Worthington Industries, Inc. has reported net sales of $874.4m and net earnings of $25.8m, for its fiscal 2019 third quarter (Q3) ended 28th February (2019).
The current quarter was negatively impacted due to a replacement programme related to certain composite hydrogen fuel tanks, resulting in a pre-tax charge of $13m.
The current quarter included estimated inventory holding losses of $10.8m in steel processing and a pre-tax net restructuring gain of $11.2m related to the sale of certain assets in the pressure cylinder business.
“We beleive that we are through the worst of the recent cost pressures and I’m proud of the way our teams have executed,”
John McConnel, Chairman and CEO of Worthington Industries
“We continued to feel the impact of higher input costs and volatility in steel prices, but we also made good progress toward recovering margin as the quarter progressed,” said John McConnel, Chairman and CEO of Worthington.
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