Steel Mills
September 24, 2020
Worthington Industries Posts Gain for Q1 FY 2021
Written by Sandy Williams
Strong demand in auto, residential construction and consumer products benefited Worthington Industries in the first quarter of FY 2021. The company reported net sales of $702.9 million, an 18 percent decline from the first quarter of FY 2020. Net earnings totaled $616.7 million which included a net pre-tax gain of $746.6 million related to Worthington’s investment in Nikola Corporation.
About two thirds of the Nikola stock was converted to cash and $21 million contributed to the Worthington Industries Foundation to establish a charitable endowment. At the end of the quarter, Worthington owned just over 7 million shares of Nikola common stock
