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Marketwired
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Worthington Industries Reports Second Quarter Fiscal 2017 Results

COLUMBUS, OH -- (Marketwired) -- 12/19/16 -- Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $727.8 million and net earnings of $46.6 million, or $0.72 per diluted share, for its fiscal 2017 second quarter ended November 30, 2016. Net earnings in the quarter included pre-tax restructuring charges totaling $3.3 million. The after-tax impact of these charges reduced earnings per diluted share by $0.03. In the second quarter of fiscal 2016, the Company reported net sales of $699.8 million and net earnings of $23.4 million, or $0.36 per diluted share. Net earnings in the second quarter of fiscal 2016 included pre-tax impairment and restructuring charges totaling $24.5 million. The after-tax impact of these charges reduced earnings per diluted share by $0.24.

Financial highlights for the current and comparative periods are as follows:

(U.S. dollars in millions, except per share data)

                                 2Q 2017  1Q 2017  2Q 2016  6M 2017  6M 2016
                                --------------------------------------------
Net sales                       $  727.8 $  737.5 $  699.8 $1,465.3 $1,457.9
Operating income                    43.0     64.9     12.0    107.9     43.0
Equity income                       27.1     34.5     29.2     61.7     55.8
Net earnings                        46.6     65.6     23.4    112.1     55.3
Earnings per diluted share      $   0.72 $   1.02 $   0.36 $   1.74 $   0.85

"We had a good second quarter with overall improving results and solid year-over-year growth," said John McConnell, Chairman and CEO. "The Steel Processing business had a record second quarter and our joint ventures were steady. Results were mixed in Pressure Cylinders due to depressed oil and gas markets and declines in industrial products; consumer products had an excellent quarter. Demand was down in Engineered Cabs."

Consolidated Quarterly Results

Net sales for the second quarter of fiscal 2017 were $727.8 million, up 4% from the comparable quarter in the prior year, when net sales were $699.8 million. The increase was the result of higher average direct selling prices in Steel Processing, partially offset by lower volume in Engineered Cabs and certain Pressure Cylinders businesses.

Gross margin increased $13.6 million from the prior year quarter to $122.8 million on a favorable pricing spread in Steel Processing and contributions from the WSP joint venture, which was consolidated effective March 1, 2016.

Operating income for the current quarter was $43.0 million, an increase of $31.1 million from the prior year quarter. The increase was due to lower impairment and restructuring charges in the current quarter combined with an improved gross margin, partially offset by higher SG&A expense primarily related to recent acquisitions.

Interest expense was $7.7 million for the current quarter, compared to $7.8 million in the prior year quarter. The decrease was due to lower short-term borrowings.

Equity income from unconsolidated joint ventures decreased $2.1 million from the prior year quarter to $27.1 million on lower contributions from ClarkDietrich. Equity income from ClarkDietrich in the prior year quarter was favorably impacted by $4.0 million due to a legal settlement. The Company received cash distributions of $24.3 million from unconsolidated joint ventures during the quarter, a 90% cash conversion on equity income.

Income tax expense was $13.5 million in the current quarter compared to $8.7 million in the prior year quarter. The increase was primarily due to higher earnings, partially offset by $6.3 million in favorable discrete items recorded in the quarter. Tax expense in the current quarter reflects an estimated annual effective rate of 28.5% compared to 30.9% for the prior year quarter.

Balance Sheet

At quarter-end, total debt was $577.4 million, down $2.4 million from August 31, 2016, due to lower short-term borrowings. The Company had $175.2 million of cash at quarter-end.

Quarterly Segment Results

Steel Processing's net sales of $508.8 million were up 9%, or $41.0 million, from the comparable prior year quarter driven by higher average direct selling prices and higher tolling volume due to the consolidation of the WSP joint venture effective March 1, 2016. Operating income of $35.4 million was $8.8 million higher than the prior year quarter due to a favorable pricing spread and contributions from the WSP joint venture. The mix of direct versus toll tons processed was 49% to 51% in the current quarter, compared to 62% to 38% in the prior year quarter. The change in mix was primarily the result of the consolidation of the WSP joint venture effective March 1, 2016.

Pressure Cylinders' net sales of $194.7 million were down 3%, or $6.5 million, from the comparable prior year quarter. The decline was driven by lower volume in the oil & gas equipment and industrial products businesses, partially offset by higher average selling prices in consumer products due to an improved product mix. Operating income of $11.3 million was $21.6 million higher than the prior year quarter due to lower impairment and restructuring charges in the current quarter. Declines in the industrial products and oil & gas equipment businesses were largely offset by improvements in consumer products.

Engineered Cabs' net sales of $22.5 million were down $6.2 million, or 22%, from the prior year quarter due to declines in market demand. The operating loss of $3.4 million was $0.9 million less than the prior year quarter due to lower SG&A expense.

The "Other" category includes the energy innovations business, as well as non-allocated corporate expenses. Net sales in the "Other" category were $1.9 million, a decrease of $0.3 million. The operating loss of $0.3 million for the quarter was driven primarily by losses in the energy innovations business.

Outlook

"I am pleased with the performance of our Company in the first half of fiscal 2017. We experienced some weak markets, but our employees continue to work hard to make improvements, aided by our recently launched Transformation 2.0 that we will continue to roll out in the new year." McConnell added, "I am encouraged by the early views of the economic outlook for 2017 and look forward to pursuing growth opportunities."

Conference Call

Worthington will review fiscal 2017 second quarter results during its quarterly conference call on December 20, 2016, at 2:30 p.m., Eastern Time. Details regarding the conference call can be found on the Company web site at www.WorthingtonIndustries.com.

About Worthington Industries

Worthington Industries is a leading global diversified metals manufacturing company with 2016 fiscal year sales of $2.8 billion. Headquartered in Columbus, Ohio, Worthington is North America's premier value-added steel processor providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture; a global leader in manufacturing pressure cylinders for industrial gas and cryogenic applications, CNG and LNG storage, transportation and alternative fuel tanks, oil & gas equipment, and consumer products for camping, grilling, hand torch solutions and helium balloon kits; and a manufacturer of operator cabs for heavy mobile industrial equipment; laser welded blanks for light weighting applications; automotive racking solutions; and through joint ventures, complete ceiling grid solutions; automotive tooling and stampings; and steel framing for commercial construction. Worthington employs approximately 10,000 people and operates 79 facilities in 11 countries.

Founded in 1955, the Company operates under a long-standing corporate philosophy rooted in the golden rule. Earning money for its shareholders is the first corporate goal. This philosophy serves as the basis for an unwavering commitment to the customer, supplier, and shareholder, and as the Company's foundation for one of the strongest employee-employer partnerships in American industry.

Safe Harbor Statement

The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements by the Company relating to outlook, strategy or business plans; the ability to correct performance issues at operations; future or expected growth, forward momentum, performance, sales, volumes, cash flows, earnings, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; demand trends for us or our markets; additions to product lines and opportunities to participate in new markets; expected benefits from Transformation efforts; anticipated capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential, capacity, and working capital needs; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, newly-created joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to maintain margins and capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for increasing volatility or improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings and other non-historical matters constitute "forward-looking statements" within the meaning of the Act. Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, the effect of national, regional and global economic conditions generally and within major product markets, including a recurrent slowing economy; the effect of conditions in national and worldwide financial markets; lower oil prices as a factor in demand for products; product demand and pricing; changes in product mix, product substitution and market acceptance of our products; fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities and other items required by operations; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction, oil and gas, and other industries in which we participate; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom we do business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize other cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from Transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, civil unrest, international conflicts, or terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability, foreign currency exposure and the acceptance of our products in markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the outcome of adverse claims experience with respect to workers' compensation, product recalls or product liability, casualty events or other matters; deviation of actual results from estimates and/or assumptions used by us in the application of our significant accounting policies; level of imports and import prices in our markets; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of changes to healthcare laws in the United States, which may increase our healthcare and other costs and negatively impact our operations and financial results; cyber security risks; and other risks described from time to time in the Company's filings with the United States Securities and Exchange Commission, including those described in "Part I - Item 1A. - Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended May 31, 2016.

WORTHINGTON INDUSTRIES, INC.
                     CONSOLIDATED STATEMENTS OF EARNINGS
                  (In thousands, except per share amounts)

                               Three Months Ended       Six Months Ended
                                  November 30,            November 30,
                             ----------------------  ----------------------
                                2016        2015        2016        2015
                             ----------  ----------  ----------  ----------
Net sales                    $  727,780  $  699,816  $1,465,329  $1,457,963
Cost of goods sold              604,977     590,637   1,195,244   1,235,768
                             ----------  ----------  ----------  ----------
  Gross margin                  122,803     109,179     270,085     222,195
Selling, general and
 administrative expense          76,487      72,722     157,543     148,673
Impairment of long-lived
 assets                               -      22,962           -      25,962
Restructuring and other
 expense                          3,272       1,523       4,600       4,592
                             ----------  ----------  ----------  ----------
  Operating income               43,044      11,972     107,942      42,968
Other income (expense):
  Miscellaneous income, net         872         996       1,735         418
  Interest expense               (7,658)     (7,799)    (15,528)    (15,653)
  Equity in net income of
   unconsolidated affiliates     27,124      29,247      61,668      55,828
                             ----------  ----------  ----------  ----------
  Earnings before income
   taxes                         63,382      34,416     155,817      83,561
Income tax expense               13,515       8,665      37,414      22,815
                             ----------  ----------  ----------  ----------
Net earnings                     49,867      25,751     118,403      60,746
Net earnings attributable to
 noncontrolling interests         3,302       2,375       6,271       5,402
                             ----------  ----------  ----------  ----------
Net earnings attributable to
 controlling interest        $   46,565  $   23,376  $  112,132  $   55,344
                             ==========  ==========  ==========  ==========

Basic
Average common shares
 outstanding                     62,348      62,676      62,115      63,338
                             ----------  ----------  ----------  ----------
Earnings per share
 attributable to controlling
 interest                    $     0.75  $     0.37  $     1.81  $     0.87
                             ==========  ==========  ==========  ==========

Diluted
Average common shares
 outstanding                     64,725      64,663      64,599      65,350
                             ----------  ----------  ----------  ----------
Earnings per share
 attributable to controlling
 interest                    $     0.72  $     0.36  $     1.74  $     0.85
                             ==========  ==========  ==========  ==========


Common shares outstanding at
 end of period                   62,562      62,101      62,562      62,101

Cash dividends declared per
 share                       $     0.20  $     0.19  $     0.40  $     0.38


                        WORTHINGTON INDUSTRIES, INC.
                         CONSOLIDATED BALANCE SHEETS
                               (In thousands)

                                                   November 30,    May 31,
                                                       2016         2016
                                                   ------------ ------------
Assets
Current assets:
  Cash and cash equivalents                        $    175,180 $     84,188
  Receivables, less allowances of $3,499 and
   $4,579 at November 30, 2016 and May 31, 2016,
   respectively                                         429,011      439,688
  Inventories:
    Raw materials                                       168,586      162,427
    Work in process                                      85,933       86,892
    Finished products                                    83,339       70,016
                                                   ------------ ------------
      Total inventories                                 337,858      319,335
  Income taxes receivable                                 7,997       10,535
  Assets held for sale                                   10,050       10,079
  Prepaid expenses and other current assets              47,385       51,290
                                                   ------------ ------------
    Total current assets                              1,007,481      915,115
Investments in unconsolidated affiliates                203,508      191,826
Goodwill                                                243,918      246,067
Other intangible assets, net of accumulated
 amortization of $56,220 and $49,532 at November
 30, 2016 and May 31, 2016, respectively                 88,588       96,164
Other assets                                             27,914       29,254
Property, plant and equipment:
  Land                                                   18,397       18,537
  Buildings and improvements                            257,950      256,973
  Machinery and equipment                               973,941      945,951
  Construction in progress                               34,732       48,156
                                                   ------------ ------------
    Total property, plant and equipment               1,285,020    1,269,617
    Less: accumulated depreciation                      713,705      686,779
                                                   ------------ ------------
Total property, plant and equipment, net                571,315      582,838
                                                   ------------ ------------
Total assets                                       $  2,142,724 $  2,061,264
                                                   ============ ============

Liabilities and equity
Current liabilities:
  Accounts payable                                 $    278,192 $    290,432
  Short-term borrowings                                     497        2,651
  Accrued compensation, contributions to employee
   benefit plans and related taxes                       65,308       75,105
  Dividends payable                                      14,182       13,471
  Other accrued items                                    41,815       45,056
  Income taxes payable                                    3,364        2,501
  Current maturities of long-term debt                      873          862
                                                   ------------ ------------
    Total current liabilities                           404,231      430,078
Other liabilities                                        63,910       63,487
Distributions in excess of investment in
 unconsolidated affiliate                                67,516       52,983
Long-term debt                                          576,038      577,491
Deferred income taxes, net                               20,267       17,379
                                                   ------------ ------------
    Total liabilities                                 1,131,962    1,141,418
Shareholders' equity - controlling interest             884,940      793,371
Noncontrolling interests                                125,822      126,475
                                                   ------------ ------------
    Total equity                                      1,010,762      919,846
                                                   ------------ ------------
Total liabilities and equity                       $  2,142,724 $  2,061,264
                                                   ============ ============


                        WORTHINGTON INDUSTRIES, INC.
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (In thousands)

                               Three Months Ended       Six Months Ended
                                  November 30,            November 30,
                             ----------------------  ----------------------
                                2016        2015        2016        2015
                             ----------  ----------  ----------  ----------
Operating activities:
Net earnings                 $   49,867  $   25,751  $  118,403  $   60,746
Adjustments to reconcile net
 earnings to net cash
 provided by operating
 activities:
  Depreciation and
   amortization                  21,645      20,547      43,476      41,987
  Impairment of long-lived
   assets                             -      22,962           -      25,962
  Provision for (benefit
   from) deferred income
   taxes                          2,316      (9,851)      2,336     (15,391)
  Bad debt (income) expense         232          (2)        151           8
  Equity in net income of
   unconsolidated
   affiliates, net of
   distributions                 (2,824)    (10,389)      1,074     (15,902)
  Net (gain) loss on sale of
   assets                        (2,912)     (5,854)      1,484      (4,248)
  Stock-based compensation        3,824       3,880       6,960       7,657
Changes in assets and
 liabilities, net of impact
 of acquisitions:
  Receivables                    (7,156)     23,474       9,798      66,103
  Inventories                    31,875      31,645     (18,523)     23,821
  Prepaid expenses and other
   current assets                (1,737)     17,467       5,425      28,633
  Other assets                    1,165      (3,245)      2,411      (2,803)
  Accounts payable and
   accrued expenses             (65,946)    (72,846)    (22,885)    (31,220)
  Other liabilities                 950       7,487       2,094       4,300
                             ----------  ----------  ----------  ----------
Net cash provided by
 operating activities            31,299      51,026     152,204     189,653
                             ----------  ----------  ----------  ----------

Investing activities:
  Investment in property,
   plant and equipment          (14,730)    (21,995)    (31,046)    (60,492)
  Acquisitions, net of cash
   acquired                           -      (2,950)          -      (2,950)
  Investments in
   unconsolidated affiliates          -        (226)          -      (1,913)
  Proceeds from sale of
   assets                           799       9,325         956       9,456
                             ----------  ----------  ----------  ----------
Net cash used by investing
 activities                     (13,931)    (15,846)    (30,090)    (55,899)
                             ----------  ----------  ----------  ----------

Financing activities:
  Net proceeds from
   (repayments of) short-
   term borrowings               (1,037)     27,499      (2,154)    (41,012)
  Proceeds from long-term
   debt                               -           -           -         921
  Principal payments on
   long-term debt                  (218)       (220)       (437)       (428)
  Proceeds from issuance of
   common shares, net of tax
   withholdings                  (2,849)      3,666       2,972       3,064
  Payments to noncontrolling
   interests                     (6,781)     (1,564)     (6,781)     (4,900)
  Repurchase of common
   shares                             -     (43,914)          -     (71,496)
  Dividends paid                (12,828)    (12,065)    (24,722)    (23,616)
                             ----------  ----------  ----------  ----------
Net cash used by financing
 activities                     (23,713)    (26,598)    (31,122)   (137,467)
                             ----------  ----------  ----------  ----------

Increase (decrease) in cash
 and cash equivalents            (6,345)      8,582      90,992      (3,713)
Cash and cash equivalents at
 beginning of period            181,525      18,772      84,188      31,067
                             ----------  ----------  ----------  ----------
Cash and cash equivalents at
 end of period               $  175,180  $   27,354  $  175,180  $   27,354
                             ==========  ==========  ==========  ==========


                        WORTHINGTON INDUSTRIES, INC.
                              SUPPLEMENTAL DATA
                        (In thousands, except volume)

This supplemental information is provided to assist in the analysis of the
 results of operations.


                               Three Months Ended       Six Months Ended
                                  November 30,            November 30,
                             ----------------------  ----------------------
                                2016        2015        2016        2015
                             ----------  ----------  ----------  ----------
Volume:
  Steel Processing (tons)     1,020,147     828,208   2,051,645   1,694,584
                              16,308,80   16,622,73   35,224,68   35,930,39
  Pressure Cylinders (units)          7           2           5           2

Net sales:
  Steel Processing           $  508,806  $  467,812  $1,014,480  $  958,612
  Pressure Cylinders            194,661     201,173     399,870     425,567
  Engineered Cabs                22,463      28,699      48,044      67,316
  Other                           1,850       2,132       2,935       6,468
                             ----------  ----------  ----------  ----------
    Total net sales          $  727,780  $  699,816  $1,465,329  $1,457,963
                             ==========  ==========  ==========  ==========

Material cost:
  Steel Processing           $  338,988  $  322,507  $  651,703  $  670,752
  Pressure Cylinders             76,302      85,498     159,230     184,562
  Engineered Cabs                10,173      13,437      21,420      31,418

Selling, general and
 administrative expense:
  Steel Processing           $   35,806  $   32,925  $   72,688  $   65,840
  Pressure Cylinders             35,530      33,915      72,520      70,789
  Engineered Cabs                 3,669       4,800       7,620      10,208
  Other                           1,482       1,082       4,715       1,836
                             ----------  ----------  ----------  ----------
    Total selling, general
     and administrative
     expense                 $   76,487  $   72,722  $  157,543  $  148,673
                             ==========  ==========  ==========  ==========

Operating income (loss):
  Steel Processing           $   35,448  $   26,642  $   90,230  $   50,280
  Pressure Cylinders             11,304     (10,309)     25,409       6,510
  Engineered Cabs                (3,381)     (4,290)     (5,224)    (13,581)
  Other                            (327)        (71)     (2,473)       (241)
                             ----------  ----------  ----------  ----------
    Total operating income   $   43,044  $   11,972  $  107,942  $   42,968
                             ==========  ==========  ==========  ==========

Equity income (loss) by
 unconsolidated affiliate:
  WAVE                       $   18,720  $   19,119  $   39,466  $   41,160
  ClarkDietrich                   4,262       6,378      12,929       9,024
  Serviacero                      2,039         378       3,991       1,181
  ArtiFlex                        2,134       2,611       5,027       4,158
  WSP                                 -         721           -       1,474
  Other                             (31)         40         255      (1,169)
                             ----------  ----------  ----------  ----------
    Total equity income      $   27,124  $   29,247  $   61,668  $   55,828
                             ==========  ==========  ==========  ==========


                        WORTHINGTON INDUSTRIES, INC.
                              SUPPLEMENTAL DATA
                        (In thousands, except volume)

The following provides detail of Pressure Cylinders volume and net sales by
 principal class of products.

                               Three Months Ended       Six Months Ended
                                  November 30,            November 30,
                             ----------------------  ----------------------
                                2016        2015        2016        2015
                             ----------  ----------  ----------  ----------
Volume (units):
                              10,383,74   10,523,69   22,472,65   22,501,63
  Consumer products                   7           2           9           7
                                                      12,480,58   13,227,31
  Industrial products         5,790,436   5,990,875           4           4
  Alternative fuels             134,190     107,121     270,252     199,077
  Oil & gas equipment               434       1,044       1,190       2,364
                             ----------  ----------  ----------  ----------
                              16,308,80   16,622,73   35,224,68   35,930,39
    Total Pressure Cylinders          7           2           5           2
                             ==========  ==========  ==========  ==========

Net sales:
  Consumer products          $   55,435  $   49,484  $  116,061  $  104,442
  Industrial products            98,868     102,694     199,228     214,428
  Alternative fuels              29,170      23,954      58,932      48,772
  Oil & gas equipment            11,188      25,041      25,649      57,925
                             ----------  ----------  ----------  ----------
    Total Pressure Cylinders $  194,661  $  201,173  $  399,870  $  425,567
                             ==========  ==========  ==========  ==========


The following provides detail of impairment of long-lived assets and
restructuring and other expense included in operating income (loss) by
segment.

                               Three Months Ended       Six Months Ended
                                  November 30,            November 30,
                             ----------------------  ----------------------
                                2016        2015        2016        2015
                             ----------  ----------  ----------  ----------
Impairment of long-lived
 assets:
  Steel Processing           $        -  $        -  $        -  $        -
  Pressure Cylinders                  -      22,962           -      22,962
  Engineered Cabs                     -           -           -       3,000
  Other                               -           -           -           -
                             ----------  ----------  ----------  ----------
    Total impairment of
     long-lived assets       $        -  $   22,962  $        -  $   25,962
                             ==========  ==========  ==========  ==========

Restructuring and other
 expense (income):
  Steel Processing           $      318  $    2,258  $    1,284  $    2,720
  Pressure Cylinders              1,963         (16)      2,109         715
  Engineered Cabs                 1,004         765       1,210       2,643
  Other                             (13)     (1,484)         (3)     (1,486)
                             ----------  ----------  ----------  ----------
    Total restructuring and
     other expense           $    3,272  $    1,523  $    4,600  $    4,592
                             ==========  ==========  ==========  ==========

Cathy M. Lyttle
VP, Corporate Communications and Investor Relations
(614) 438-3077
Email Contact

Sonya L. Higginbotham
Director, Corporate Communications
(614) 438-7391
Email Contact

200 Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonIndustries.com

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