Steel Mills

Worthington Industries Results “Great”

June 29, 2014

Worthington Industries announced it had “a great fiscal 2014” in its earnings report on Thursday. The company reported net earnings of $151.3 million for FY 2014. Net sales were up 20 percent year over year to $3,126.4 million due to the consolidation of joint venture Tailor Welded Blanks, higher steel processing volumes and the acquisitions in Pressure Cylinders.

Fourth quarter net sales for the company totaled $891.0 million with net earnings of $33.2 million. Impairment and restructuring charges reduced earnings by $23.7 million for the quarter.

“We had a great fiscal 2014 with the highest annual earnings per share in our Company’s history,” said John McConnell, Chairman and CEO. “The fourth quarter results showed improvement over the prior year period with Steel Processing leading the way. Our transformation efforts continue to help that business deliver strong results as it nears the peak volumes we saw prior to the downturn.”

McConnell added, “Pressure Cylinders had good retail and industrial sales but experienced a negative short-term impact from the severe winter weather conditions in the energy business. Transformation is underway with some early success in our Engineered Cabs business while it operates in a flat market environment.”

Regarding the outlook for 2014, McConnell said, “We anticipate continued year-over-year growth in fiscal 2015 as we pursue our strategy and our commitment to delivering consistent earnings growth. Automotive should remain strong and we are seeing some signs of positive growth in the construction markets. We also expect good results from key Pressure Cylinders markets in retail, industrial, alternative fuels and energy products. We will continue to drive improvements throughout our businesses and we will pursue acquisitions which enhance existing businesses, providing new products and higher growth markets.”