Worthington Q2 net earnings drop 85% to $16.2M; operating loss of $7.0M on steel price decline

WORTHINGTON ENTERPRISES, INC.

2022-Q2 EPS reported $1.63 revenue$2,584,206,000

Net earnings $16.2M ($0.33 diluted EPS) vs $110.3M ($2.15) prior year; adjusted EPS $0.44.
Operating loss $7.0M vs operating income $90.5M prior year; inventory holding losses estimated $95.2M unfavorable swing.
Steel Processing adj EBIT loss $17.2M, down $89.1M YoY on lower prices and volumes.
Dividend maintained at $0.31 per share payable March 29, 2023, record March 15, 2023.
Worthington 2024 separation on track; WSP joint venture sold Michigan facility for $21.5M, pre-tax gain $3.9M.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported the fiscal 2023 second quarter ended November 30, 2022 results: revenue $1.2 billion, net income $16.2 million, EPS $0.33 per diluted share.

Period: the fiscal 2023 second quarter ended November 30, 2022
Revenue: $1.2 billion
Net income: $16.2 million
EPS: $0.33 per diluted share
Result: reported results

Exact text from the filing

Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $1.2 billion and net earnings of $16.2 million, or $0.33 per diluted share, for its fiscal 2023 second quarter ended November 30, 2022.

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Source: SEC EDGAR

accession 0001171843-22-008139

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