Ohio-based metal manufacturing company Worthington Industries has reported net sales of $764m and net earnings of $15.3m, for its fiscal 2020 Q3 ended 29th February.
Gross margin for the quarter increased $25.5m over the prior year to $115.5m, driven primarily by higher direct spreads and higher toll volume in Steel Processing combined with a higher contribution from Pressure Cylinders.
Operating loss for the current quarter with $1.4m compared to operating income of $26m in the prior year quarter as the improvement in gross margin was more than offset by high impairment and restructuring charges ins Pressure Cylinders and high SG&A expense.
“While I’m pleased with our results in the third quarter, today, our top priority is keeping our people safe and managing our businesses through this difficult crisis,” said John McConnell, Chairman and CEO of Worthington.
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