Worthington Industries has reported net sales of $1.2bn and net earnings of $16.2m, or $0.33 per diluted share, for its fiscal 2023 second quarter (Q2), ending 30th November 2022.
Andy Rose, President and CEO of the Ohio-based firm, said Worthington faced significant headwinds in the quarter from the dramatic decline in steel prices, a slowing economy and customers reducing inventory levels.
Net sales for the quarter decreased $57.4m, or 5%, from the prior year. Gross margin decreased $78.8m from the prior year and the company generated an operating loss of $7m in the current quarter, compared to operating income of $90.5m in the prior year quarter.
Interest expense was $7.6m in the current quarter, up $0.3m over the prior year quarter, due to the impact of higher average debt levels associated with short-term borrowings.
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