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OFFON

WORTHINGTON INDUSTRIES, INC.

(WOR)
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WORTHINGTON INDUSTRIES INC : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)

06/29/2021 | 04:27pm EDT

Item 2.02. Results of Operations and Financial Condition.


Management of Worthington Industries, Inc. (the "Registrant") conducted a
conference call on June 24, 2021, beginning at approximately 9:30 a.m., Eastern
Daylight Time, to discuss the Registrant's unaudited financial results for the
fourth quarter of fiscal 2021 (the fiscal quarter ended May 31, 2021) and for
fiscal 2021 (the fiscal year ended May 31, 2021). Additionally, the Registrant's
management addressed certain issues related to the outlook for the Registrant
and its subsidiaries and their respective markets for the coming months. A copy
of the transcript of the conference call is furnished as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02 and in Exhibit 99.1 furnished with
this Current Report on Form 8-K, is being furnished pursuant to Item 2.02 and
shall not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to
the liabilities of that Section, unless the Registrant specifically states that
the information is to be considered "filed" under the Exchange Act or
incorporates the information by reference into a filing under the Securities Act
of 1933, as amended (the "Securities Act"), or the Exchange Act.

In the conference call, management referred to adjusted quarterly earnings per
share and adjusted operating income. These represent non-GAAP financial measures
and are used by management as measures of operating performance. In general,
these measures exclude impairment and restructuring charges, but may also
exclude other items that management does not believe reflect the Registrant's
core operations.

The following provides a reconciliation from the most comparable GAAP financial
measures to adjusted operating income and adjusted earnings per diluted share,
respectively, for the periods presented.



                                                       Three Months Ended May 31, 2021
                                                                                 Net Earnings
                                            Earnings         Income Tax         Attributable to
                           Operating      Before Income        Expense            Controlling         Earnings per
                             Income           Taxes           (Benefit)            Interest1          Diluted Share
GAAP                       $  110,458     $     145,991     $      27,449     $           113,555     $        2.15
Restructuring and other
expense, net                   18,441            18,441            (7,413 )                10,998              0.20
Incremental expenses
related to Nikola gains        (2,676 )          (2,676 )           1,544                  (1,132 )           (0.02 )
Non-GAAP                   $  126,223     $     161,756     $      33,318     $           123,421     $        2.33





                                                       Three Months Ended May 31, 2020
                                                                                 Net Earnings
                                            Earnings         Income Tax         Attributable to
                           Operating      Before Income        Expense            Controlling         Earnings per
                             Income           Taxes           (Benefit)            Interest1          Diluted Share
GAAP                       $    6,345     $      16,925     $       5,836     $            16,175     $        0.29
Impairment of long-lived
assets                          7,462             7,462            (1,865 )                 5,406              0.10
Restructuring and other
expense, net                    8,267             8,267            (2,134 )                 5,615              0.10
Non-GAAP                   $   22,074     $      32,654     $       9,835     $            27,196     $        0.49

                    Change $  104,149     $     129,102     $      23,483     $            96,225     $        1.84

1 Excludes the impact of the noncontrolling interests in the Registrant's consolidated joint ventures.

--------------------------------------------------------------------------------





The following provides a reconciliation from the most comparable GAAP financial
measure to adjusted operating income for the Registrant's Pressure Cylinders
segment for the periods presented. In addition, adjusted operating income as a
percentage of net sales, or operating margin, is also shown for each of the
periods presented.

                                                  Three Months Ended
(In thousands)                             May 31, 2021       May 31, 2020
Operating income                          $       12,970     $        13,498
Impairment of long-lived assets                        -               

3,800

Restructuring and other expense, net              18,149               

4,535

Adjusted operating income                 $       31,119     $        

21,833

Percent of net sales (also referred to
as operating margin)                                 9.6 %               

7.7 %


In the conference call, management referred to free cash flow for the fourth quarter
of fiscal 2021 and for the full fiscal year (twelve months) ended May 31, 2021. Free
cash flow is a non-GAAP financial measure that reflects the cash generated from
operations after investing in property, plant and equipment. Management believes this
measure reflects the discretionary cash generated by the Registrant's business
operations. The following provides a reconciliation from the most comparable GAAP
financial measures of net cash provided by operating activities to free cash flow for
the three-month and twelve-month periods ended May 31, 2021.


Item 9.01. Financial Statements and Exhibits.

(a) through (c): Not applicable.

(d) Exhibits:

The following exhibits are included with this Current Report on Form 8­K:

Exhibit No. Description


99.1            Transcript of Worthington Industries, Inc. Earnings 

Conference Call

              for Fourth Quarter and Fiscal Year Ended May 31, 2021, held on June 24,
              2021
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)

© Edgar Online, source Glimpses

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