Worthington Reports Big Jump in Quarterly Sales

Worthington Industries today reported fiscal third-quarter results that included an 82% jump in sales versus the same quarter last year, driven by higher average selling prices and contributions from the acquisitions of Tempel Steel Co. and Shiloh Industries’ U.S. BlankLight business. Net sales for the quarter ended Feb. 28 totaled $1.4 billion, producing net earnings of $56.3 million, an improvement from sales of $759.1 million and earnings of $67.6 million in the third quarter of fiscal 2021.

“We delivered solid earnings in the quarter,” said Worthington President and CEO Andy Rose. “Steel Processing faced headwinds due to continued steel pricing volatility and choppy but improving automotive demand. Building Products improved across the board with increased contributions from ClarkDietrich and our wholly owned businesses, while Consumer Products benefited from robust demand and improved margins.”