Steel Mills
June 25, 2015
Worthington Industries Profits Shrink in Q4
Written by Sandy Williams
Worthington Industries closed fourth quarter FY 2015 with net sales of $846 million and net earnings of $28.9 million. Quarter earnings were negatively impacted by pre-tax impairment, restructuring and other charges, totaling $6.5 million. Earnings in Q4 2014 were $33.2 million.
Steel processing net sales dropped 4 percent y/y to $540 million due to lower toll volumes and lower average selling prices. Operating income slipped to $22.6 million due to lower toll volume and higher inventory holding losses.
