3 |
|
|
68.0 |
Equity income |
|
22.7 |
|
|
27.1 |
|
|
25.0 |
|
|
84.4 |
|
|
80.8 |
Net earnings |
|
35.9 |
|
|
46.6 |
|
|
29.8 |
|
|
148.0 |
|
|
85.2 |
Earnings per diluted
share |
$ |
0.55 |
|
$ |
0.72 |
|
$ |
0.47 |
|
$ |
2.29 |
|
$ |
1.31 |
“We had a very good third quarter performance with Steel
Processing contributing near record earnings and overall, we
produced year-over-year growth, which remains our focus,” Chairman
and CEO John McConnell said. “Sales growth, higher steel
pricing and higher tolling volume helped drive Steel Processing
results. In Pressure Cylinders, demand improved for our helium and
camping cylinders, while oil & gas markets remained soft,
however, volumes have stabilized and certain markets are showing
some increased demand.” McConnell added, “The Company’s joint
ventures also contributed steady earnings.”
Consolidated Quarterly Results
Net sales for the third quarter of fiscal 2017 were $703.4
million, up 9% from the comparable quarter in the prior year, when
net sales were $647.1 million. The increase was the result of
higher average direct selling prices in Steel Processing and higher
tolling volume due to the consolidation of the Worthington
Specialty Processing (WSP) joint venture effective March 1,
2016.
Gross margin increased $15.1 million from the prior year quarter
to $111.0 million on a favorable pricing spread in Steel
Processing, which benefited from lower inventory holding losses and
improvements in the consumer products business within Pressure
Cylinders.
Operating income for the current quarter was
$34.3 million, an increase of $9.2 million from the prior year
quarter, as the improvement in gross margin was partially offset by
higher SG&A expense, up $5.1 million from the prior year
quarter on higher profit sharing and bonus expense and the
consolidation of WSP.
Interest expense was $7.7 million for the
current quarter, compared to $7.9 million in the prior year
quarter. The decrease was due to lower short-term
borrowings.
Equity income from unconsolidated joint ventures
decreased $2.3 million from the prior year quarter to $22.7
million, as lower contributions from ArtiFlex and Serviacero more
than offset improvements at ClarkDietrich. The Company
received cash distributions of $21.4 million from unconsolidated
joint ventures during the quarter, a cash conversion rate of 94% on
equity income.
Income tax expense was $11.1 million in the
current quarter compared to $11.3 million in the prior year
quarter. The decrease was due to favorable discrete items
recorded in the current quarter, which more than offset the impact
of higher earnings. Tax expense in the current quarter
reflects an estimated annual effective rate of 27.2% compared to
the estimated annual rate of 29.6% for the prior year quarter.
Balance Sheet
At quarter-end, total debt was $577.0 million,
down $0.4 million from November 30, 2016, due to lower short-term
borrowings. The Company had $227.3 million of cash at
quarter-end.
Quarterly Segment Results
Steel Processing’s net sales of $478.2 million
were up 14%, or $59.1 million, from the comparable prior year
quarter on higher average direct selling prices and higher tolling
volume due to the consolidation of WSP. Operating income of
$26.0 million was $4.7 million higher than the prior year quarter
due to a favorable pricing spread, including a benefit from lower
inventory holding losses, and contributions from WSP, partially
offset by an increase in allocated corporate costs and higher
manufacturing expenses. The mix of direct versus toll tons
processed was 52% to 48% in the current quarter, compared to 60% to
40% in the prior year quarter. The change in mix was
primarily the result of the consolidation of WSP effective March 1,
2016.
Pressure Cylinders’ net sales of $198.4 million
were down 1%, or $2.3 million, from the comparable prior year
quarter on declines in the industrial products and oil & gas
equipment businesses, partially offset by improvements in consumer
products. Operating income of $10.1 million was $1.1 million
higher than the prior year quarter driven by higher profitability
in the consumer products business, partially offset by higher
restructuring charges.
Engineered Cabs’ net sales of $23.5 million were
down $2.0 million, or 8%, from the prior year quarter due to
declines in market demand. The operating loss of $2.0 million
was $2.1 million less than the prior year quarter driven by higher
gross margin and lower SG&A expense. A favorable pricing
spread combined with lower manufacturing costs drove the margin
improvements.
The “Other” category includes the energy
innovations business, as well as non-allocated corporate
expenses. Net sales in the “Other” category were $3.3
million, an increase of $1.5 million over the prior year quarter on
higher volume in the energy innovations business. The
operating income of $0.2 million for the quarter was driven by
improvements in the energy innovations business, partially offset
by an increase in non-allocated corporate expenses.
Recent Business
Developments
- On March 29, 2017, the Board of Directors declared a quarterly
dividend of $0.20 per share payable on June 29, 2017 to
shareholders of record on June 15, 2017.
Outlook
“There is great energy around our Lean
Transformation efforts as we accelerate the deployment of more
teams, expanding our abilities, moving more quickly and reaching
deeper in our Company,” McConnell said. “We believe the
economy continues to strengthen though unevenly, with certain
markets not as robust as others. After a record first and
second quarter and a strong third, we anticipate finishing our
fiscal year well.”
Conference Call
Worthington will review fiscal 2017 third
quarter results during its quarterly conference call on March 30,
2017, at 10:30 a.m., Eastern Daylight Time. Details regarding
the conference call can be found on the Company web site at
www.WorthingtonIndustries.com.
About Worthington Industries
Worthington Industries is a leading global
diversified metals manufacturing company with 2016 fiscal year
sales of $2.8 billion. Headquartered in Columbus, Ohio,
Worthington is North America’s premier value-added steel processor
providing customers with wide ranging capabilities, products and
services for a variety of markets including automotive,
construction and agriculture; a global leader in manufacturing
pressure cylinders for industrial gas and cryogenic applications,
CNG and LNG storage, transportation and alternative fuel tanks, oil
& gas equipment, and consumer products for camping, grilling,
hand torch solutions and helium balloon kits; and a manufacturer of
operator cabs for heavy mobile industrial equipment; laser welded
blanks for light weighting applications; automotive racking
solutions; and through joint ventures, complete ceiling grid
solutions; automotive tooling and stampings; and steel framing for
commercial construction. Worthington employs approximately
10,000 people and operates 80 facilities in 11 countries.
Founded in 1955, the Company operates under a
long-standing corporate philosophy rooted in the golden rule.
Earning money for its shareholders is the first corporate goal.
This philosophy serves as the basis for an unwavering commitment to
the customer, supplier, and shareholder, and as the Company’s
foundation for one of the strongest employee-employer partnerships
in American industry.
Safe Harbor Statement
The Company wishes to take advantage of the Safe
Harbor provisions included in the Private Securities Litigation
Reform Act of 1995 (the “Act”). Statements by the Company relating
to outlook, strategy or business plans; the ability to correct
performance issues at operations; future or expected growth,
forward momentum, performance, sales, volumes, cash flows,
earnings, balance sheet strengths, debt, financial condition or
other financial measures; pricing trends for raw materials and
finished goods and the impact of pricing changes; demand trends for
us or our markets; additions to product lines and opportunities to
participate in new markets; expected benefits from Transformation
efforts; anticipated capital expenditures and asset sales;
anticipated improvements and efficiencies in costs, operations,
sales, inventory management, sourcing and the supply chain and the
results thereof; projected profitability potential, capacity, and
working capital needs; the ability to make acquisitions and the
projected timing, results, benefits, costs, charges and
expenditures related to acquisitions, newly-created joint ventures,
headcount reductions and facility dispositions, shutdowns and
consolidations; the alignment of operations with demand; the
ability to operate profitably and generate cash in down markets;
the ability to maintain margins and capture and maintain market
share and to develop or take advantage of future opportunities,
customer initiatives, new businesses, new products and new markets;
expectations for Company and customer inventories, jobs and orders;
expectations for the economy and markets or improvements therein;
expectations for increasing volatility or improving and sustainable
earnings, earnings potential, margins or shareholder value; effects
of judicial rulings and other non-historical matters constitute
“forward-looking statements” within the meaning of the Act. Because
they are based on beliefs, estimates and assumptions,
forward-looking statements are inherently subject to risks and
uncertainties that could cause actual results to differ materially
from those projected. Any number of factors could affect actual
results, including, without limitation, the effect of national,
regional and global economic conditions generally and within major
product markets, including an economic downturn; the effect of
conditions in national and worldwide financial markets; lower oil
prices as a factor in demand for products; product demand and
pricing; changes in product mix, product substitution and market
acceptance of our products; fluctuations in the pricing, quality or
availability of raw materials (particularly steel), supplies,
transportation, utilities and other items required by operations;
effects of facility closures and the consolidation of operations;
the effect of financial difficulties, consolidation and other
changes within the steel, automotive, construction, oil and gas,
and other industries in which we participate; failure to maintain
appropriate levels of inventories; financial difficulties
(including bankruptcy filings) of original equipment manufacturers,
end-users and customers, suppliers, joint venture partners and
others with whom we do business; the ability to realize targeted
expense reductions from headcount reductions, facility closures and
other cost reduction efforts; the ability to realize other cost
savings and operational, sales and sourcing improvements and
efficiencies, and other expected benefits from Transformation
initiatives, on a timely basis; the overall success of, and the
ability to integrate, newly-acquired businesses and joint ventures,
maintain and develop their customers, and achieve synergies and
other expected benefits and cost savings therefrom; capacity levels
and efficiencies, within facilities, within major product markets
and within the industries as a whole; the effect of disruption in
the business of suppliers, customers, facilities and shipping
operations due to adverse weather, casualty events, equipment
breakdowns, civil unrest, international conflicts, or terrorist
activities or other causes; changes in customer demand,
inventories, spending patterns, product choices, and supplier
choices; risks associated with doing business internationally,
including economic, political and social instability, foreign
currency exposure and the acceptance of our products in markets;
the ability to improve and maintain processes and business
practices to keep pace with the economic, competitive and
technological environment; the outcome of adverse claims experience
with respect to workers’ compensation, product recalls or product
liability, casualty events or other matters; deviation of actual
results from estimates and/or assumptions used by us in the
application of our significant accounting policies; level of
imports and import prices in our markets; the impact of judicial
rulings and governmental regulations, both in the United States and
abroad, including those adopted by the United States Securities and
Exchange Commission and other governmental agencies as contemplated
by the Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010; the effect of changes to healthcare laws in the United
States, which may increase our healthcare and other costs and
negatively impact our operations and financial results; cyber
security risks; and other risks described from time to time in the
Company’s filings with the United States Securities and Exchange
Commission, including those described in “Part I – Item 1A. – Risk
Factors” of our Annual Report on Form 10-K for the fiscal year
ended May 31, 2016.
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF
EARNINGS |
(In thousands, except per share
amounts) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2017 |
|
February 29, 2016 |
Net sales |
$ |
703,436 |
|
|
$ |
647,080 |
|
|
$ |
2,168,765 |
|
|
$ |
2,105,043 |
|
Cost of goods sold |
|
592,446 |
|
|
|
551,157 |
|
|
|
1,787,690 |
|
|
|
1,786,925 |
|
Gross
margin |
|
110,990 |
|
|
|
95,923 |
|
|
|
381,075 |
|
|
|
318,118 |
|
Selling, general and
administrative expense |
|
75,276 |
|
|
|
70,149 |
|
|
|
232,819 |
|
|
|
218,822 |
|
Impairment of
long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,962 |
|
Restructuring and other
expense |
|
1,394 |
|
|
|
702 |
|
|
|
5,994 |
|
|
|
5,294 |
|
Operating
income |
|
34,320 |
|
|
|
25,072 |
|
|
|
142,262 |
|
|
|
68,040 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Miscellaneous income, net |
|
749 |
|
|
|
3,305 |
|
|
|
2,484 |
|
|
|
3,723 |
|
Interest
expense |
|
(7,674 |
) |
|
|
(7,886 |
) |
|
|
(23,202 |
) |
|
|
(23,539 |
) |
Equity in
net income of unconsolidated affiliates |
|
22,697 |
|
|
|
24,994 |
|
|
|
84,365 |
|
|
|
80,822 |
|
Earnings
before income taxes |
|
50,092 |
|
|
|
45,485 |
|
|
|
205,909 |
|
|
|
129,046 |
|
Income tax expense |
|
11,141 |
|
|
|
11,342 |
|
|
|
48,555 |
|
|
|
34,157 |
|
Net earnings |
|
38,951 |
|
|
|
34,143 |
|
|
|
157,354 |
|
|
|
94,889 |
|
Net earnings
attributable to noncontrolling interests |
|
3,062 |
|
|
|
4,296 |
|
|
|
9,333 |
|
|
|
9,698 |
|
Net earnings
attributable to controlling interest |
$ |
35,889 |
|
|
$ |
29,847 |
|
|
$ |
148,021 |
|
|
$ |
85,191 |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
62,750 |
|
|
|
61,747 |
|
|
|
62,325 |
|
|
|
62,810 |
|
Earnings per
share attributable to controlling interest |
$ |
0.57 |
|
|
$ |
0.48 |
|
|
$ |
2.37 |
|
|
$ |
1.36 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
64,977 |
|
|
|
63,871 |
|
|
|
64,758 |
|
|
|
64,923 |
|
Earnings per
share attributable to controlling interest |
$ |
0.55 |
|
|
$ |
0.47 |
|
|
$ |
2.29 |
|
|
$ |
1.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding at end of period |
|
62,776 |
|
|
|
61,285 |
|
|
|
62,776 |
|
|
|
61,285 |
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.60 |
|
|
$ |
0.57 |
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
February 28, |
|
May 31, |
|
2017 |
|
2016 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
227,281 |
|
$ |
84,188 |
Receivables, less allowances of $3,134 and $4,579 at February 28,
2017 |
|
|
|
and May
31, 2016, respectively |
|
466,689 |
|
|
439,688 |
Inventories: |
|
|
|
Raw
materials |
|
164,295 |
|
|
162,427 |
Work in
process |
|
98,683 |
|
|
86,892 |
Finished
products |
|
77,226 |
|
|
70,016 |
Total
inventories |
|
340,204 |
|
|
319,335 |
Income
taxes receivable |
|
15,554 |
|
|
10,535 |
Assets
held for sale |
|
13,617 |
|
|
10,079 |
Prepaid
expenses and other current assets |
|
53,596 |
|
|
51,290 |
Total
current assets |
|
1,116,941 |
|
|
915,115 |
Investments in
unconsolidated affiliates |
|
205,008 |
|
|
191,826 |
Goodwill |
|
244,941 |
|
|
246,067 |
Other intangible
assets, net of accumulated amortization of $59,577 and |
|
|
|
$49,532
at February 28, 2017 and May 31, 2016, respectively |
|
85,289 |
|
|
96,164 |
Other assets |
|
24,976 |
|
|
29,254 |
Property, plant and
equipment: |
|
|
|
Land |
|
16,543 |
|
|
18,537 |
Buildings
and improvements |
|
257,190 |
|
|
256,973 |
Machinery
and equipment |
|
1,001,232 |
|
|
945,951 |
Construction in progress |
|
26,403 |
|
|
48,156 |
Total
property, plant and equipment |
|
1,301,368 |
|
|
1,269,617 |
Less:
accumulated depreciation |
|
731,348 |
|
|
686,779 |
Total property, plant
and equipment, net |
|
570,020 |
|
|
582,838 |
Total
assets |
$ |
2,247,175 |
|
$ |
2,061,264 |
|
|
|
|
Liabilities and
equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
351,998 |
|
$ |
290,432 |
Short-term borrowings |
|
167 |
|
|
2,651 |
Accrued
compensation, contributions to employee benefit plans and |
|
|
|
related
taxes |
|
75,618 |
|
|
75,105 |
Dividends
payable |
|
13,557 |
|
|
13,471 |
Other
accrued items |
|
45,054 |
|
|
45,056 |
Income
taxes payable |
|
2,508 |
|
|
2,501 |
Current
maturities of long-term debt |
|
878 |
|
|
862 |
Total
current liabilities |
|
489,780 |
|
|
430,078 |
Other liabilities |
|
64,441 |
|
|
63,487 |
Distributions in excess
of investment in unconsolidated affiliate |
|
67,722 |
|
|
52,983 |
Long-term debt |
|
576,002 |
|
|
577,491 |
Deferred income taxes,
net |
|
27,183 |
|
|
17,379 |
Total
liabilities |
|
1,225,128 |
|
|
1,141,418 |
Shareholders' equity -
controlling interest |
|
898,468 |
|
|
793,371 |
Noncontrolling
interests |
|
123,579 |
|
|
126,475 |
Total
equity |
|
1,022,047 |
|
|
919,846 |
Total
liabilities and equity |
$ |
2,247,175 |
|
$ |
2,061,264 |
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2017 |
|
February 29, 2016 |
Operating
activities: |
|
|
|
|
|
|
|
Net earnings |
$ |
38,951 |
|
|
$ |
34,143 |
|
|
$ |
157,354 |
|
|
$ |
94,889 |
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
21,677 |
|
|
|
20,761 |
|
|
|
65,154 |
|
|
|
62,748 |
|
Impairment of long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,962 |
|
Provision
for (benefit from) deferred income taxes |
|
7,609 |
|
|
|
9,322 |
|
|
|
9,946 |
|
|
|
(6,069 |
) |
Bad debt
(income) expense |
|
(41 |
) |
|
|
187 |
|
|
|
110 |
|
|
|
195 |
|
Equity in
net income of unconsolidated affiliates, net of distributions |
|
(1,256 |
) |
|
|
(622 |
) |
|
|
(182 |
) |
|
|
(16,524 |
) |
Net
(gain) loss on sale of assets |
|
1,875 |
|
|
|
(3,385 |
) |
|
|
3,358 |
|
|
|
(7,633 |
) |
Stock-based compensation |
|
4,304 |
|
|
|
3,627 |
|
|
|
11,264 |
|
|
|
11,284 |
|
Changes in assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
Receivables |
|
(44,719 |
) |
|
|
10,688 |
|
|
|
(34,920 |
) |
|
|
76,791 |
|
Inventories |
|
(2,346 |
) |
|
|
37,211 |
|
|
|
(20,869 |
) |
|
|
61,032 |
|
Prepaid
expenses and other current assets |
|
(13,379 |
) |
|
|
(19,309 |
) |
|
|
(7,954 |
) |
|
|
9,324 |
|
Other
assets |
|
(423 |
) |
|
|
(1,216 |
) |
|
|
1,987 |
|
|
|
(4,019 |
) |
Accounts
payable and accrued expenses |
|
89,736 |
|
|
|
13,756 |
|
|
|
66,849 |
|
|
|
(17,464 |
) |
Other
liabilities |
|
718 |
|
|
|
1,052 |
|
|
|
2,813 |
|
|
|
5,352 |
|
Net cash
provided by operating activities |
|
102,706 |
|
|
|
106,215 |
|
|
|
254,910 |
|
|
|
295,868 |
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
Investment in property, plant and equipment |
|
(21,128 |
) |
|
|
(14,973 |
) |
|
|
(52,174 |
) |
|
|
(75,465 |
) |
Acquisitions, net of cash acquired |
|
- |
|
|
|
(31,256 |
) |
|
|
- |
|
|
|
(34,206 |
) |
Investments in unconsolidated affiliates |
|
- |
|
|
|
(3,683 |
) |
|
|
- |
|
|
|
(5,596 |
) |
Proceeds
from sale of assets |
|
2 |
|
|
|
431 |
|
|
|
958 |
|
|
|
9,887 |
|
Net cash used
by investing activities |
|
(21,126 |
) |
|
|
(49,481 |
) |
|
|
(51,216 |
) |
|
|
(105,380 |
) |
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
Net
repayments of short-term borrowings |
|
(330 |
) |
|
|
(16,716 |
) |
|
|
(2,484 |
) |
|
|
(57,728 |
) |
Proceeds
from long-term debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
921 |
|
Principal
payments on long-term debt |
|
(218 |
) |
|
|
(216 |
) |
|
|
(655 |
) |
|
|
(644 |
) |
Proceeds
from issuance of common shares, net of tax withholdings |
|
(12,197 |
) |
|
|
2,747 |
|
|
|
(9,225 |
) |
|
|
5,811 |
|
Payments
to noncontrolling interests |
|
(3,360 |
) |
|
|
(4,206 |
) |
|
|
(10,141 |
) |
|
|
(9,106 |
) |
Repurchase of common shares |
|
- |
|
|
|
(28,352 |
) |
|
|
- |
|
|
|
(99,848 |
) |
Dividends
paid |
|
(13,374 |
) |
|
|
(11,913 |
) |
|
|
(38,096 |
) |
|
|
(35,529 |
) |
Net cash used
by financing activities |
|
(29,479 |
) |
|
|
(58,656 |
) |
|
|
(60,601 |
) |
|
|
(196,123 |
) |
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
52,101 |
|
|
|
(1,922 |
) |
|
|
143,093 |
|
|
|
(5,635 |
) |
Cash and cash
equivalents at beginning of period |
|
175,180 |
|
|
|
27,354 |
|
|
|
84,188 |
|
|
|
31,067 |
|
Cash and cash
equivalents at end of period |
$ |
227,281 |
|
|
$ |
25,432 |
|
|
$ |
227,281 |
|
|
$ |
25,432 |
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
SUPPLEMENTAL DATA |
(In thousands, except volume) |
|
This
supplemental information is provided to assist in the analysis of
the results of operations. |
|
|
Three Months Ended |
|
Nine Months Ended |
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2017 |
|
February 29, 2016 |
Volume: |
|
|
|
|
|
|
|
Steel
Processing (tons) |
|
943,821 |
|
|
|
800,567 |
|
|
|
2,995,466 |
|
|
|
2,495,151 |
|
Pressure
Cylinders (units) |
|
17,842,457 |
|
|
|
17,056,706 |
|
|
|
53,067,142 |
|
|
|
52,987,098 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
478,174 |
|
|
$ |
419,026 |
|
|
$ |
1,492,654 |
|
|
$ |
1,377,638 |
|
Pressure
Cylinders |
|
198,433 |
|
|
|
200,721 |
|
|
|
598,303 |
|
|
|
626,288 |
|
Engineered Cabs |
|
23,547 |
|
|
|
25,553 |
|
|
|
71,591 |
|
|
|
92,869 |
|
Other |
|
3,282 |
|
|
|
1,780 |
|
|
|
6,217 |
|
|
|
8,248 |
|
Total net
sales |
$ |
703,436 |
|
|
$ |
647,080 |
|
|
$ |
2,168,765 |
|
|
$ |
2,105,043 |
|
|
|
|
|
|
|
|
|
Material cost: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
324,282 |
|
|
$ |
284,402 |
|
|
$ |
975,985 |
|
|
$ |
955,154 |
|
Pressure
Cylinders |
|
83,826 |
|
|
|
84,868 |
|
|
|
243,056 |
|
|
|
269,430 |
|
Engineered Cabs |
|
10,769 |
|
|
|
12,329 |
|
|
|
32,189 |
|
|
|
43,747 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
34,422 |
|
|
$ |
30,018 |
|
|
$ |
107,110 |
|
|
$ |
95,858 |
|
Pressure
Cylinders |
|
35,185 |
|
|
|
35,389 |
|
|
|
107,705 |
|
|
|
106,178 |
|
Engineered Cabs |
|
3,582 |
|
|
|
4,049 |
|
|
|
11,202 |
|
|
|
14,257 |
|
Other |
|
2,087 |
|
|
|
693 |
|
|
|
6,802 |
|
|
|
2,529 |
|
Total
selling, general and administrative expense |
$ |
75,276 |
|
|
$ |
70,149 |
|
|
$ |
232,819 |
|
|
$ |
218,822 |
|
|
|
|
|
|
|
|
|
Operating income
(loss): |
|
|
|
|
|
|
|
Steel
Processing |
$ |
26,026 |
|
|
$ |
21,294 |
|
|
$ |
116,256 |
|
|
$ |
71,574 |
|
Pressure
Cylinders |
|
10,071 |
|
|
|
8,969 |
|
|
|
35,480 |
|
|
|
15,479 |
|
Engineered Cabs |
|
(2,001 |
) |
|
|
(4,053 |
) |
|
|
(7,225 |
) |
|
|
(17,634 |
) |
Other |
|
224 |
|
|
|
(1,138 |
) |
|
|
(2,249 |
) |
|
|
(1,379 |
) |
Total
operating income |
$ |
34,320 |
|
|
$ |
25,072 |
|
|
$ |
142,262 |
|
|
$ |
68,040 |
|
|
|
|
|
|
|
|
|
Equity income (loss) by
unconsolidated affiliate: |
|
|
|
|
|
|
|
WAVE |
$ |
18,412 |
|
|
$ |
18,678 |
|
|
$ |
57,878 |
|
|
$ |
59,838 |
|
ClarkDietrich |
|
2,753 |
|
|
|
1,265 |
|
|
|
15,682 |
|
|
|
10,289 |
|
Serviacero |
|
481 |
|
|
|
1,673 |
|
|
|
4,472 |
|
|
|
2,854 |
|
ArtiFlex |
|
1,068 |
|
|
|
2,995 |
|
|
|
6,095 |
|
|
|
7,153 |
|
WSP |
|
- |
|
|
|
191 |
|
|
|
- |
|
|
|
1,665 |
|
Other |
|
(17 |
) |
|
|
192 |
|
|
|
238 |
|
|
|
(977 |
) |
Total
equity income |
$ |
22,697 |
|
|
$ |
24,994 |
|
|
$ |
84,365 |
|
|
$ |
80,822 |
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
SUPPLEMENTAL DATA |
(In thousands, except volume) |
|
The
following provides detail of Pressure Cylinders volume and net
sales by principal class of products. |
|
|
Three Months Ended |
|
Nine Months Ended |
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2017 |
|
February 29, 2016 |
Volume (units): |
|
|
|
|
|
|
|
Consumer
products |
|
10,818,423 |
|
|
|
10,478,006 |
|
|
|
33,291,082 |
|
|
|
32,979,643 |
|
Industrial products |
|
6,923,044 |
|
|
|
6,481,937 |
|
|
|
19,403,628 |
|
|
|
19,709,251 |
|
Alternative fuels |
|
100,509 |
|
|
|
96,123 |
|
|
|
370,761 |
|
|
|
295,200 |
|
Oil &
gas equipment |
|
481 |
|
|
|
640 |
|
|
|
1,671 |
|
|
|
3,004 |
|
Total
Pressure Cylinders |
|
17,842,457 |
|
|
|
17,056,706 |
|
|
|
53,067,142 |
|
|
|
52,987,098 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Consumer
products |
$ |
54,302 |
|
|
$ |
51,103 |
|
|
$ |
170,363 |
|
|
$ |
155,545 |
|
Industrial products |
|
105,809 |
|
|
|
110,144 |
|
|
|
305,037 |
|
|
|
324,572 |
|
Alternative fuels |
|
22,971 |
|
|
|
22,298 |
|
|
|
81,903 |
|
|
|
71,070 |
|
Oil &
gas equipment |
|
15,351 |
|
|
|
17,176 |
|
|
|
41,000 |
|
|
|
75,101 |
|
Total
Pressure Cylinders |
$ |
198,433 |
|
|
$ |
200,721 |
|
|
$ |
598,303 |
|
|
$ |
626,288 |
|
|
|
The
following provides detail of impairment of long-lived assets and
restructuring and other expense included in operating income (loss)
by segment. |
|
|
Three Months Ended |
|
Nine Months Ended |
|
February 28, 2017 |
|
February 29, 2016 |
|
February 28, 2017 |
|
February 29, 2016 |
Impairment of
long-lived assets: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Pressure
Cylinders |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
22,962 |
|
Engineered Cabs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,000 |
|
Other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
impairment of long-lived assets |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
25,962 |
|
|
|
|
|
|
|
|
|
Restructuring and other
expense (income): |
|
|
|
|
|
|
|
Steel
Processing |
$ |
212 |
|
|
$ |
1,068 |
|
|
$ |
1,496 |
|
|
$ |
3,788 |
|
Pressure
Cylinders |
|
1,056 |
|
|
|
(1,031 |
) |
|
|
3,165 |
|
|
|
(316 |
) |
Engineered Cabs |
|
169 |
|
|
|
416 |
|
|
|
1,379 |
|
|
|
3,059 |
|
Other |
|
(43 |
) |
|
|
249 |
|
|
|
(46 |
) |
|
|
(1,237 |
) |
Total
restructuring and other expense |
$ |
1,394 |
|
|
$ |
702 |
|
|
$ |
5,994 |
|
|
$ |
5,294 |
|
|
|
|
|
|
|
|
|
Contacts:
CATHY M. LYTTLE
VP, CORPORATE COMMUNICATIONS
AND INVESTOR RELATIONS
614.438.3077 | cathy.lyttle@WorthingtonIndustries.com
SONYA L. HIGGINBOTHAM
DIRECTOR, CORPORATE COMMUNICATIONS
614.438.7391 | sonya.higginbotham@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085
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