Ohio-Based metal manufacturing company Worthington Industries has announced its second quarter fiscal 2020 results, reporting net sales of $827.6m and net earnings of $52.1m, ended 30th November 2019.
Net sales for the quarter were down 14% from the comparable quarter in the prior year, primarily driven by lower average direct selling prices due to a decline in the market price of steel and lower direct volume in Steel Processing.
Gross margin decreased $0.3m from the prior year quarter to $120.6m as higher contributions from Pressure Cylinders were largely offset by declines at Steel Processing.
Operating income for the current quarter was down $3.7m from the prior year quarter to $32.1m.
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