Quarterly Loss at Worthington Industries

Worthington Industries reported net sales of $731.1 million and a net loss of $74 million for the second quarter of its fiscal 2021 ended Nov. 30 after accounting for nearly $150 million in pre-tax loss related to its investment in Nikola Corp. and $11.4 million in impairment and restructuring charges. In comparison, sales were $826.6 million in Q2 2020 and net earnings were $52.1 million. Eliminating the one-time charges for the recent quarter, Q2 set a record at $0.95 per share.

“We had an outstanding second quarter, despite some noise in the numbers, due to continued great work by our teams as we navigate the challenges of the ongoing COVID-19 pandemic,” said President & CEO Andy Rose. “Steel Processing delivered strong year-over-year earnings growth, aided by stable automotive and construction demand and improving agricultural demand. Pressure Cylinders continued to experience solid demand for its consumer products, particularly for portable propane and helium products, while headwinds persisted in Europe and the oil & gas business.”