Steel Mills
September 24, 2015
Sales Down in all Segments at Worthington Industries
Written by Sandy Williams
Worthington Industries reported net earnings of $31.4 million for first quarter 2016 ending August 31, 2015. Earnings were down from $44.2 million in Q1 2015 but up from Q4 FY 2015’s $28.9 million. Net sales declined 12 percent to $758.1 million, driven by lower volume in all business segments and lower average steel pricing.
Gross margin dropped $15.4 million year over year to $113.0 million as a result of low volumes and inventory holding losses in Steel Processing.
