2022 ended on a positive note for Worthington Industries, with the manufacturing company reporting net sales of $1.5bn and net earnings of $80.3m in its fourth quarter (Q4) fiscal financials.
Described by the Ohio-based firm’s President and CEO Andy Rose as ‘strong’, the results represent a 55% increase over the comparable quarter in 2021, primarily driven by higher average selling prices across all segments and contributions from acquisitions.
“We finished our 2022 fiscal year with strong results in the fourth quarter and delivered record earnings per share for the full year,” Rose commented.
The quarter did, however, see gross margin decrease $58.4n from the prior year quarter to $167.7m and operating income for the quarter of $65.4m, down from $45.1m. Worthington notes that margins in Steel Processing were negatively impacted by an estimated $92.8m unfavourable swing related to inventory holding losses in the quarter.
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