Service Centers
Worthington Steel's earnings improve on increased sales volumes
Written by Becca Moczygemba
December 26, 2023
Worthington Steel
| Second quarter ended Nov. 30 | 2024 | 2023 | % Change |
|---|---|---|---|
| Net sales | $808 | $868.4 | -7.0% |
| Net earnings (loss) | $(2.1) | $(12.5) | 83.2% |
| Per diluted share | $(0.12) | $(0.32) | 62.5% |
| Six months ended Nov. 30 | |||
| Net sales | $1,713.8 | $1,943.0 | -11.8% |
| Net earnings (loss) | $60.0 | $18.8 | 219% |
| Per diluted share | $1.07 | $0.29 | 269% |
The newly separated Worthington Steel noted improved earnings in its results for the fiscal second quarter, which ended on Nov. 30.
Formerly part of Worthington Industries, the Columbus, Ohio-based processor attributed the 7% decrease in net sales to a decline in selling prices. However, lower sales prices were slightly offset by a 4.4% increase in direct tons sold this quarter versus the same quarter one year ago.
“It’s an exciting time to be at Worthington Steel. As we begin our journey as a standalone company, our team is experienced, energized and focused on our customers and shareholders,” commented Worthington Steel’s President and CEO Geoff Gilmore in an earnings release.
All told, Worthington posted a net loss of $2.1 million in the quarter ended Nov. 30, an 83% improvement from the same period in 2023 (see chart above).
Worthington also highlighted its acquisition of a Voestalpine Automotive facility in Nagold, Germany. The acquisition led to $21 million in cash acquired and $20.4 million in net assets acquired (subject to closing adjustments).
The acquisition establishes a footprint in Europe for Worthington and will allow the company to capitalize on the growing EV and industrial motor markets in the region, it said.
Becca Moczygemba
Read more from Becca MoczygembaLatest in Service Centers
Ryerson swung to loss in ’24, but saw fortunes improve over the last month
Ryerson swung to a loss in the fourth quarter, but has seen a turnaround in the last 30 days.
Despite policy uncertainty, Reliance upbeat on ’25
Reliance noted that it is about 95% domestically sourced.
Russel Metals posts solid quarter, doesn’t expect direct impact from tariffs
Russel Metals said on Thursday that it doesn’t expect to be directly impacted by US tariffs on Canadian steel. The Mississauga, Ontario-based distributor made the comments in its quarterly earnings report on Thursday. The company doesn’t export significant volumes to the US, it said, and thus doesn’t expect to be directly impacted. However, “The primary […]
Friedman logs quarterly loss amid ‘challenging conditions’
Friedman swings to a loss in its fiscal third quarter of 2025.
Tampa Steel Conference: Service centers more upbeat about 2025
If 2021 and 2022 was the party, 2024 is the morning after, one panelist said.