Steel Mills
July 5, 2018
Sales Up, Earnings Down at Worthington
Written by Tim Triplett
Worthington Industries, Inc., the Columbus, Ohio, steel processor and manufacturer, reported net sales of $3.6 billion and net earnings of $194.8 million for its 2018 fiscal year ended May 31. While the company’s sales increased by 19 percent over the prior year, its earnings showed a decline from the $204.5 million in fiscal 2017. Improved sales were driven by the June 2, 2017, acquisition of Amtrol and higher average direct selling prices in Steel Processing. Amtrol is a manufacturer of pressure cylinders and water system tanks with operations in the U.S. and Europe.
“We had a strong finish to our fiscal year, with record earnings per share for the fourth quarter after adjustments,” said John McConnell, Chairman and CEO. Worthington reported net sales of $1.0 billion and net earnings of $30.8 million for its fiscal 2018 fourth quarter, an improvement from sales of $845.3 million and net earnings of $56.5 million in the prior-year quarter.
