Worthington Industries, Inc. (NYSE: WOR) today reported net sales
of $988.1 million and net earnings of $54.9 million, or $0.91 per
diluted share, for its fiscal 2019 first quarter ended August 31,
2018. Net earnings in the quarter included net pre-tax
impairment and restructuring charges totaling $1.4 million, which
reduced earnings per diluted share by $0.01. That compares to
a year ago first quarter with net sales of $848.2 million and net
earnings of $45.5 million, or $0.70 per diluted share. Net
earnings in the first quarter of fiscal 2018 included pre-tax
restructuring charges totaling $2.3 million, which reduced earnings
per diluted share by $0.03.
Financial highlights for the current and comparative periods are
as follows:
(U.S. dollars in millions, except per share amounts)
|
1Q 2019 |
|
4Q 2018 |
|
1Q 2018 |
Net sales |
$ |
988.1 |
|
$ |
1,020.5 |
|
$ |
848.2 |
Operating income |
|
50.9 |
|
|
4.6 |
|
|
42.2 |
Equity income |
|
30.0 |
|
|
39.6 |
|
|
27.3 |
Net earnings |
|
54.9 |
|
|
30.8 |
|
|
45.5 |
Earnings per diluted
share |
$ |
0.91 |
|
$ |
0.50 |
|
$ |
0.70 |
“I am pleased we continued to produce year-over-year
improvement,” said John McConnell. “While our Steel
Processing business benefited from higher steel prices, we also saw
stronger volumes in Steel and in our Pressure Cylinders
business.”
Consolidated Quarterly Results
Net sales for the first quarter of fiscal 2019
were $988.1 million, up 16% over the comparable quarter in the
prior year, when net sales were $848.2 million. The increase was
driven by higher average selling prices and higher direct volume in
Steel Processing and the combination of higher volume and an
improved product mix in Pressure Cylinders.
Gross margin increased $10.2 million over the
prior year quarter to $143.0 million as a favorable pricing spread
in Steel Processing and overall improvements in Pressure Cylinders
were partially offset by declines at Engineered Cabs.
Pricing spreads in Steel Processing benefited from significant
inventory holding gains in the current quarter compared to nominal
losses in the prior year quarter.
Operating income for the current quarter was
$50.9 million, an increase of $8.7 million over the prior year
quarter. The impact of higher gross margin was partially
offset by higher SG&A expense, which was up $2.4 million, due
primarily to higher wages, profit sharing and bonus expenses.
Interest expense was $9.7 million for the
current quarter, compared to $8.8 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
increased $2.7 million over the prior year quarter to $30.0 million
on higher contributions from ClarkDietrich. The Company
received cash distributions of $20.0 million from unconsolidated
joint ventures during the quarter, a cash conversion rate of 67% on
equity income.
Income tax expense was $14.5 million in the
current quarter compared to $13.0 million in the prior year
quarter. The increase was due primarily to the impact of
favorable discrete items in the prior year quarter and higher
earnings in the current quarter, partially offset by a lower
statutory federal corporate income tax rate as a result of the Tax
Cuts and Jobs Act. Tax expense in the current quarter
reflects an estimated annual effective rate of 23.2% compared to
30.5% for the prior year quarter.
Balance Sheet
At quarter-end, total debt was $750.1 million,
down $0.3 million from May 31, 2018. The Company had $96.8
million of cash at quarter-end.
Quarterly Segment Results
Steel Processing’s net sales totaled $660.5
million, up 22%, or $117.0 million, over the comparable prior year
quarter, driven by higher average selling prices and higher direct
volume. Operating income of $39.7 million was $6.8 million
higher than the prior year quarter. The increase was driven
by an improved pricing spread and higher direct volume, partially
offset by higher freight expense. Spreads in the current
quarter benefited from significant inventory holding gains due to
rising steel prices, but were partially offset by softer scrap
prices and unfavorable mark-to-market price adjustments on certain
raw materials. The mix of direct versus toll tons processed
was 58% to 42% in the current quarter, compared to 56% to 44% in
the prior year quarter.
Pressure Cylinders’ net sales totaled $300.4
million, up 11%, or $30.5 million, over the comparable prior year
quarter, driven by higher average selling prices and a favorable
product mix in the industrial products business and higher volumes
in consumer products. Operating income of $14.7 million was
$4.3 million higher than the prior year quarter as improvements in
the industrial and consumer products businesses were partially
offset by declines in the oil & gas equipment business.
Operating income in the prior year quarter was negatively impacted
by $4.2 million of incremental costs directly associated with the
June 2, 2017 acquisition of Amtrol.
Engineered Cabs’ net sales totaled $27.3
million, down $4.6 million, or 14%, from the prior year quarter on
lower volume. The operating loss of $4.3 million was $3.9
million higher than the prior year quarter on lower volume and
start-up costs associated with a new fabricated products
operation.
Recent Business
Developments
- During the quarter, the Company repurchased a total
of 800,000 common shares for $36.9 million at an average price
of $46.07.
- On June 1, 2018, the Company announced certain organizational
changes within Pressure Cylinders resulting in the consolidation of
the alternative fuels business into the industrial products
unit.
- On July 31, 2018, the Company sold the Garden City, Kan. and
Dickinson, N.D. oil & gas manufacturing facilities to Palmer
Manufacturing and Tank Inc.
- On August 22, 2018, the Company announced the retirement of
Mark Russell, President and Chief Operating Officer (COO).
Andy Rose was named President and Chief Financial Officer.
Geoff Gilmore was named Executive Vice President and COO and
will also continue to lead the Pressure Cylinders
business.
- On September 10, 2018, the Company announced the retirement of
John Lamprinakos, President of Steel Processing. Geoff
Gilmore will oversee the business.
Outlook
“We announced several leadership changes
recently,” McConnell said. “I am confident and excited that
we have an excellent team to lead the Company to new heights.
We have a solid leadership group in place across our
businesses and I look forward to continuing our momentum.”
Conference Call
Worthington will review fiscal 2019 first
quarter results during its quarterly conference call on September
26, 2018, at 2:00 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 2018 fiscal year
sales of $3.6 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
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, 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 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 (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 tariffs, the adoption of
trade restrictions affecting the Company’s products or suppliers, a
United States withdrawal from or significant renegotiation of trade
agreements, the occurrence of trade wars or other changes in trade
regulations; 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, 2018.
|
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF EARNINGS(In
thousands, except per share amounts) |
|
Three Months Ended August 31, |
|
|
2018 |
|
|
|
2017 |
|
Net sales |
$ |
988,107 |
|
|
$ |
848,237 |
|
Cost of goods sold |
|
845,110 |
|
|
|
715,459 |
|
Gross
margin |
|
142,997 |
|
|
|
132,778 |
|
Selling, general and
administrative expense |
|
90,641 |
|
|
|
88,249 |
|
Impairment of
long-lived assets |
|
2,381 |
|
|
|
- |
|
Restructuring and other
expense (income), net |
|
(936 |
) |
|
|
2,304 |
|
Operating
income |
|
50,911 |
|
|
|
42,225 |
|
Other income
(expense): |
|
|
|
|
|
|
|
Miscellaneous income, net |
|
265 |
|
|
|
348 |
|
Interest
expense |
|
(9,728 |
) |
|
|
(8,807 |
) |
Equity in
net income of unconsolidated affiliates |
|
30,008 |
|
|
|
27,306 |
|
Earnings
before income taxes |
|
71,456 |
|
|
|
61,072 |
|
Income tax expense |
|
14,498 |
|
|
|
12,998 |
|
Net earnings |
|
56,958 |
|
|
|
48,074 |
|
Net earnings
attributable to noncontrolling interests |
|
2,016 |
|
|
|
2,540 |
|
Net earnings
attributable to controlling interest |
$ |
54,942 |
|
|
$ |
45,534 |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
58,731 |
|
|
|
62,444 |
|
Earnings per
share attributable to controlling interest |
$ |
0.94 |
|
|
$ |
0.73 |
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
60,621 |
|
|
|
64,590 |
|
Earnings per
share attributable to controlling interest |
$ |
0.91 |
|
|
$ |
0.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares
outstanding at end of period |
|
58,389 |
|
|
|
62,144 |
|
|
|
|
|
|
|
|
|
Cash dividends declared
per share |
$ |
0.23 |
|
|
$ |
0.21 |
|
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED BALANCE SHEETS(In
thousands) |
|
|
August 31, |
|
May 31, |
|
2018 |
|
2018 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
96,843 |
|
$ |
121,967 |
Receivables, less allowances of $622 and $632 at August 31,
2018 |
|
|
|
and May
31, 2018, respectively |
|
564,612 |
|
|
572,689 |
Inventories: |
|
|
|
Raw
materials |
|
270,126 |
|
|
237,471 |
Work in
process |
|
120,722 |
|
|
122,977 |
Finished
products |
|
103,268 |
|
|
93,579 |
Total
inventories |
|
494,116 |
|
|
454,027 |
Income
taxes receivable |
|
6,349 |
|
|
1,650 |
Assets
held for sale |
|
7,655 |
|
|
30,655 |
Prepaid
expenses and other current assets |
|
60,846 |
|
|
60,134 |
Total
current assets |
|
1,230,421 |
|
|
1,241,122 |
Investments in
unconsolidated affiliates |
|
221,144 |
|
|
216,010 |
Goodwill |
|
344,467 |
|
|
345,183 |
Other intangible
assets, net of accumulated amortization of $79,077 and |
|
|
|
$74,922
at August 31, 2018 and May 31, 2018, respectively |
|
209,602 |
|
|
214,026 |
Other assets |
|
20,478 |
|
|
20,476 |
Property, plant and
equipment: |
|
|
|
Land |
|
24,193 |
|
|
24,229 |
Buildings
and improvements |
|
302,153 |
|
|
300,542 |
Machinery
and equipment |
|
1,040,410 |
|
|
1,030,720 |
Construction in progress |
|
39,463 |
|
|
32,282 |
Total
property, plant and equipment |
|
1,406,219 |
|
|
1,387,773 |
Less:
accumulated depreciation |
|
822,156 |
|
|
802,803 |
Total
property, plant and equipment, net |
|
584,063 |
|
|
584,970 |
Total
assets |
$ |
2,610,175 |
|
$ |
2,621,787 |
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
478,205 |
|
$ |
473,485 |
Accrued
compensation, contributions to employee benefit plans and |
|
|
|
|
|
related
taxes |
|
66,055 |
|
|
96,487 |
Dividends
payable |
|
14,584 |
|
|
13,731 |
Other
accrued items |
|
59,383 |
|
|
57,125 |
Income
taxes payable |
|
2,042 |
|
|
4,593 |
Current
maturities of long-term debt |
|
1,327 |
|
|
1,474 |
Total
current liabilities |
|
621,596 |
|
|
646,895 |
Other liabilities |
|
71,225 |
|
|
74,237 |
Distributions in excess
of investment in unconsolidated affiliate |
|
52,133 |
|
|
55,198 |
Long-term debt |
|
748,731 |
|
|
748,894 |
Deferred income taxes,
net |
|
79,116 |
|
|
60,188 |
Total
liabilities |
|
1,572,801 |
|
|
1,585,412 |
Shareholders' equity -
controlling interest |
|
919,519 |
|
|
918,769 |
Noncontrolling
interests |
|
117,855 |
|
|
117,606 |
Total
equity |
|
1,037,374 |
|
|
1,036,375 |
Total
liabilities and equity |
$ |
2,610,175 |
|
$ |
2,621,787 |
|
|
|
|
|
|
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands) |
|
|
Three Months Ended August 31, |
|
|
2018 |
|
|
|
2017 |
|
Operating
activities: |
|
|
|
Net earnings |
$ |
56,958 |
|
|
$ |
48,074 |
|
Adjustments to
reconcile net earnings to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
24,493 |
|
|
|
25,365 |
|
Impairment of long-lived assets |
|
2,381 |
|
|
|
- |
|
Provision
for deferred income taxes |
|
18,934 |
|
|
|
7,934 |
|
Bad debt
(income) expense |
|
221 |
|
|
|
(62 |
) |
Equity in
net income of unconsolidated affiliates, net of distributions |
|
(10,019 |
) |
|
|
(7,755 |
) |
Net loss
on assets |
|
2,715 |
|
|
|
1,425 |
|
Stock-based compensation |
|
3,156 |
|
|
|
3,407 |
|
Changes in assets and
liabilities, net of impact of acquisitions: |
|
|
|
Receivables |
|
13,409 |
|
|
|
62,678 |
|
Inventories |
|
(43,337 |
) |
|
|
(34,696 |
) |
Prepaid
expenses and other current assets |
|
(8,419 |
) |
|
|
1,143 |
|
Other
assets |
|
(66 |
) |
|
|
(350 |
) |
Accounts
payable and accrued expenses |
|
(28,785 |
) |
|
|
(26,791 |
) |
Other
liabilities |
|
(1,196 |
) |
|
|
2,983 |
|
Net cash
provided by operating activities |
|
30,445 |
|
|
|
83,355 |
|
|
|
|
|
Investing
activities: |
|
|
|
Investment in property, plant and equipment |
|
(19,434 |
) |
|
|
(18,013 |
) |
Acquisitions, net of cash acquired |
|
- |
|
|
|
(284,505 |
) |
Proceeds
from sale of assets |
|
20,277 |
|
|
|
427 |
|
Net cash
provided (used) by investing activities |
|
843 |
|
|
|
(302,091 |
) |
|
|
|
|
Financing
activities: |
|
|
|
Net
proceeds from short-term borrowings, net of issuance costs |
|
- |
|
|
|
298 |
|
Proceeds
from long-term debt, net of issuance costs |
|
- |
|
|
|
198,279 |
|
Principal
payments on long-term debt |
|
(430 |
) |
|
|
(219 |
) |
Payments
for issuance of common shares, net of tax withholdings |
|
(4,091 |
) |
|
|
(3,274 |
) |
Payments
to noncontrolling interests |
|
(2,320 |
) |
|
|
(720 |
) |
Repurchase of common shares |
|
(36,852 |
) |
|
|
(45,076 |
) |
Dividends
paid |
|
(12,719 |
) |
|
|
(12,778 |
) |
Net cash
provided (used) by financing activities |
|
(56,412 |
) |
|
|
136,510 |
|
|
|
|
|
Decrease in cash and
cash equivalents |
|
(25,124 |
) |
|
|
(82,226 |
) |
Cash and cash
equivalents at beginning of period |
|
121,967 |
|
|
|
278,081 |
|
Cash and cash
equivalents at end of period |
$ |
96,843 |
|
|
$ |
195,855 |
|
|
|
|
|
|
|
|
|
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 August 31, |
|
|
2018 |
|
|
|
2017 |
|
Volume: |
|
|
|
Steel
Processing (tons) |
|
983,090 |
|
|
|
968,330 |
|
Pressure
Cylinders (units) |
|
21,799,098 |
|
|
|
20,441,276 |
|
|
|
|
|
Net sales: |
|
|
|
Steel
Processing |
$ |
660,487 |
|
|
$ |
543,491 |
|
Pressure
Cylinders |
|
300,353 |
|
|
|
269,811 |
|
Engineered Cabs |
|
27,252 |
|
|
|
31,946 |
|
Other |
|
15 |
|
|
|
2,989 |
|
Total net
sales |
$ |
988,107 |
|
|
$ |
848,237 |
|
|
|
|
|
|
|
|
|
Material cost: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
478,087 |
|
|
$ |
379,220 |
|
Pressure
Cylinders |
|
138,744 |
|
|
|
120,631 |
|
Engineered Cabs |
|
12,311 |
|
|
|
14,217 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense: |
|
|
|
|
|
|
|
Steel
Processing |
$ |
40,037 |
|
|
$ |
36,528 |
|
Pressure
Cylinders |
|
46,773 |
|
|
|
45,468 |
|
Engineered Cabs |
|
4,462 |
|
|
|
4,269 |
|
Other |
|
(631 |
) |
|
|
1,984 |
|
Total
selling, general and administrative expense |
$ |
90,641 |
|
|
$ |
88,249 |
|
|
|
|
|
|
|
|
|
Operating income
(loss): |
|
|
|
|
|
|
|
Steel
Processing |
$ |
39,660 |
|
|
$ |
32,872 |
|
Pressure
Cylinders |
|
14,733 |
|
|
|
10,458 |
|
Engineered Cabs |
|
(4,311 |
) |
|
|
(361 |
) |
Other |
|
829 |
|
|
|
(744 |
) |
Total
operating income |
$ |
50,911 |
|
|
$ |
42,225 |
|
|
|
|
|
Equity income (loss) by
unconsolidated affiliate: |
|
|
|
WAVE |
$ |
22,008 |
|
|
$ |
22,228 |
|
ClarkDietrich |
|
3,474 |
|
|
|
707 |
|
Serviacero Worthington |
|
3,617 |
|
|
|
2,974 |
|
ArtiFlex |
|
751 |
|
|
|
1,483 |
|
Other |
|
158 |
|
|
|
(86 |
) |
Total
equity income |
$ |
30,008 |
|
|
$ |
27,306 |
|
|
|
|
|
|
|
|
|
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 August 31, |
|
|
2018 |
|
|
|
2017 |
Volume (units): |
|
|
|
Consumer
products |
|
17,728,978 |
|
|
|
16,354,427 |
Industrial products |
|
4,069,496 |
|
|
|
4,086,146 |
Oil &
gas equipment |
|
624 |
|
|
|
703 |
Total
Pressure Cylinders |
|
21,799,098 |
|
|
|
20,441,276 |
|
|
|
|
Net sales: |
|
|
|
Consumer
products |
$ |
116,823 |
|
|
$ |
108,681 |
Industrial products |
|
152,847 |
|
|
|
136,693 |
Oil &
gas equipment |
|
30,683 |
|
|
|
24,437 |
Total
Pressure Cylinders |
$ |
300,353 |
|
|
$ |
269,811 |
|
|
|
|
|
|
|
|
The
following provides detail of impairment of long-lived assets and
restructuring and other expense (income), net included in operating
income by segment. |
|
|
Three Months Ended August 31, |
|
|
2018 |
|
|
|
2017 |
Impairment of
long-lived assets: |
|
|
|
Steel
Processing |
$ |
- |
|
|
$ |
- |
Pressure
Cylinders |
|
2,381 |
|
|
|
- |
Engineered Cabs |
|
- |
|
|
|
- |
Other |
|
- |
|
|
|
- |
Total
impairment of long-lived assets |
$ |
2,381 |
|
|
$ |
- |
|
|
|
|
|
|
|
Restructuring and other
expense (income), net: |
|
|
|
|
|
|
Steel
Processing |
$ |
(9 |
) |
|
$ |
279 |
Pressure
Cylinders |
|
(927 |
) |
|
|
1,877 |
Engineered Cabs |
|
- |
|
|
|
4 |
Other |
|
- |
|
|
|
144 |
Total
restructuring and other expense (income), net |
$ |
(936 |
) |
|
$ |
2,304 |
|
|
|
|
|
|
|
SONYA L. HIGGINBOTHAM DIRECTOR, CORPORATE
COMMUNICATIONS614.438.7391 |
sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIER TREASURER AND INVESTOR
RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonIndustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio
43085WorthingtonIndustries.com
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