Worthington Industries today (29th Sep) reported its quarter one (Q1) fiscal 2022 financial results, highlighting solid demand across its major end markets despite continued challenges with customer shut-downs due to semi-conductor and other shortages.
For the quarter, the Ohio-based company reported net sales of $1.1bn and net earnings of $132.5m, or $2.55 per diluted share. In comparison to net sales of $702.9m in Q1 2021, the company this year delivered a 58% increase.
Gross margin and operating income also increased for Worthington, both of which were positively impacted by the company’s Steel Processing sector. Gross margin increased $106m over the prior year quarter to $219.4m and operating income for the quarter was $135.8m, an increase of $165.9m over the operating loss in the prior year quarter.
Reflecting on the results, Andy Rose, President and CEO of Worthington Industries, said, “We again delivered record adjusted earnings per share, led by exceptional results in our Steel Processing segment.”
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