Worthington Industries Posts First-Quarter Loss

Worthington Industries reported net sales of $855.9 million, a 13 percent year-over-year decline, and a net loss of $4.8 million for its fiscal 2020 first quarter, driven by lower volume and lower average selling prices in steel processing. Worthington was also hit by a pre-tax impairment and restructuring charge of $43.5 million primarily related to its engineered cabs business and a writedown of its 10 percent investment in a steel joint venture in China.

“Despite softness in several of our end markets and a lot of noise in the numbers, the overall health of the company is good,” said John McConnell, chairman and CEO. “We delivered strong results in pressure cylinders, led by increasing demand in the oil and gas business and continued solid performance in consumer products. Steel processing continues to deal with steel price declines and market softness in automotive and agricultural demand, but our steel team is managing that business well with a focus on long-term growth.”