Steel Mills
June 25, 2020
Worthington Industries Sees Normal Business Conditions Resuming
Written by Sandy Williams
Worthington Industries faced a challenging quarter as stay-at-home orders and closure of nonessential businesses impacted the markets it serves. Demand levels fluctuated depending on the market with company conditions normal in March, break even in April and profitable in May, albeit at lower levels. Although the economic outlook is still unclear, Worthington expects a return to normal business conditions soon, said President Andy Rose.
Worthington Industries reported net sales of $611.6 million and net earnings of $16.2 million for its fiscal 2020 fourth quarter ending May 31, compared to net sales of $938.8 million and net earnings of $37.7 million in Q4 FY 2019. Lower earnings included $15.7 million in restructuring and impairment charges.
