Worthington Industries, Inc. (NYSE:WOR) today reported net sales of
$845.3 million and net earnings of $56.5 million, or $0.87 per
diluted share, for its fiscal 2017 fourth quarter ended May 31,
2017. In the fourth quarter of the prior year, the Company
reported net sales of $714.7 million and net earnings of $58.5
million, or $0.92 per diluted share. Net earnings in the
prior year quarter included a $6.9 million pre-tax gain related to
the consolidation of the Worthington Specialty Processing (WSP)
joint venture and $1.9 million of pre-tax restructuring
charges. The net after-tax impact of these items increased
earnings per diluted share by $0.05.
For the fiscal year ended May 31, 2017, the
Company reported net sales of $3.0 billion and net earnings of
$204.5 million, or $3.15 per diluted share, up from net earnings of
$143.7, or $2.22 per diluted share, in the prior year. Net
sales were up 7%, or $194.4 million year over year, driven
primarily by higher average selling prices in Steel
Processing. Net earnings in the current fiscal year were
adversely affected by pre-tax restructuring charges totaling $6.4
million, which reduced earnings per diluted share by $0.07.
Impairment and restructuring charges in the prior fiscal year
resulted in a net pre-tax charge of $33.1 million, which when
combined with the $6.9 million pre-tax gain related to the
consolidation of WSP reduced earnings per diluted share by
$0.26.
Financial highlights for the current and comparative periods are
as follows:
(U.S. dollars in millions, except per share data)
|
4Q 2017 |
|
|
3Q 2017 |
|
|
4Q 2016 |
|
|
12M 2017 |
|
|
12M 2016 |
Net sales |
$ |
845.3 |
|
|
$ |
703.4 |
|
|
$ |
714.7 |
|
|
$ |
3,014.1 |
|
|
$ |
2,819.7 |
Operating income |
|
70.9 |
|
|
|
34.3 |
|
|
|
54.0 |
|
|
|
213.1 |
|
|
|
122.1 |
Equity income |
|
25.7 |
|
|
|
22.7 |
|
|
|
34.1 |
|
|
|
110.0 |
|
|
|
115.0 |
Net earnings |
|
56.5 |
|
|
|
35.9 |
|
|
|
58.5 |
|
|
|
204.5 |
|
|
|
143.7 |
Earnings per diluted
share |
$ |
0.87 |
|
|
$ |
0.55 |
|
|
$ |
0.92 |
|
|
$ |
3.15 |
|
|
$ |
2.22 |
“We finished our fiscal year with strong results, leading to
record annual earnings per share for the Company,” said John
McConnell, Chairman and CEO. “While we benefited from rising
steel prices, we also saw increases in volume for Steel Processing
with improvements in markets such as agriculture. Pressure
Cylinders performance was steady for the year despite headwinds
caused by softness in the oil & gas equipment market, which
showed signs of improving in the fourth quarter. Engineered
Cabs also benefited from better agriculture and construction
markets. Our joint venture results were down from a year ago
as higher steel prices weighed on WAVE’s results.” McConnell
added, “I want to congratulate all of our employees for an
excellent 2017.”
Consolidated Quarterly
Results
Net sales for the fourth quarter of fiscal 2017 were $845.3
million, up 18% over the prior year quarter, when net sales were
$714.7 million. Steel Processing accounted for the majority
of the increase, as average selling prices and overall volume were
both up over the prior year quarter.
Gross margin increased $20.4 million over the
prior year quarter to $154.8 million, driven by higher shipments
and favorable spreads in Steel Processing and improvements in
certain Pressure Cylinders businesses. Pricing spreads in Steel
Processing benefited from significantly higher inventory holding
gains than in the prior year quarter.
Operating income for the current quarter was
$70.9 million, an increase of $16.8 million over the prior year
quarter. The improvement in gross margin was partially offset by
higher SG&A expense, up $5.0 million on higher profit sharing
and bonus expense and transaction costs incurred in connection with
the June 2, 2017 acquisition of Amtrol, as discussed below under
Recent Business Developments.
Interest expense was $6.6 million for the
current quarter, compared to $8.1 million in the prior year
quarter. The decrease was due primarily to lower short-term
borrowings.
Equity income from unconsolidated joint ventures
decreased $8.4 million from the prior year quarter to $25.7 million
on lower contributions from ClarkDietrich, WAVE and ArtiFlex.
The Company received cash distributions of $17.8 million from
unconsolidated joint ventures during the quarter for a total of
$102.0 million for fiscal 2017, a cash conversion rate of 93% on
equity income.
Income tax expense was $30.6 million in the
current quarter compared to $24.8 million in the prior year
quarter. The increase was due primarily to favorable discrete
items recorded in the prior year quarter. Tax expense in the
current quarter reflects an annual effective rate of 35.2% compared
to 29.8% for the prior year quarter.
Balance Sheet
At quarter-end, total debt was $578.6 million
compared to $577.0 million at February 28, 2017. The Company
had $278.1 million of cash at quarter-end, the majority of which
was used in funding the Amtrol acquisition, which closed on June 2,
2017.
Quarterly Segment Results
Steel Processing’s net sales totaled $582.2
million, up 25%, or $116.2 million, over the comparable prior year
quarter driven primarily by higher average selling prices.
Operating income of $54.2 million was $13.8 million higher than the
prior year quarter on higher direct volume and a favorable pricing
spread, which benefited from significantly higher inventory holding
gains than the prior year quarter. The mix of direct versus
toll tons processed was 54% to 46% in the current quarter, compared
to 52% to 48% in the prior year quarter.
Pressure Cylinders’ net sales totaled $231.5
million, up 6%, or $12.9 million, over the comparable prior year
quarter on higher contributions from the oil & gas equipment
and industrial products businesses. Operating income of $18.6
million was $5.7 million higher than the prior year quarter driven
primarily by market improvements in the oil & gas equipment
business, partially offset by a decline in the alternative fuels
business.
Engineered Cabs’ net sales of $29.8 million were
up $0.7 million, or 2%, over the prior year quarter on higher
volume. The operating loss of $0.5 million was $1.2 million
less than the prior year quarter on lower restructuring charges and
the favorable impact of higher volume.
The “Other” category includes the energy
innovations business, as well as non-allocated corporate
expenses. Net sales in the “Other” category were $1.8
million, an increase of $0.8 million over the prior year quarter on
higher volume in the energy innovations business. Operating
income declined $3.9 million due to increases in accrued legal
expense and other non-allocated corporate expenses.
Recent Business
Developments
- On June 2, 2017, the Company acquired Amtrol, a leading
manufacturer of pressure cylinders and water system tanks with
operations in the U.S. and Europe. The purchase price was
approximately $283 million.
- On June 28, 2017, Worthington’s Board of Directors declared a
quarterly dividend of $0.21 per share payable on September 29, 2017
to shareholders of record on September 15, 2017.
Outlook
“As we begin our new fiscal year, we are
optimistic that we will continue to see improvements in some of our
key markets, and we are very pleased to have closed on our largest
acquisition to date with the purchase of Amtrol,” McConnell
said. “We think the addition of Amtrol, along with the
successful traction of Transformation in Pressure Cylinders,
provide good momentum and have us well-positioned for growth.
All of our businesses are focused on continuing to improve through
our Transformation in driving lean practices, with innovation and
by strengthening our competitive position in the markets we
serve.”
Conference Call
Worthington will review fiscal 2017 fourth
quarter and fiscal year end results during its quarterly conference
call on June 29, 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 2017 fiscal year
sales of $3.0 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 propane, refrigerant, and industrial gases
and for cryogenic applications, water well tanks for commercial and
residential uses, 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 11,000 people and operates 84
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; future or expected
growth, growth potential, forward momentum, performance,
competitive position, sales, volumes, cash flows, earnings,
earnings potential, 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 and innovation efforts and the ability to improve
performance and competitive position at our operations; anticipated
working capital needs, capital expenditures and asset sales;
anticipated improvements and efficiencies in costs, operations,
sales, inventory management, sourcing and the supply chain and the
results thereof; our ability to successfully integrate Amtrol and
the expected benefits, costs and results from the acquisition of
Amtrol; 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; projected
capacity and 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 generating 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 a recurrent slowing economy; 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 exchange rate 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 healthcare laws in the United States and
potential changes for such laws 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 May 31, |
|
Twelve Months Ended May 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Net sales |
$ |
845,343 |
|
|
$ |
714,671 |
|
|
$ |
3,014,108 |
|
|
$ |
2,819,714 |
|
Cost of goods sold |
|
690,513 |
|
|
|
580,196 |
|
|
|
2,478,203 |
|
|
|
2,367,121 |
|
Gross
margin |
|
154,830 |
|
|
|
134,475 |
|
|
|
535,905 |
|
|
|
452,593 |
|
Selling, general and
administrative expense |
|
83,554 |
|
|
|
78,580 |
|
|
|
316,373 |
|
|
|
297,402 |
|
Impairment of
long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,962 |
|
Restructuring and other
expense |
|
417 |
|
|
|
1,883 |
|
|
|
6,411 |
|
|
|
7,177 |
|
Operating
income |
|
70,859 |
|
|
|
54,012 |
|
|
|
213,121 |
|
|
|
122,052 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Miscellaneous income, net |
|
1,280 |
|
|
|
7,544 |
|
|
|
3,764 |
|
|
|
11,267 |
|
Interest
expense |
|
(6,594 |
) |
|
|
(8,131 |
) |
|
|
(29,796 |
) |
|
|
(31,670 |
) |
Equity in
net income of unconsolidated affiliates |
|
25,673 |
|
|
|
34,144 |
|
|
|
110,038 |
|
|
|
114,966 |
|
Earnings
before income taxes |
|
91,218 |
|
|
|
87,569 |
|
|
|
297,127 |
|
|
|
216,615 |
|
Income tax expense |
|
30,635 |
|
|
|
24,831 |
|
|
|
79,190 |
|
|
|
58,987 |
|
Net earnings |
|
60,583 |
|
|
|
62,738 |
|
|
|
217,937 |
|
|
|
157,628 |
|
Net earnings
attributable to noncontrolling interests |
|
4,089 |
|
|
|
4,215 |
|
|
|
13,422 |
|
|
|
13,913 |
|
Net earnings
attributable to controlling interest |
$ |
56,494 |
|
|
$ |
58,523 |
|
|
$ |
204,515 |
|
|
$ |
143,715 |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
62,792 |
|
|
|
61,453 |
|
|
|
62,443 |
|
|
|
62,469 |
|
Earnings per
share attributable to controlling interest |
$ |
0.90 |
|
|
$ |
0.95 |
|
|
$ |
3.28 |
|
|
$ |
2.30 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
64,950 |
|
|
|
63,933 |
|
|
|
64,874 |
|
|
|
64,755 |
|
Earnings per
share attributable to controlling interest |
$ |
0.87 |
|
|
$ |
0.92 |
|
|
$ |
3.15 |
|
|
$ |
2.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding at end of period |
|
62,802 |
|
|
|
61,534 |
|
|
|
62,802 |
|
|
|
61,534 |
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.80 |
|
|
$ |
0.76 |
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
May 31, |
|
May 31, |
|
2017 |
|
2016 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
278,081 |
|
$ |
84,188 |
Receivables, less allowances of $3,444 and $4,579 at May 31,
2017 |
|
|
|
and May
31, 2016, respectively |
|
486,730 |
|
|
439,688 |
Inventories: |
|
|
|
Raw
materials |
|
185,001 |
|
|
162,427 |
Work in
process |
|
95,630 |
|
|
86,892 |
Finished
products |
|
73,303 |
|
|
70,016 |
Total
inventories |
|
353,934 |
|
|
319,335 |
Income
taxes receivable |
|
7,164 |
|
|
10,535 |
Assets
held for sale |
|
9,654 |
|
|
10,079 |
Prepaid
expenses and other current assets |
|
55,406 |
|
|
51,290 |
Total
current assets |
|
1,190,969 |
|
|
915,115 |
Investments in
unconsolidated affiliates |
|
208,591 |
|
|
191,826 |
Goodwill |
|
247,673 |
|
|
246,067 |
Other intangible
assets, net of accumulated amortization of $63,134 and |
|
|
|
$49,532
at May 31, 2017 and May 31, 2016, respectively |
|
82,781 |
|
|
96,164 |
Other assets |
|
24,841 |
|
|
29,254 |
Property, plant and
equipment: |
|
|
|
Total
property, plant and equipment |
|
1,309,186 |
|
|
1,269,617 |
Less:
accumulated depreciation |
|
738,697 |
|
|
686,779 |
Total property, plant
and equipment, net |
|
570,489 |
|
|
582,838 |
Total
assets |
$ |
2,325,344 |
|
$ |
2,061,264 |
|
|
|
|
Liabilities and
equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
368,071 |
|
$ |
290,432 |
Short-term borrowings |
|
123 |
|
|
2,651 |
Accrued
compensation, contributions to employee benefit plans and |
|
|
|
related
taxes |
|
86,201 |
|
|
75,105 |
Dividends
payable |
|
13,698 |
|
|
13,471 |
Other
accrued items |
|
41,551 |
|
|
45,056 |
Income
taxes payable |
|
4,448 |
|
|
2,501 |
Current
maturities of long-term debt |
|
6,691 |
|
|
862 |
Total
current liabilities |
|
520,783 |
|
|
430,078 |
Other liabilities |
|
61,498 |
|
|
63,487 |
Distributions in excess
of investment in unconsolidated affiliate |
|
63,038 |
|
|
52,983 |
Long-term debt |
|
571,796 |
|
|
577,491 |
Deferred income taxes,
net |
|
34,300 |
|
|
17,379 |
Total
liabilities |
|
1,251,415 |
|
|
1,141,418 |
Shareholders' equity -
controlling interest |
|
951,635 |
|
|
793,371 |
Noncontrolling
interests |
|
122,294 |
|
|
126,475 |
Total
equity |
|
1,073,929 |
|
|
919,846 |
Total
liabilities and equity |
$ |
2,325,344 |
|
$ |
2,061,264 |
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
Three Months Ended May 31, |
|
Twelve Months Ended May 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Operating
activities: |
|
|
|
|
|
|
|
Net earnings |
$ |
60,583 |
|
|
$ |
62,738 |
|
|
$ |
217,937 |
|
|
$ |
157,628 |
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
21,639 |
|
|
|
21,951 |
|
|
|
86,793 |
|
|
|
84,699 |
|
Impairment of long-lived assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
25,962 |
|
Provision
for deferred income taxes |
|
8,497 |
|
|
|
13,423 |
|
|
|
18,443 |
|
|
|
7,354 |
|
Bad debt
expense |
|
159 |
|
|
|
151 |
|
|
|
269 |
|
|
|
346 |
|
Equity in
net income of unconsolidated affiliates, net of distributions |
|
(7,841 |
) |
|
|
(12,949 |
) |
|
|
(8,023 |
) |
|
|
(29,473 |
) |
Net
(gain) loss on assets |
|
4,593 |
|
|
|
(5,363 |
) |
|
|
7,951 |
|
|
|
(12,996 |
) |
Stock-based compensation |
|
3,085 |
|
|
|
4,552 |
|
|
|
14,349 |
|
|
|
15,836 |
|
Gain on
previously held equity interest in WSP |
|
- |
|
|
|
(6,877 |
) |
|
|
- |
|
|
|
(6,877 |
) |
Changes in assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
Receivables |
|
(5,007 |
) |
|
|
(10,674 |
) |
|
|
(39,927 |
) |
|
|
66,117 |
|
Inventories |
|
(13,730 |
) |
|
|
5,319 |
|
|
|
(34,599 |
) |
|
|
66,351 |
|
Prepaid
expenses and other current assets |
|
8,939 |
|
|
|
9,003 |
|
|
|
985 |
|
|
|
18,327 |
|
Other
assets |
|
(82 |
) |
|
|
(511 |
) |
|
|
1,905 |
|
|
|
(4,530 |
) |
Accounts
payable and accrued expenses |
|
643 |
|
|
|
37,645 |
|
|
|
67,492 |
|
|
|
20,180 |
|
Other
liabilities |
|
(716 |
) |
|
|
(892 |
) |
|
|
2,097 |
|
|
|
4,460 |
|
Net cash
provided by operating activities |
|
80,762 |
|
|
|
117,516 |
|
|
|
335,672 |
|
|
|
413,384 |
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
Investment in property, plant and equipment |
|
(16,212 |
) |
|
|
(21,571 |
) |
|
|
(68,386 |
) |
|
|
(97,036 |
) |
Acquisitions, net of cash acquired |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(34,206 |
) |
Investments in unconsolidated affiliates |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,595 |
) |
Proceeds
from sale of assets |
|
4,464 |
|
|
|
(89 |
) |
|
|
5,422 |
|
|
|
9,797 |
|
Net cash used
by investing activities |
|
(11,748 |
) |
|
|
(21,660 |
) |
|
|
(62,964 |
) |
|
|
(127,040 |
) |
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
Net
repayments of short-term borrowings |
|
(44 |
) |
|
|
(28,115 |
) |
|
|
(2,528 |
) |
|
|
(85,843 |
) |
Proceeds
from long-term debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
921 |
|
Principal
payments on long-term debt |
|
(219 |
) |
|
|
(218 |
) |
|
|
(874 |
) |
|
|
(862 |
) |
Proceeds
from issuance of common shares, net of tax withholdings |
|
150 |
|
|
|
2,896 |
|
|
|
(9,075 |
) |
|
|
8,707 |
|
Payments
to noncontrolling interests |
|
(5,481 |
) |
|
|
- |
|
|
|
(15,622 |
) |
|
|
(9,106 |
) |
Repurchase of common shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(99,847 |
) |
Dividends
paid |
|
(12,620 |
) |
|
|
(11,663 |
) |
|
|
(50,716 |
) |
|
|
(47,193 |
) |
Net cash used
by financing activities |
|
(18,214 |
) |
|
|
(37,100 |
) |
|
|
(78,815 |
) |
|
|
(233,223 |
) |
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents |
|
50,800 |
|
|
|
58,756 |
|
|
|
193,893 |
|
|
|
53,121 |
|
Cash and cash
equivalents at beginning of period |
|
227,281 |
|
|
|
25,432 |
|
|
|
84,188 |
|
|
|
31,067 |
|
Cash and cash
equivalents at end of period |
$ |
278,081 |
|
|
$ |
84,188 |
|
|
$ |
278,081 |
|
|
$ |
84,188 |
|
|
|
|
|
|
|
|
|
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 May 31, |
|
Twelve Months Ended May 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Volume: |
|
|
|
|
|
|
|
Steel
Processing (tons) |
|
1,074,792 |
|
|
|
1,028,278 |
|
|
|
4,070,258 |
|
|
|
3,523,429 |
|
Pressure
Cylinders (units) |
|
18,269,337 |
|
|
|
19,555,999 |
|
|
|
71,335,613 |
|
|
|
72,543,097 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
582,215 |
|
|
$ |
466,023 |
|
|
$ |
2,074,869 |
|
|
$ |
1,843,661 |
|
Pressure
Cylinders |
|
231,543 |
|
|
|
218,610 |
|
|
|
829,846 |
|
|
|
844,898 |
|
Engineered Cabs |
|
29,797 |
|
|
|
29,077 |
|
|
|
101,388 |
|
|
|
121,946 |
|
Other |
|
1,788 |
|
|
|
961 |
|
|
|
8,005 |
|
|
|
9,209 |
|
Total net
sales |
$ |
845,343 |
|
|
$ |
714,671 |
|
|
$ |
3,014,108 |
|
|
$ |
2,819,714 |
|
|
|
|
|
|
|
|
|
Material cost: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
388,523 |
|
|
$ |
289,897 |
|
|
$ |
1,364,508 |
|
|
$ |
1,245,051 |
|
Pressure
Cylinders |
|
95,333 |
|
|
|
90,372 |
|
|
|
338,389 |
|
|
|
359,802 |
|
Engineered Cabs |
|
13,873 |
|
|
|
13,579 |
|
|
|
46,062 |
|
|
|
57,326 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
38,413 |
|
|
$ |
36,969 |
|
|
$ |
145,523 |
|
|
$ |
132,827 |
|
Pressure
Cylinders |
|
39,145 |
|
|
|
37,675 |
|
|
|
146,850 |
|
|
|
143,853 |
|
Engineered Cabs |
|
4,168 |
|
|
|
4,249 |
|
|
|
15,370 |
|
|
|
18,506 |
|
Other |
|
1,828 |
|
|
|
(313 |
) |
|
|
8,630 |
|
|
|
2,216 |
|
Total
selling, general and administrative expense |
$ |
83,554 |
|
|
$ |
78,580 |
|
|
$ |
316,373 |
|
|
$ |
297,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel
Processing |
$ |
54,225 |
|
|
$ |
40,427 |
|
|
$ |
170,481 |
|
|
$ |
112,001 |
|
Pressure
Cylinders |
|
18,618 |
|
|
|
12,896 |
|
|
|
54,098 |
|
|
|
28,375 |
|
Engineered Cabs |
|
(460 |
) |
|
|
(1,697 |
) |
|
|
(7,685 |
) |
|
|
(19,331 |
) |
Other |
|
(1,524 |
) |
|
|
2,386 |
|
|
|
(3,773 |
) |
|
|
1,007 |
|
Total
operating income |
$ |
70,859 |
|
|
$ |
54,012 |
|
|
$ |
213,121 |
|
|
$ |
122,052 |
|
|
|
|
|
|
|
|
|
Equity income (loss) by
unconsolidated affiliate: |
|
|
|
|
|
|
|
WAVE |
$ |
20,375 |
|
|
$ |
22,887 |
|
|
$ |
78,253 |
|
|
$ |
82,725 |
|
ClarkDietrich |
|
1,598 |
|
|
|
4,346 |
|
|
|
17,280 |
|
|
|
14,635 |
|
Serviacero |
|
2,725 |
|
|
|
3,399 |
|
|
|
7,197 |
|
|
|
6,253 |
|
ArtiFlex |
|
951 |
|
|
|
3,183 |
|
|
|
7,046 |
|
|
|
10,336 |
|
WSP |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,665 |
|
Other |
|
24 |
|
|
|
329 |
|
|
|
262 |
|
|
|
(648 |
) |
Total
equity income |
$ |
25,673 |
|
|
$ |
34,144 |
|
|
$ |
110,038 |
|
|
$ |
114,966 |
|
|
|
|
|
|
|
|
|
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 May 31, |
|
Twelve Months Ended May 31, |
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
2016 |
|
Volume (units): |
|
|
|
|
|
|
|
Consumer
products |
|
15,029,233 |
|
|
|
16,310,645 |
|
|
60,665,420 |
|
|
|
61,631,907 |
|
Industrial products |
|
3,097,971 |
|
|
|
3,117,260 |
|
|
10,155,628 |
|
|
|
10,484,892 |
|
Alternative fuels |
|
141,496 |
|
|
|
127,430 |
|
|
512,257 |
|
|
|
422,630 |
|
Oil &
gas equipment |
|
637 |
|
|
|
664 |
|
|
2,308 |
|
|
|
3,668 |
|
Total
Pressure Cylinders |
|
18,269,337 |
|
|
|
19,555,999 |
|
|
71,335,613 |
|
|
|
72,543,097 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Consumer
products |
$ |
82,464 |
|
|
$ |
81,492 |
|
$ |
315,077 |
|
|
$ |
293,222 |
|
Industrial products |
|
98,435 |
|
|
|
94,272 |
|
|
341,222 |
|
|
|
362,659 |
|
Alternative fuels |
|
29,379 |
|
|
|
27,676 |
|
|
111,282 |
|
|
|
98,746 |
|
Oil &
gas equipment |
|
21,265 |
|
|
|
15,170 |
|
|
62,265 |
|
|
|
90,271 |
|
Total
Pressure Cylinders |
$ |
231,543 |
|
|
$ |
218,610 |
|
$ |
829,846 |
|
|
$ |
844,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 May 31, |
|
Twelve Months Ended May 31, |
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
|
|
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 |
$ |
332 |
|
|
$ |
322 |
|
$ |
1,828 |
|
|
$ |
4,110 |
|
Pressure
Cylinders |
|
246 |
|
|
|
708 |
|
|
3,411 |
|
|
|
392 |
|
Engineered Cabs |
|
(159 |
) |
|
|
511 |
|
|
1,219 |
|
|
|
3,570 |
|
Other |
|
(2 |
) |
|
|
342 |
|
|
(47 |
) |
|
|
(895 |
) |
Total
restructuring and other expense |
$ |
417 |
|
|
$ |
1,883 |
|
$ |
6,411 |
|
|
$ |
7,177 |
|
|
|
|
|
|
|
|
|
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
WorthingtonIndustries.com
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