Worthington Industries has reported net sales of $611.6m and net earnings of $16.2m, or $0.29 per diluted share, for its fiscal 2020 Q4 results ended 31st May 2020.
Net earnings in the quarter were adversely impacted due to coronavirus-related shutdowns and included net pre-tax restructuring and impairment charges of $15.7m, which reduced earnings per diluted share by $0.20.
Gross margin decreased $36.1m from the prior year quarter to $89.9m, driven by reduced volume in Steel Processing, which was partially offset by the favourable impact of a slight inventory holding gain in the current quarter, combined with the unfavourable shift in product mix in the industrial products business in Pressure Cylinders.
Operating income for the current quarter was $6.3m, a decrease of $25.7m from the prior year quarter. The impact of lower gross margin was partially offset by lower SG&A expense, which was down $20m, due primarily to lower profit sharing and bonus and lower overall corporate costs.
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