Worthington Industries, Inc. (NYSE: WOR) today reported net sales
of $702.9 million and net earnings of $616.7 million, or $11.22 per
diluted share, for its fiscal 2021 first quarter ended August 31,
2020. In the first quarter of fiscal 2020, the Company reported net
sales of $855.9 million and a net loss of $4.8 million, or $(0.09)
per diluted share. Results in both the current and prior year
quarter were impacted by several unique items, as summarized below,
including a net pre-tax gain of $746.6 million, or $10.74 per
diluted share, in the current quarter related to the Company’s
investment in Nikola Corporation (“Nikola”). See Recent
Developments below for further information regarding the Company’s
investment in Nikola.
(U.S. dollars in millions, except per share
amounts)
|
1Q 2021 |
|
|
1Q 2020 |
|
Pre-Tax |
|
|
EPS |
|
|
Pre-Tax |
|
|
|
EPS |
Impairment and restructuring charges |
$ |
(11.7 |
) |
|
|
$ |
(0.16 |
) |
|
|
$ |
(45.3 |
) |
|
|
$ |
(0.65 |
) |
Incremental expenses related
to Nikola gains |
|
(49.5 |
) |
|
|
|
(0.72 |
) |
|
|
|
- |
|
|
|
|
- |
|
Gains on investment in
Nikola |
|
796.1 |
|
|
|
|
11.46 |
|
|
|
|
- |
|
|
|
|
- |
|
Loss on extinguishment of
debt |
|
- |
|
|
|
|
- |
|
|
|
|
(4.0 |
) |
|
|
|
(0.06 |
) |
Take-or-pay contract
cancellation |
$ |
- |
|
|
|
$ |
- |
|
|
|
$ |
12.8 |
|
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In addition, the current and prior year quarters
included estimated inventory holding losses in Steel Processing of
$6.8 million, or $0.09 per diluted share, and $8.4 million, or
$0.11 per diluted share, respectively.
Financial highlights for the current and
comparative periods are as follows:
(U.S. dollars in millions, except per share
amounts)
|
1Q 2021 |
|
|
|
1Q 2020 |
|
Net sales |
$ |
702.9 |
|
|
|
$ |
855.9 |
|
Operating loss |
|
(30.1 |
) |
|
|
|
(14.6 |
) |
Equity income |
|
23.6 |
|
|
|
|
24.8 |
|
Net earnings (loss) |
|
616.7 |
|
|
|
|
(4.8 |
) |
Earnings (loss) per diluted
share |
$ |
11.22 |
|
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
“We are pleased with our first quarter results
and with how our teams have continued to operate safely and
effectively despite the challenging environment,” said Andy Rose,
President and CEO. “We saw improvement in many of our end markets
during the quarter, most notably automotive in Steel Processing,
along with consumer products in Pressure Cylinders.”
Consolidated Quarterly
Results
Net sales for the first quarter of fiscal 2021
were $702.9 million, down 18% from the comparable quarter in the
prior year, when net sales were $855.9 million. The decrease was
driven by a combination of lower average selling prices and lower
direct volume in Steel Processing, lower overall sales in Pressure
Cylinders and the divestiture of the engineered cabs business in
the prior year.
Gross margin
decreased $3.9 million from the prior year quarter to $113.4
million, as higher gross margin in Steel Processing was more than
offset by the $12.8 million benefit recognized in the prior year
quarter related to the cancellation of a customer take-or-pay
contract in Pressure Cylinders.
Operating loss for the current quarter was $30.1
million, $15.5 million higher than the prior year quarter. In
addition to the impact of lower gross margin, the higher operating
loss in the current quarter was driven by profit sharing, bonus and
other expenses in the aggregate amount of $49.5 million related to
the Company’s investment in Nikola, partially offset by lower
impairment and restructuring charges and lower SG&A
expense.
Interest expense was $7.6 million for the
current quarter, compared to $9.5 million in the prior year
quarter. The decrease was due primarily to lower average interest
rates resulting from the debt refinancing transactions completed at
the end of the first quarter of fiscal 2020.
Equity income from unconsolidated joint ventures
decreased $1.1 million from the prior year quarter, which included
a $4.2 million impairment charge to write-off the Company’s
investment in its former steel processing joint venture in China.
Excluding the impairment charge, equity income decreased $5.3
million on a lower contribution from WAVE, partially offset by
improvements at ClarkDietrich and Serviacero. The Company received
cash distributions of $16.9 million from unconsolidated joint
ventures during the quarter.
Income tax expense was $163.8 million in the
current quarter compared to an income tax benefit of $0.2 million
in the prior year quarter. The increase in tax expense was due to
higher pre-tax income partially offset by a lower estimated annual
effective tax rate driven primarily by the Nikola items mentioned
above and described further below under Recent Developments. Tax
expense in the current quarter reflects an estimated annual
effective rate of 21.6% compared to 25.1% for the prior year
quarter.
Balance Sheet
At quarter-end, total debt was $707.5 million,
up $7.8 million over May 31, 2020, and the Company had $650.1
million of cash at quarter-end.
Quarterly Segment Results
Steel Processing’s net sales totaled $431.0
million, down 18%, or $92.4 million, from the comparable prior year
quarter driven by lower average selling prices and lower direct
volume. Operating income of $13.6 million was $7.4 million higher
than the prior year quarter as the impact of lower direct volume
was more than offset by improved spreads and lower conversion
costs. The mix of direct versus toll tons processed was 49% to 51%
in the current quarter, compared to 54% to 46% in the prior year
quarter. The change in mix was driven primarily by the
consolidation of the toll processing joint venture, Worthington
Samuel Coil Processing, in the third quarter of fiscal 2020.
Pressure Cylinders’ net sales totaled $270.9
million, down 11%, or $33.5 million, from the comparable prior year
quarter. A total of $17.2 million of the decrease was due to the
early termination of a customer take-or-pay contract within the
industrial products business in the prior year quarter. The
remaining decline was due to lower volumes in the oil and gas
equipment business combined with an unfavorable shift in product
mix in the industrial products business, partially offset by higher
volume in the consumer products business. Operating income of $8.6
million was $21.0 million less than the prior year quarter, when
the take-or-pay cancellation contributed $12.8 million of gross
margin. The remaining decline was due primarily to current quarter
impairment and restructuring charges, which totaled $10.2
million.
Recent Developments
- During
the first quarter of fiscal 2021, the Company recognized a net
pre-tax gain of $746.6 million, or $10.74 per diluted share,
related to its investment in Nikola consisting of realized gains of
$508.5 million and an unrealized mark-to-market gain of $287.6
million. These gains were partially offset by $49.5 million of
expenses within operating income, of which $28.9 million was due to
profit sharing and bonus expenses related to the Nikola gains and
$20.6 million was due to the contribution of 500,000 shares of
Nikola common stock to the Worthington Industries Foundation to
establish a charitable endowment. At quarter end, the Company owned
7,048,020 shares of Nikola common stock.
- During
the first quarter of fiscal 2021, the Company repurchased a total
of 1,460,484 of its common shares for $54.3 million, at an average
purchase price of $37.18.
Outlook
“Demand remains solid across many of our markets
with the exception of oil & gas and a few industrial markets.
However, the current economy makes it difficult to predict
with confidence how the balance of our fiscal year will play out,”
Rose said. “We are well capitalized and have significant cash on
our balance sheet making us well positioned to take advantage of
opportunities as they arise and drive long term value for our
shareholders.”
Conference Call
Worthington will review fiscal 2021 first
quarter results during its quarterly conference call on September
23, 2020, 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 (NYSE:WOR) is a leading
industrial manufacturing company delivering innovative solutions to
customers that span many industries including transportation,
construction, industrial, agriculture, retail and energy.
Worthington is North America’s premier value-added steel processor
and producer of laser welded products; and a leading global
supplier of pressure cylinders and accessories for applications
such as fuel storage, water systems, outdoor living, tools and
celebrations. The Company’s brands, primarily sold in retail
stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®
and Well-X-Trol®. Worthington’s WAVE joint venture with Armstrong
is the North American leader in innovative ceiling
solutions.Headquartered in Columbus, Ohio, Worthington operates 52
facilities in 15 states and six countries, sells into over 90
countries and employs approximately 7,500 people. Founded in 1955,
the Company follows a people-first philosophy with earning money
for its shareholders as its first corporate goal. Relentlessly
finding new ways to drive progress and practicing a shared
commitment to transformation, Worthington makes better solutions
possible for customers, employees, shareholders and
communities.
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
the impacts from the Novel Coronavirus (COVID-19”) and the actions
taken by governmental authorities and others related thereto,
including our ability to continue operating facilities in
connection therewith, to cut variable costs, or to eventually
recall furloughed workers; future or expected cash positions,
liquidity and ability to access financial markets and capital;
outlook, strategy or business plans; future or expected growth,
growth potential, forward momentum, performance, competitive
position, sales, volumes, cash flows, earnings, margins, balance
sheet strengths, debt, financial condition or other financial
measures; pricing trends for raw materials and finished goods and
the impact of pricing changes; the ability to improve or maintain
margins; expected demand or 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; the ability to improve performance and
competitive position at the Company’s 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, 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 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 risks,
uncertainties and impacts related to COVID-19 and other actual or
potential public health emergencies and actions taken by
governmental authorities or others in connection therewith, their
potential impacts related to the ability and costs to continue to
operate facilities and their potential to exacerbate other risks,
the effect of national, regional and global economic conditions
generally and within major product markets, including significant
economic disruptions from COVID-19 and the actions taken therewith;
the effect of conditions in national and worldwide financial
markets and with respect to the ability of financial institutions
to provide capital; 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, the closing of border
crossings, and other changes in trade regulations or relationships;
lower oil prices as a factor in demand for products; product demand
and pricing; changes in product mix, product substitution and
market acceptance of the Company’s products; fluctuations in the
pricing, quality or availability of raw materials (particularly
steel), supplies, transportation, utilities and other items
required by operations; the outcome of adverse claims experience
with respect to workers’ compensation, product recalls or product
liability, casualty events or other matters; 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 the Company participates; 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
the Company does 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 in which the Company participates 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, interruption in utility services, 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 the Company’s products in global markets; the ability
to improve and maintain processes and business practices to keep
pace with the economic, competitive and technological environment;
deviation of actual results from estimates and/or assumptions used
by the Company in the application of its significant accounting
policies; the level of imports and import prices in the Company’s
markets; the impact of judicial rulings and governmental
regulations, both in the United States and abroad, including those
adopted by the United States governmental agencies as contemplated
by the Coronavirus Aid, Relief and Economic Security (CARES) act
and 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 especially in light of the COVID-19
pandemic, which may increase the Company’s healthcare and other
costs and negatively impact the Company’s operations and financial
results; cyber security risks; the effects of 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 the Company’s Annual Report
on Form 10-K for the fiscal year ended May 31, 2020.
Contacts:SONYA L. HIGGINBOTHAMVP,
CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT614.438.7391 |
sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND
INVESTOR RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio
43085WorthingtonIndustries.com
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF EARNINGS
(LOSS)(In thousands, except per share
amounts)
|
Three Months EndedAugust
31, |
|
|
2020 |
|
|
2019 |
|
Net sales |
$ |
702,909 |
|
|
$ |
855,859 |
|
Cost of goods sold |
|
589,551 |
|
|
|
738,568 |
|
Gross margin |
|
113,358 |
|
|
|
117,291 |
|
Selling, general and
administrative expense |
|
82,196 |
|
|
|
90,823 |
|
Impairment of long-lived
assets |
|
9,924 |
|
|
|
40,601 |
|
Restructuring and other
expense, net |
|
1,848 |
|
|
|
455 |
|
Incremental expenses related
to Nikola gains |
|
49,511 |
|
|
|
- |
|
Operating loss |
|
(30,121 |
) |
|
|
(14,588 |
) |
Other income (expense): |
|
|
|
|
|
|
|
Miscellaneous income, net |
|
452 |
|
|
|
695 |
|
Interest expense |
|
(7,590 |
) |
|
|
(9,480 |
) |
Equity in net income of unconsolidated affiliates |
|
23,634 |
|
|
|
24,767 |
|
Gains on investment in Nikola |
|
796,141 |
|
|
|
- |
|
Loss on extinguishment of debt |
|
- |
|
|
|
(4,034 |
) |
Earnings (loss) before income taxes |
|
782,516 |
|
|
|
(2,640 |
) |
Income tax expense
(benefit) |
|
163,778 |
|
|
|
(185 |
) |
Net earnings (loss) |
|
618,738 |
|
|
|
(2,455 |
) |
Net earnings attributable to
noncontrolling interests |
|
2,063 |
|
|
|
2,321 |
|
Net
earnings (loss) attributable to controlling
interest |
$ |
616,675 |
|
|
$ |
(4,776 |
) |
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
54,070 |
|
|
|
55,241 |
|
Earnings (loss) per
share attributable to controlling interest |
$ |
11.41 |
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
Average common shares
outstanding |
|
54,942 |
|
|
|
55,241 |
|
Earnings (loss) per
share attributable to controlling interest |
$ |
11.22 |
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at
end of period |
|
53,362 |
|
|
|
54,871 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per
share |
$ |
0.25 |
|
|
$ |
0.24 |
|
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED BALANCE
SHEETS(In thousands)
|
August 31, |
|
|
May 31, |
|
|
2020 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
650,068 |
|
|
$ |
147,198 |
|
Receivables, less allowances of $1,646 and $1,521 at August 31,
2020 |
|
|
|
|
|
|
|
and May 31, 2020, respectively |
|
423,138 |
|
|
|
341,038 |
|
Inventories: |
|
|
|
|
|
|
|
Raw materials |
|
163,762 |
|
|
|
234,629 |
|
Work in process |
|
82,154 |
|
|
|
76,497 |
|
Finished products |
|
73,562 |
|
|
|
93,975 |
|
Total inventories |
|
319,478 |
|
|
|
405,101 |
|
Income taxes receivable |
|
2,287 |
|
|
|
8,376 |
|
Assets held for sale |
|
12,857 |
|
|
|
12,928 |
|
Investment in Nikola |
|
287,630 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
70,999 |
|
|
|
68,538 |
|
Total current assets |
|
1,766,457 |
|
|
|
983,179 |
|
Investments in unconsolidated
affiliates |
|
208,395 |
|
|
|
203,329 |
|
Operating lease assets |
|
29,251 |
|
|
|
31,557 |
|
Goodwill |
|
326,798 |
|
|
|
321,434 |
|
Other intangible assets, net
of accumulated amortization of $94,877 and |
|
|
|
|
|
|
|
$92,774 at August 31, 2020 and May 31, 2020, respectively |
|
179,665 |
|
|
|
184,416 |
|
Other assets |
|
34,541 |
|
|
|
34,956 |
|
Property, plant and
equipment: |
|
|
|
|
|
|
|
Land |
|
24,572 |
|
|
|
24,197 |
|
Buildings and improvements |
|
300,265 |
|
|
|
302,796 |
|
Machinery and equipment |
|
1,079,899 |
|
|
|
1,055,139 |
|
Construction in progress |
|
54,991 |
|
|
|
52,231 |
|
Total property, plant and equipment |
|
1,459,727 |
|
|
|
1,434,363 |
|
Less: accumulated depreciation |
|
873,781 |
|
|
|
861,719 |
|
Total property, plant and equipment, net |
|
585,946 |
|
|
|
572,644 |
|
Total
assets |
$ |
3,131,053 |
|
|
$ |
2,331,515 |
|
|
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
294,172 |
|
|
$ |
247,017 |
|
Accrued compensation, contributions to employee benefit plans
and |
|
|
|
|
|
|
|
related taxes |
|
88,145 |
|
|
|
64,650 |
|
Dividends payable |
|
14,808 |
|
|
|
14,648 |
|
Other accrued items |
|
50,036 |
|
|
|
49,974 |
|
Current operating lease liabilities |
|
10,251 |
|
|
|
10,851 |
|
Income taxes payable |
|
84,612 |
|
|
|
949 |
|
Current maturities of long-term debt |
|
160 |
|
|
|
149 |
|
Total current liabilities |
|
542,184 |
|
|
|
388,238 |
|
Other liabilities |
|
82,814 |
|
|
|
75,786 |
|
Distributions in excess of
investment in unconsolidated affiliate |
|
101,865 |
|
|
|
103,837 |
|
Long-term debt |
|
707,331 |
|
|
|
699,516 |
|
Noncurrent operating lease
liabilities |
|
23,880 |
|
|
|
25,763 |
|
Deferred income taxes,
net |
|
143,079 |
|
|
|
71,942 |
|
Total liabilities |
|
1,601,153 |
|
|
|
1,365,082 |
|
Shareholders' equity -
controlling interest |
|
1,382,785 |
|
|
|
820,821 |
|
Noncontrolling interests |
|
147,115 |
|
|
|
145,612 |
|
Total equity |
|
1,529,900 |
|
|
|
966,433 |
|
Total liabilities
and equity |
$ |
3,131,053 |
|
|
$ |
2,331,515 |
|
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
Three Months EndedAugust 31, |
|
|
2020 |
|
|
2019 |
|
Operating activities: |
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
618,738 |
|
|
$ |
(2,455 |
) |
Adjustments to reconcile net
earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
22,211 |
|
|
|
24,177 |
|
Impairment of long-lived assets |
|
9,924 |
|
|
|
40,601 |
|
Provision for (benefit from) deferred income taxes |
|
71,031 |
|
|
|
(3,498 |
) |
Bad debt expense |
|
94 |
|
|
|
168 |
|
Equity in net income of unconsolidated affiliates, net of
distributions |
|
(6,757 |
) |
|
|
5,082 |
|
Net loss on sale of assets |
|
402 |
|
|
|
618 |
|
Stock-based compensation |
|
4,856 |
|
|
|
3,995 |
|
Gains on investment in Nikola |
|
(796,141 |
) |
|
|
- |
|
Charitable contribution of Nikola shares |
|
20,653 |
|
|
|
- |
|
Loss on extinguishment of debt |
|
- |
|
|
|
4,034 |
|
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
Receivables |
|
(82,194 |
) |
|
|
14,981 |
|
Inventories |
|
85,622 |
|
|
|
44,282 |
|
Accounts payable |
|
47,154 |
|
|
|
(37,234 |
) |
Accrued compensation and employee benefits |
|
23,852 |
|
|
|
(23,215 |
) |
Income taxes payable |
|
83,664 |
|
|
|
10,556 |
|
Other operating items, net |
|
14,279 |
|
|
|
(7,167 |
) |
Net cash provided by
operating activities |
|
117,388 |
|
|
|
64,369 |
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
Investment in property, plant and equipment |
|
(32,871 |
) |
|
|
(22,174 |
) |
Proceeds from sale of Nikola shares |
|
487,859 |
|
|
|
- |
|
Proceeds from sale of assets |
|
- |
|
|
|
9,176 |
|
Net cash provided
(used) by investing activities |
|
454,988 |
|
|
|
(12,998 |
) |
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
Proceeds from long-term debt, net of issuance costs |
|
- |
|
|
|
101,598 |
|
Principal payments on long-term obligations and debt redemption
costs |
|
(97 |
) |
|
|
(153,977 |
) |
Payments for issuance of common shares, net of tax
withholdings |
|
(1,150 |
) |
|
|
(3,213 |
) |
Payments to noncontrolling interests |
|
(560 |
) |
|
|
- |
|
Repurchase of common shares |
|
(54,320 |
) |
|
|
(29,599 |
) |
Dividends paid |
|
(13,379 |
) |
|
|
(12,960 |
) |
Net cash used by
financing activities |
|
(69,506 |
) |
|
|
(98,151 |
) |
|
|
|
|
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
|
502,870 |
|
|
|
(46,780 |
) |
Cash and cash equivalents at
beginning of period |
|
147,198 |
|
|
|
92,363 |
|
Cash and cash
equivalents at end of period |
$ |
650,068 |
|
|
$ |
45,583 |
|
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 EndedAugust 31, |
|
|
2020 |
|
|
2019 |
|
Volume: |
|
|
|
|
|
|
|
Steel Processing (tons) |
|
928,444 |
|
|
|
891,387 |
|
Pressure Cylinders (units) |
|
21,743,065 |
|
|
|
20,183,688 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Steel Processing |
$ |
431,020 |
|
|
$ |
523,375 |
|
Pressure Cylinders |
|
270,904 |
|
|
|
304,396 |
|
Other |
|
985 |
|
|
|
28,088 |
|
Total net sales |
$ |
702,909 |
|
|
$ |
855,859 |
|
|
|
|
|
|
|
|
|
Material cost: |
|
|
|
|
|
|
|
Steel Processing |
$ |
305,587 |
|
|
$ |
396,442 |
|
Pressure Cylinders |
|
115,717 |
|
|
|
126,870 |
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense: |
|
|
|
|
|
|
|
Steel Processing |
$ |
35,598 |
|
|
$ |
35,516 |
|
Pressure Cylinders |
|
43,457 |
|
|
|
46,466 |
|
Other |
|
3,141 |
|
|
|
8,841 |
|
Total selling, general and administrative expense |
$ |
82,196 |
|
|
$ |
90,823 |
|
|
|
|
|
|
|
|
|
Operating income (loss): |
|
|
|
|
|
|
|
Steel Processing |
$ |
13,617 |
|
|
$ |
6,168 |
|
Pressure Cylinders |
|
8,642 |
|
|
|
29,623 |
|
Other |
|
(759 |
) |
|
|
(45,133 |
) |
Segment operating income (loss) |
|
21,500 |
|
|
|
(9,342 |
) |
Unallocated corporate and other |
|
(2,110 |
) |
|
|
(5,246 |
) |
Incremental expenses related to Nikola gains |
|
(49,511 |
) |
|
|
- |
|
Total operating loss |
$ |
(30,121 |
) |
|
$ |
(14,588 |
) |
|
|
|
|
|
|
|
|
Equity income (loss) by
unconsolidated affiliate: |
|
|
|
|
|
|
|
WAVE |
$ |
17,656 |
|
|
$ |
23,917 |
|
ClarkDietrich |
|
4,896 |
|
|
|
4,090 |
|
Serviacero Worthington |
|
1,309 |
|
|
|
754 |
|
ArtiFlex |
|
(108 |
) |
|
|
206 |
|
Other |
|
(119 |
) |
|
|
(4,200 |
) |
Total equity income |
$ |
23,634 |
|
|
$ |
24,767 |
|
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 EndedAugust 31, |
|
|
2020 |
|
|
2019 |
|
Volume (units): |
|
|
|
|
|
|
|
Consumer products |
|
17,857,141 |
|
|
|
16,898,390 |
|
Industrial products |
|
3,885,805 |
|
|
|
3,284,455 |
|
Oil & gas equipment |
|
119 |
|
|
|
843 |
|
Total Pressure Cylinders |
|
21,743,065 |
|
|
|
20,183,688 |
|
|
|
|
|
|
|
|
|
Net sales: |
|
|
|
|
|
|
|
Consumer products |
$ |
132,782 |
|
|
$ |
119,480 |
|
Industrial products |
|
128,225 |
|
|
|
152,618 |
|
Oil & gas equipment |
|
9,897 |
|
|
|
32,298 |
|
Total Pressure Cylinders |
$ |
270,904 |
|
|
$ |
304,396 |
|
|
|
|
|
The following
provides detail of impairment of long-lived assets and
restructuring and other expense, net included in operating income
by segment. |
|
|
|
|
Three Months EndedAugust 31, |
|
|
2020 |
|
|
2019 |
|
Impairment of long-lived
assets: |
|
|
|
|
|
|
|
Steel Processing |
$ |
- |
|
|
$ |
- |
|
Pressure Cylinders |
|
9,924 |
|
|
|
- |
|
Other |
|
- |
|
|
|
40,601 |
|
Total impairment of long-lived assets |
$ |
9,924 |
|
|
$ |
40,601 |
|
|
|
|
|
|
|
|
|
Restructuring and other
expense (income), net: |
|
|
|
|
|
|
|
Steel Processing |
$ |
1,471 |
|
|
$ |
(26 |
) |
Pressure Cylinders |
|
314 |
|
|
|
- |
|
Other |
|
63 |
|
|
|
481 |
|
Total restructuring and other expense, net |
$ |
1,848 |
|
|
$ |
455 |
|
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