Worthington Industries, Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended February 28, 2018; Provides Tax Rate Guidance for the Full Year of 2019
March 29, 2018 at 08:35 am EDT
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Worthington Industries, Inc. reported consolidated earnings results for the third quarter and nine months ended February 28, 2018. For the quarter, the company reported net sales of USD 841,657,000 against USD 703,436,000 for the same period a year ago. The increase was driven by contributions from the June 2, 2017 acquisition of Amtrol, higher average direct selling prices in Steel Processing, and higher overall volume in Pressure Cylinders businesses. Operating income was USD 42,763,000 against USD 34,320,000 for the same period a year ago. Earnings before income taxes were USD 54,258,000 against USD 50,092,000 for the same period a year ago. Net earnings were USD 78,297,000 against USD 38,951,000 a year ago. Diluted earnings per share attributable to controlling interest were USD 1.27 against USD 0.55 for the same period a year ago. Net cash provided by operating activities was USD 99,920,000 against USD 102,706,000 for the same period a year ago. Investment in property, plant and equipment was USD 13,628,000 against USD 21,128,000 for the same period a year ago.
For the nine months, the company reported net sales of USD 2,561,160,000 against USD 2,168,765,000 for the same period a year ago. Operating income was USD 137,042,000 against USD 142,262,000 for the same period a year ago. Earnings before income taxes were USD 175,117,000 against USD 205,909,000 for the same period a year ago. Net earnings were USD 167,993,000 against USD 157,354,000 a year ago. Diluted earnings per share attributable to controlling interest were USD 2.58 against USD 2.29 for the same period a year ago. Net cash provided by operating activities was USD 202,657,000 against USD 254,910,000 for the same period a year ago. Investment in property, plant and equipment was USD 55,319,000 against USD 52,174,000 for the same period a year ago.
The company's annual tax rate for the fiscal 2019 is expected to be 24%.
Worthington Enterprises Inc. is a designer and manufacturer of brands that enable people to live safer, healthier and more expressive lives. The Company operates through three businesses: building products, consumer products and sustainable energy solutions. The comprehensive portfolio of building products includes heating and cooling solutions, specialized construction products, water systems, ceiling solutions, and metal framing options. The consumer products include tools, outdoor living and celebrations categories sold under brand names Balloon Time, Bernzomatic, Coleman, Garden-Weasel, General, HALO, Hawkeye, Level5 Tools, Mag Torch, Pactool International and Well-X-Trol. The sustainable energy solutions offer on-board fueling systems and services, as well as gas containment solutions and services for the storage, transport, and distribution of industrial gases, supporting the growing hydrogen ecosystem and adjacent sustainable energies like compressed natural gas.
Worthington Industries, Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended February 28, 2018; Provides Tax Rate Guidance for the Full Year of 2019
WORTHINGTON ENTERPRISES, INC. 
