Worthington Industries Slips To Loss In Q2 - Quick Facts

(RTTNews) - Industrial manufacturing company Worthington Industries, Inc. (WOR) reported Thursday a net loss for the second quarter of $74.04 million or $1.40 per share, compared to net earnings $52.09 million or $0.93 per share in the prior-year quarter.

Net earnings for the current quarter include a combined pre-tax loss of $148.4 million or $2.18 per share, related to the Company's investment in Nikola Corp. Excluding the loss, adjusted net earnings for the quarter would have been $0.78 per share.

Net sales for the quarter declined 12 percent to $731.09 million from $827.64 million in the same quarter last year, primarily due to lower average selling prices in Steel Processing, lower volumes in the oil and gas equipment business in Pressure Cylinders, and the divestiture of the engineered cabs business in the prior year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share on net sales of $688.3 million for the quarter. Analysts' estimates typically exclude special items.

"We had an outstanding second quarter, despite some noise in the numbers, due to continued great work by our teams as we navigate the challenges of the ongoing COVID-19 pandemic," said President & CEO Andy Rose.

Looking ahead, Rose added, "The tight steel market, while challenging, is an opportunity to differentiate ourselves from our competitors. As we enter 2021, we are well positioned, and will look to drive growth through innovation, transformation and strategic acquisitions."