Worthington Industries, Inc. (NYSE:WOR) today reported net sales of
$841.7 million and net earnings of $79.1 million, or $1.27 per
diluted share, for its fiscal 2018 third quarter ended February 28,
2018. Net earnings in the quarter included a tax benefit of
$0.66 per diluted share related to the impact of discrete items and
a lower statutory income tax rate resulting from the Tax Cuts and
Jobs Act, which was enacted into federal law on December 22,
2017. In the third quarter of fiscal 2017, the Company
reported net sales of $703.4 million and net earnings of $35.9
million, or $0.55 per diluted share. Net earnings in the
third quarter of fiscal 2017 included pre-tax restructuring charges
totaling $1.4 million, which reduced earnings per diluted share by
$0.01.
Financial highlights for the current and comparative periods are
as follows:
(U.S. dollars in millions, except per share amounts)
|
3Q 2018 |
|
2Q 2018 |
|
3Q 2017 |
|
9M 2018 |
|
9M 2017 |
Net sales |
$ |
841.7 |
|
$ |
871.3 |
|
$ |
703.4 |
|
$ |
2,561.2 |
|
$ |
2,168.8 |
Operating income |
|
42.8 |
|
|
52.1 |
|
|
34.3 |
|
|
137.0 |
|
|
142.3 |
Equity income |
|
19.8 |
|
|
16.4 |
|
|
22.7 |
|
|
63.5 |
|
|
84.4 |
Net earnings |
|
79.1 |
|
|
39.4 |
|
|
35.9 |
|
|
164.0 |
|
|
148.0 |
Earnings per diluted
share |
$ |
1.27 |
|
$ |
0.62 |
|
$ |
0.55 |
|
$ |
2.58 |
|
$ |
2.29 |
“I am pleased with our solid results from our
third quarter performance with year-over-year growth,” said John
McConnell, Chairman and CEO. “Both our Steel Processing and
Pressure Cylinders segments had good quarters with agriculture and
heavy truck markets leading demand in steel, while cylinders saw
strength in the consumer and industrial businesses.”
Consolidated Quarterly Results
Net sales for the third quarter of fiscal 2018
were $841.7 million, up 20% over the comparable quarter in the
prior year, when net sales were $703.4 million. The increase was
driven by contributions from the June 2, 2017 acquisition of
Amtrol, higher average direct selling prices in Steel Processing,
and higher overall volume in Pressure Cylinders businesses.
Gross margin increased $16.1 million over the prior year quarter to
$127.1 million. The increase was driven by contributions from
Amtrol and improvements in the industrial and consumer products
businesses within Pressure Cylinders.
Operating income for the current quarter was
$42.8 million, an increase of $8.4 million over the prior year
quarter. The impact of higher gross margin was partially
offset by higher SG&A expense, up $9.0 million, due primarily
to the Amtrol acquisition.
Interest expense was $9.8 million for the
current quarter, compared to $7.7 million in the prior year
quarter. The increase was due primarily to the July 28, 2017
issuance of $200.0 million of senior unsecured notes due August 1,
2032.
Equity income from unconsolidated joint ventures
decreased $2.9 million from the prior year quarter to $19.8 million
on lower contributions from WAVE and ClarkDietrich. WAVE’s
contribution to equity income was lower due to an increase in
allocated costs resulting from a new cost-sharing agreement between
the joint venture and its partners and lower volume. The
Company’s portion of the increase in allocated costs for the
current quarter was approximately $1.3 million, but this increased
run rate is expected to decline 30% once the sale of the
international business closes later in calendar 2018.
ClarkDietrich’s contribution to equity income was $1.3 million
lower than the prior year quarter as higher steel prices compressed
margins. The Company received cash distributions of $22.6 million
from unconsolidated joint ventures during the quarter for a total
of $61.6 million for fiscal 2018, a cash conversion rate of 97% on
equity income.
Income tax benefit was $24.0 million in the
current quarter compared to expense of $11.1 million in the prior
year quarter. The change was due primarily to the impact of
the recently enacted Tax Cuts and Jobs Act, which resulted in a net
discrete tax benefit of $33.9 million. The impact of the
lower federal statutory income tax rate on current year earnings
was $7.3 million. Tax expense in the current quarter reflects an
estimated annual effective rate of 10.3% compared to 27.2% for the
prior year quarter.
Balance Sheet
At quarter-end, total debt was $782.3 million,
up $1.6 million from November 30, 2017. The Company had
$147.4 million of cash at quarter-end.
Quarterly Segment Results
Steel Processing’s net sales totaled $518.1
million, up 8%, or $39.9 million, over the comparable prior year
quarter driven by higher average direct selling prices, partially
offset by lower tolling volumes at certain consolidated joint
ventures. Operating income of $31.1 million was $5.1 million
higher than the prior year quarter due to lower allocated corporate
costs and a nominal increase in the spread between average selling
prices and material cost. The mix of direct versus toll tons
processed was 57% to 43% in the current quarter, compared to 52% to
48% in the prior year quarter.
Pressure Cylinders’ net sales totaled $295.5
million, up 49%, or $97.1 million, over the comparable prior year
quarter due to contributions from the Amtrol acquisition and higher
volumes across the businesses. Operating income of $17.5
million was $7.4 million higher than the prior year quarter driven
primarily by contributions from the Amtrol acquisition.
Improvements in the industrial and consumer products businesses
were largely offset by a decline in the oil & gas equipment
business.
Engineered Cabs’ net sales totaled $27.1
million, up $3.5 million, or 15%, over the prior year quarter on
higher volume. The operating loss of $4.1 million was $2.1
million higher than the prior year quarter due to higher
manufacturing costs.
The “Other” category includes the energy
innovations business, as well as non-allocated corporate
expenses. Net sales in the “Other” category were $1.0
million, a decrease of $2.3 million from the prior year quarter on
lower sales in the energy innovations business. The operating
loss of $1.8 million represents unallocated corporate expenses.
Recent Business
Developments
- During the quarter, the Company repurchased a total
of 1,000,000 common shares for $47.4 million at an average
price of $47.42.
- On January 16, 2018, the Company amended its existing accounts
receivable securitization facility, reducing the borrowing capacity
from $100 million to $50 million and extending the maturity to
January 2019.
- On February 16, 2018, the Company amended its existing
five-year, revolving credit facility, extending the maturity by
three years to February 2023. Borrowing capacity remained
unchanged at $500 million.
Outlook
"The integration of our largest acquisition, Amtrol, continues
to go well and we expect that in the fourth quarter demand will
remain steady in most of the markets we serve," McConnell
added.
Conference Call
Worthington will review fiscal 2018 third
quarter results during its quarterly conference call on March 29,
2018 at 2:30 p.m., Eastern Time. Details regarding the
conference call can be found on the Company website 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 gasses
and 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 12,000 people and operates
86 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, 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 the Company or its 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; projected
profitability potential; the 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; the successful sale of the WAVE international
business; 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; the expected impact of the provisions of the Tax Cuts and
Jobs Act of 2017 (the “TCJA”) on the Company; 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; the
impact of changes in trade regulations – including the imposition
of new tariffs on imported products, the adoption or trade
restrictions affecting the Company’s products or suppliers and a
United States withdrawal from or significant renegotiation of
existing trade agreements such as the North America Free Trade
Agreement – or the occurrence of trade wars; 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 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, 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 global 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; the actual
impact of the Company’s business of the TCJA differing materially
from the Company’s estimates; cyber security risks; the effects of
changing privacy and information security laws and standards; 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,
2017.
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF
EARNINGS |
(In thousands, except per share
amounts) |
|
|
Three Months EndedFebruary 28, |
|
Nine Months EndedFebruary 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Net sales |
$ |
841,657 |
|
|
$ |
703,436 |
|
|
$ |
2,561,160 |
|
|
$ |
2,168,765 |
|
Cost of goods sold |
|
714,603 |
|
|
|
592,446 |
|
|
|
2,161,249 |
|
|
|
1,787,690 |
|
Gross
margin |
|
127,054 |
|
|
|
110,990 |
|
|
|
399,911 |
|
|
|
381,075 |
|
Selling, general and
administrative expense |
|
84,294 |
|
|
|
75,276 |
|
|
|
261,968 |
|
|
|
232,819 |
|
Impairment of goodwill
and long-lived assets |
|
- |
|
|
|
- |
|
|
|
8,289 |
|
|
|
- |
|
Restructuring and other
expense (income), net |
|
(3 |
) |
|
|
1,394 |
|
|
|
(7,393 |
) |
|
|
5,994 |
|
Operating
income |
|
42,763 |
|
|
|
34,320 |
|
|
|
137,047 |
|
|
|
142,262 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Miscellaneous income, net |
|
1,500 |
|
|
|
749 |
|
|
|
3,169 |
|
|
|
2,484 |
|
Interest
expense |
|
(9,775 |
) |
|
|
(7,674 |
) |
|
|
(28,620 |
) |
|
|
(23,202 |
) |
Equity in
net income of unconsolidated affiliates |
|
19,770 |
|
|
|
22,697 |
|
|
|
63,521 |
|
|
|
84,365 |
|
Earnings
before income taxes |
|
54,258 |
|
|
|
50,092 |
|
|
|
175,117 |
|
|
|
205,909 |
|
Income tax expense
(benefit) |
|
(24,039 |
) |
|
|
11,141 |
|
|
|
7,124 |
|
|
|
48,555 |
|
Net earnings |
|
78,297 |
|
|
|
38,951 |
|
|
|
167,993 |
|
|
|
157,354 |
|
Net earnings (loss)
attributable to noncontrolling interests |
|
(791 |
) |
|
|
3,062 |
|
|
|
3,968 |
|
|
|
9,333 |
|
Net earnings
attributable to controlling interest |
$ |
79,088 |
|
|
$ |
35,889 |
|
|
$ |
164,025 |
|
|
$ |
148,021 |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
60,383 |
|
|
|
62,750 |
|
|
|
61,451 |
|
|
|
62,325 |
|
Earnings per
share attributable to controlling interest |
$ |
1.31 |
|
|
$ |
0.57 |
|
|
$ |
2.67 |
|
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
62,345 |
|
|
|
64,977 |
|
|
|
63,507 |
|
|
|
64,758 |
|
Earnings per
share attributable to controlling interest |
$ |
1.27 |
|
|
$ |
0.55 |
|
|
$ |
2.58 |
|
|
$ |
2.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding at end of period |
|
59,802 |
|
|
|
62,776 |
|
|
|
59,802 |
|
|
|
62,776 |
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
$ |
0.21 |
|
|
$ |
0.20 |
|
|
$ |
0.63 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED BALANCE SHEETS |
(In thousands) |
|
|
February 28, |
|
May 31, |
|
2018 |
|
2017 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
147,424 |
|
$ |
278,081 |
Receivables, less allowances of $3,262 and $3,444 at February 28,
2018 |
|
|
|
and May
31, 2017, respectively |
|
507,968 |
|
|
486,730 |
Inventories: |
|
|
|
Raw
materials |
|
217,016 |
|
|
185,001 |
Work in
process |
|
123,693 |
|
|
95,630 |
Finished
products |
|
90,697 |
|
|
73,303 |
Total inventories |
|
431,406 |
|
|
353,934 |
Income
taxes receivable |
|
9,711 |
|
|
7,164 |
Assets
held for sale |
|
3,740 |
|
|
9,654 |
Prepaid
expenses and other current assets |
|
58,393 |
|
|
55,406 |
Total
current assets |
|
1,158,642 |
|
|
1,190,969 |
Investments in
unconsolidated affiliates |
|
212,131 |
|
|
208,591 |
Goodwill |
|
352,596 |
|
|
247,673 |
Other intangible
assets, net of accumulated amortization of $76,602 and |
|
|
|
$63,134
at February 28, 2018 and May 31, 2017, respectively |
|
236,197 |
|
|
82,781 |
Other assets |
|
29,971 |
|
|
24,841 |
Property, plant and
equipment: |
|
|
|
Land |
|
27,551 |
|
|
22,077 |
Buildings
and improvements |
|
312,267 |
|
|
297,951 |
Machinery
and equipment |
|
1,056,111 |
|
|
961,542 |
Construction in progress |
|
32,731 |
|
|
27,616 |
Total
property, plant and equipment |
|
1,428,660 |
|
|
1,309,186 |
Less:
accumulated depreciation |
|
803,461 |
|
|
738,697 |
Total
property, plant and equipment, net |
|
625,199 |
|
|
570,489 |
Total
assets |
$ |
2,614,736 |
|
$ |
2,325,344 |
|
|
|
|
Liabilities and
equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts
payable |
$ |
403,990 |
|
$ |
368,071 |
Short-term borrowings |
|
403 |
|
|
123 |
Accrued
compensation, contributions to employee benefit plans and |
|
|
|
related
taxes |
|
70,669 |
|
|
86,201 |
Dividends
payable |
|
13,777 |
|
|
13,698 |
Other
accrued items |
|
60,864 |
|
|
41,551 |
Income
taxes payable |
|
801 |
|
|
4,448 |
Current
maturities of long-term debt |
|
13,735 |
|
|
6,691 |
Total
current liabilities |
|
564,239 |
|
|
520,783 |
Other liabilities |
|
70,807 |
|
|
61,498 |
Distributions in excess
of investment in unconsolidated affiliate |
|
59,563 |
|
|
63,038 |
Long-term debt |
|
768,128 |
|
|
571,796 |
Deferred income taxes,
net |
|
78,012 |
|
|
34,300 |
Total
liabilities |
|
1,540,749 |
|
|
1,251,415 |
Shareholders' equity -
controlling interest |
|
951,171 |
|
|
951,635 |
Noncontrolling
interests |
|
122,816 |
|
|
122,294 |
Total
equity |
|
1,073,987 |
|
|
1,073,929 |
Total
liabilities and equity |
$ |
2,614,736 |
|
$ |
2,325,344 |
|
|
|
|
|
|
|
WORTHINGTON INDUSTRIES, INC. |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
|
|
Three Months EndedFebruary 28, |
|
Nine Months EndedFebruary 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Operating
activities: |
|
|
|
|
|
|
|
Net earnings |
$ |
78,297 |
|
|
$ |
38,951 |
|
|
$ |
167,993 |
|
|
$ |
157,354 |
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
25,338 |
|
|
|
21,677 |
|
|
|
76,986 |
|
|
|
65,154 |
|
Impairment of goodwill and long-lived assets |
|
- |
|
|
|
- |
|
|
|
8,289 |
|
|
|
- |
|
Provision
for (benefit from) deferred income taxes |
|
(27,373 |
) |
|
|
7,609 |
|
|
|
(20,022 |
) |
|
|
9,946 |
|
Bad debt
(income) expense |
|
17 |
|
|
|
(41 |
) |
|
|
(4 |
) |
|
|
110 |
|
Equity in
net income of unconsolidated affiliates, net of distributions |
|
2,835 |
|
|
|
(1,256 |
) |
|
|
(1,968 |
) |
|
|
(182 |
) |
Net
(gain) loss on assets |
|
(1,437 |
) |
|
|
1,875 |
|
|
|
(10,692 |
) |
|
|
3,358 |
|
Stock-based compensation |
|
2,882 |
|
|
|
4,304 |
|
|
|
10,076 |
|
|
|
11,264 |
|
Changes in assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
Receivables |
|
4,071 |
|
|
|
(44,719 |
) |
|
|
20,652 |
|
|
|
(34,920 |
) |
Inventories |
|
(15,398 |
) |
|
|
(2,346 |
) |
|
|
(40,223 |
) |
|
|
(20,869 |
) |
Prepaid
expenses and other current assets |
|
(4,914 |
) |
|
|
(13,379 |
) |
|
|
(149 |
) |
|
|
(7,954 |
) |
Other
assets |
|
(2,069 |
) |
|
|
(423 |
) |
|
|
(3,045 |
) |
|
|
1,987 |
|
Accounts
payable and accrued expenses |
|
35,564 |
|
|
|
89,736 |
|
|
|
(12,804 |
) |
|
|
66,849 |
|
Other
liabilities |
|
2,107 |
|
|
|
718 |
|
|
|
7,568 |
|
|
|
2,813 |
|
Net cash
provided by operating activities |
|
99,920 |
|
|
|
102,706 |
|
|
|
202,657 |
|
|
|
254,910 |
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
Investment in property, plant and equipment |
|
(13,628 |
) |
|
|
(21,128 |
) |
|
|
(55,319 |
) |
|
|
(52,174 |
) |
Acquisitions, net of cash acquired |
|
- |
|
|
|
- |
|
|
|
(285,028 |
) |
|
|
- |
|
Proceeds
from sale of assets |
|
3 |
|
|
|
2 |
|
|
|
16,742 |
|
|
|
958 |
|
Net cash used
by investing activities |
|
(13,625 |
) |
|
|
(21,126 |
) |
|
|
(323,605 |
) |
|
|
(51,216 |
) |
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
Net
repayments of short-term borrowings, net of issuance costs |
|
(1,108 |
) |
|
|
(330 |
) |
|
|
(508 |
) |
|
|
(2,484 |
) |
Proceeds
from long-term debt, net of issuance costs |
|
- |
|
|
|
- |
|
|
|
197,685 |
|
|
|
- |
|
Principal
payments on long-term debt |
|
(374 |
) |
|
|
(218 |
) |
|
|
(813 |
) |
|
|
(655 |
) |
Proceeds
from issuance of common shares, net of tax withholdings |
|
581 |
|
|
|
(12,197 |
) |
|
|
(3,415 |
) |
|
|
(9,225 |
) |
Payments
to noncontrolling interests |
|
- |
|
|
|
(3,360 |
) |
|
|
(3,916 |
) |
|
|
(10,141 |
) |
Repurchase of common shares |
|
(47,418 |
) |
|
|
- |
|
|
|
(159,942 |
) |
|
|
- |
|
Dividends
paid |
|
(12,766 |
) |
|
|
(13,374 |
) |
|
|
(38,800 |
) |
|
|
(38,096 |
) |
Net cash used
by financing activities |
|
(61,085 |
) |
|
|
(29,479 |
) |
|
|
(9,709 |
) |
|
|
(60,601 |
) |
|
|
|
|
|
|
|
|
Increase (decrease) in
cash and cash equivalents |
|
25,210 |
|
|
|
52,101 |
|
|
|
(130,657 |
) |
|
|
143,093 |
|
Cash and cash
equivalents at beginning of period |
|
122,214 |
|
|
|
175,180 |
|
|
|
278,081 |
|
|
|
84,188 |
|
Cash and cash
equivalents at end of period |
$ |
147,424 |
|
|
$ |
227,281 |
|
|
$ |
147,424 |
|
|
$ |
227,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 EndedFebruary 28, |
|
Nine Months EndedFebruary 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Volume: |
|
|
|
|
|
|
|
Steel
Processing (tons) |
|
890,206 |
|
|
|
943,821 |
|
|
|
2,780,497 |
|
|
|
2,995,466 |
|
Pressure
Cylinders (units) |
|
21,939,979 |
|
|
|
17,841,950 |
|
|
|
65,703,078 |
|
|
|
53,066,276 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
518,113 |
|
|
$ |
478,174 |
|
|
$ |
1,599,994 |
|
|
$ |
1,492,654 |
|
Pressure
Cylinders |
|
295,506 |
|
|
|
198,433 |
|
|
|
866,179 |
|
|
|
598,303 |
|
Engineered Cabs |
|
27,055 |
|
|
|
23,547 |
|
|
|
89,405 |
|
|
|
71,591 |
|
Other |
|
983 |
|
|
|
3,282 |
|
|
|
5,582 |
|
|
|
6,217 |
|
Total net
sales |
$ |
841,657 |
|
|
$ |
703,436 |
|
|
$ |
2,561,160 |
|
|
$ |
2,168,765 |
|
|
|
|
|
|
|
|
|
Material cost: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
365,349 |
|
|
$ |
324,282 |
|
|
$ |
1,124,897 |
|
|
$ |
975,985 |
|
Pressure
Cylinders |
|
132,840 |
|
|
|
83,826 |
|
|
|
383,452 |
|
|
|
243,056 |
|
Engineered Cabs |
|
12,979 |
|
|
|
10,769 |
|
|
|
42,130 |
|
|
|
32,189 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
30,933 |
|
|
$ |
34,422 |
|
|
$ |
101,004 |
|
|
$ |
107,110 |
|
Pressure
Cylinders |
|
46,531 |
|
|
|
35,185 |
|
|
|
138,311 |
|
|
|
107,705 |
|
Engineered Cabs |
|
4,453 |
|
|
|
3,582 |
|
|
|
12,955 |
|
|
|
11,202 |
|
Other |
|
2,377 |
|
|
|
2,087 |
|
|
|
9,698 |
|
|
|
6,802 |
|
Total
selling, general and administrative expense |
$ |
84,294 |
|
|
$ |
75,276 |
|
|
$ |
261,968 |
|
|
$ |
232,819 |
|
|
|
|
|
|
|
|
|
Operating income
(loss): |
|
|
|
|
|
|
|
Steel
Processing |
$ |
31,125 |
|
|
$ |
26,026 |
|
|
$ |
105,127 |
|
|
$ |
116,256 |
|
Pressure
Cylinders |
|
17,530 |
|
|
|
10,071 |
|
|
|
52,663 |
|
|
|
35,480 |
|
Engineered Cabs |
|
(4,083 |
) |
|
|
(2,001 |
) |
|
|
(6,031 |
) |
|
|
(7,225 |
) |
Other |
|
(1,809 |
) |
|
|
224 |
|
|
|
(14,712 |
) |
|
|
(2,249 |
) |
Total
operating income |
$ |
42,763 |
|
|
$ |
34,320 |
|
|
$ |
137,047 |
|
|
$ |
142,262 |
|
|
|
|
|
|
|
|
|
Equity income (loss) by
unconsolidated affiliate: |
|
|
|
|
|
|
|
WAVE |
$ |
16,501 |
|
|
$ |
18,412 |
|
|
$ |
52,458 |
|
|
$ |
57,878 |
|
ClarkDietrich |
|
1,495 |
|
|
|
2,753 |
|
|
|
2,576 |
|
|
|
15,682 |
|
Serviacero |
|
1,279 |
|
|
|
481 |
|
|
|
5,767 |
|
|
|
4,472 |
|
ArtiFlex |
|
617 |
|
|
|
1,068 |
|
|
|
2,965 |
|
|
|
6,095 |
|
Other |
|
(122 |
) |
|
|
(17 |
) |
|
|
(245 |
) |
|
|
238 |
|
Total
equity income |
$ |
19,770 |
|
|
$ |
22,697 |
|
|
$ |
63,521 |
|
|
$ |
84,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 EndedFebruary 28, |
|
Nine Months EndedFebruary 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Volume (units): |
|
|
|
|
|
|
|
Consumer
products |
|
17,684,889 |
|
|
|
15,158,515 |
|
|
|
53,537,812 |
|
|
|
45,636,187 |
|
Industrial products |
|
4,137,687 |
|
|
|
2,582,445 |
|
|
|
11,821,806 |
|
|
|
7,057,657 |
|
Alternative fuels |
|
116,823 |
|
|
|
100,509 |
|
|
|
341,458 |
|
|
|
370,761 |
|
Oil &
gas equipment |
|
580 |
|
|
|
481 |
|
|
|
2,002 |
|
|
|
1,671 |
|
Total
Pressure Cylinders |
|
21,939,979 |
|
|
|
17,841,950 |
|
|
|
65,703,078 |
|
|
|
53,066,276 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Consumer
products |
$ |
114,170 |
|
|
$ |
75,680 |
|
|
$ |
346,088 |
|
|
$ |
232,612 |
|
Industrial products |
|
130,591 |
|
|
|
84,431 |
|
|
|
370,025 |
|
|
|
242,788 |
|
Alternative fuels |
|
27,743 |
|
|
|
22,971 |
|
|
|
77,409 |
|
|
|
81,903 |
|
Oil &
gas equipment |
|
23,002 |
|
|
|
15,351 |
|
|
|
72,657 |
|
|
|
41,000 |
|
Total
Pressure Cylinders |
$ |
295,506 |
|
|
$ |
198,433 |
|
|
$ |
866,179 |
|
|
$ |
598,303 |
|
|
|
The
following provides detail of impairment of goodwill and long-lived
assets and restructuring and other expense (income), net included
in operating income by segment. |
|
|
Three Months EndedFebruary 28, |
|
Nine Months EndedFebruary 28, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Impairment of goodwill
and long-lived assets: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Pressure
Cylinders |
|
- |
|
|
|
- |
|
|
|
964 |
|
|
|
- |
|
Engineered Cabs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other |
|
- |
|
|
|
- |
|
|
|
7,325 |
|
|
|
- |
|
Total
impairment of goodwill and long-lived assets |
$ |
- |
|
|
$ |
- |
|
|
$ |
8,289 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
Restructuring and other
expense (income), net: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
(3 |
) |
|
$ |
212 |
|
|
$ |
(10,059 |
) |
|
$ |
1,496 |
|
Pressure
Cylinders |
|
- |
|
|
|
1,056 |
|
|
|
2,365 |
|
|
|
3,165 |
|
Engineered Cabs |
|
- |
|
|
|
169 |
|
|
|
(78 |
) |
|
|
1,379 |
|
Other |
|
- |
|
|
|
(43 |
) |
|
|
379 |
|
|
|
(46 |
) |
Total
restructuring and other expense (income), net |
$ |
(3 |
) |
|
$ |
1,394 |
|
|
$ |
(7,393 |
) |
|
$ |
5,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contacts:CATHY M. LYTTLEVP, CORPORATE COMMUNICATIONSAND INVESTOR RELATIONS614.438.3077 | cathy.lyttle@WorthingtonIndustries.comSONYA L. HIGGINBOTHAMDIRECTOR, CORPORATE COMMUNICATIONS614.438.7391 | sonya.higginbotham@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
Worthington Enterprises (NYSE:WOR)
Historical Stock Chart
From Apr 2024 to May 2024
Worthington Enterprises (NYSE:WOR)
Historical Stock Chart
From May 2023 to May 2024