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OFFON

WORTHINGTON INDUSTRIES, INC.

(WOR)
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Worthington Reports Fourth Quarter Fiscal 2021 Results

06/23/2021 | 04:15pm EDT

COLUMBUS, Ohio, June 23, 2021 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $978.3 million and net earnings of $113.6 million, or $2.15 per diluted share, for its fiscal 2021 fourth quarter ended May 31, 2021. In the fourth quarter of fiscal 2020, the Company reported net sales of $611.6 million and net earnings of $16.2 million, or $0.29 per diluted share. Results in both the current and prior year quarters were impacted by certain unique items, as summarized in the table below.

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

  4Q 2021  4Q 2020 
  After-Tax  Per Share  After-Tax  Per Share 
Net earnings $113.6  $2.15  $16.2  $0.29 
Impairment and restructuring charges  10.9   0.20   11.0   0.20 
Incremental expenses related to Nikola gains  (1.1)  (0.02)  -   - 
Adjusted net earnings $123.4  $2.33  $27.2  $0.49 
                 

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

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

 4Q 2021  4Q 2020  12M 2021  12M 2020 
Net sales$978.3  $611.6  $3,171.4  $3,059.1 
Operating income 110.5   6.3   167.5   22.5 
Equity income 42.4   17.3   123.3   114.8 
Net earnings 113.6   16.2   723.8   78.8 
Earnings per diluted share$2.15  $0.29  $13.42  $1.41 

“We had an exceptional fiscal 2021 generating record fourth quarter and annual earnings per share,” said Andy Rose, President and CEO.  “While we benefitted from rising steel prices, we also saw robust demand across most of our businesses and joint ventures.  I am very pleased with the way our teams executed this past year coming out of the pandemic, and I want to thank all of our employees for their hard work and continuing commitment to making the Company better and growing earnings for our shareholders.”

Consolidated Quarterly Results

Net sales for the fourth quarter of fiscal 2021 were $978.3 million compared to $611.6 million, an increase of 60% over the comparable quarter in the prior year. The increase was driven by overall volume improvements in both Steel Processing and Pressure Cylinders and higher average direct selling prices in Steel Processing.
        
Gross margin increased $136.3 million over the prior year quarter to $226.1 million, primarily due to improved direct spreads in Steel Processing and the impact of higher overall volumes.

Operating income for the current quarter was $110.5 million, an increase of $104.1 million over the prior year quarter. The impact of higher gross margin was partially offset by higher SG&A expense, which was up $32.1 million, mostly due to higher profit sharing and bonus expense resulting from the significant increase in earnings.

Interest expense was $7.7 million in the current quarter, compared to $7.5 million in the prior year quarter. The increase was due primarily to higher average debt levels.

Equity income from unconsolidated joint ventures increased $25.1 million over the prior year quarter to $42.4 million on higher contributions from all joint ventures. The Company received cash distributions of $25.5 million from unconsolidated joint ventures during the quarter.

Income tax expense was $27.4 million in the current quarter compared to $5.8 million in the prior year quarter. The increase was driven by higher pre-tax earnings, partially offset by a discrete tax benefit realized in connection with the sale of the Company’s liquified petroleum gas (LPG) fuel storage business in Poland.   Tax expense in the current quarter reflects an annual effective rate of 19.6% compared to 25.1% for the prior year.

Balance Sheet

At quarter-end, total debt of $710.5 million was relatively consistent with debt at February 28, 2021, and the Company had $640.3 million of cash.

Quarterly Segment Results

Steel Processing’s net sales totaled $655.2 million, up 100%, or $327.0 million, over the comparable prior year quarter when COVID-19 related shutdowns significantly reduced demand. The increase in net sales was driven by higher average direct selling prices and higher volume. Operating income of $94.3 million was $96.1 million higher than the loss in the prior year quarter on improved direct spreads and the impact of higher volume. Direct spreads benefited from significant inventory holding gains, estimated to be $50.5 million in the current quarter compared to $0.6 million in the prior year quarter. The mix of direct versus toll tons processed was 48% to 52% in the current quarter, compared to 45% to 55% in the prior year quarter.

Pressure Cylinders’ net sales totaled $323.1 million, up 14%, or $40.2 million, over the comparable prior year quarter due to higher volumes in both the consumer and industrial products businesses. Operating income of $13.0 million was $0.5 million less than the prior year quarter. Excluding impairment and restructuring charges, operating income was up $9.3 million over the prior year quarter to $31.1 million, driven by higher volumes combined with the impact of divestitures of underperforming businesses completed earlier in the fiscal year.  

Recent Developments

  • On March 12, 2021, the Company sold its Structural Composites Industries, LLC business located in Pomona, California to Luxfer Holdings PLC. The Company received net proceeds of $19.1 million, resulting in a pre-tax loss of $7.2 million within restructuring and other expense.

  • On May 31, 2021, the Company sold its LPG fuel storage business, located in Poland, to Westport Fuel Systems, Inc. The Company received total consideration of approximately $6.0 million, resulting in a pre-tax loss of $11.0 million within restructuring and other expense.
  • During the fourth quarter of fiscal 2021, the Company repurchased a total of 700,000 of its common shares for $46.8 million, at an average purchase price of $66.86.
  • On June 8, 2021, the Company acquired certain assets of Shiloh Industries U.S. BlankLight® business, a provider of laser welded solutions, for approximately $105.0 million, subject to closing adjustments. The acquisition includes three facilities that will expand the capacity and capabilities of TWB’s laser welded products business and an additional blanking facility that will support the Company’s core steel processing operations.

  • On June 9, 2021, the Company’s consolidated joint venture, WSP, sold the remaining assets of its Canton, Mich., facility for approximately $20.0 million. The Company expects to record a gain of approximately $12.0 million in the first quarter of fiscal 2022 related to the divestiture. WSP continues to operate locations in Jackson and Taylor, Mich.

  • On June 10, 2021, the Company announced that its Pressure Cylinders segment was being divided into three new reporting segments: Consumer Products, Building Products and Sustainable Energy Solutions, effective at the start of fiscal year 2022. The three new reporting segments are in addition to the Company’s Steel Processing segment.

  • On June 23, 2021, Worthington’s Board of Directors declared a quarterly dividend of $0.28 per share payable on September 29, 2021 to shareholders of record on September 15, 2021.

Outlook

“As we enter our new fiscal year, demand levels and backlogs are quite good across our key end markets. Going forward, we expect results will be positively impacted by our recent acquisitions and actions we have taken to divest underperforming assets,” said Rose.  “Our businesses have solid growth strategies, underpinned by innovation, transformation and M&A, and our new reporting segments will allow our teams to reshape these businesses around larger, more attractive end markets.”

Conference Call

Worthington will review fiscal 2021 fourth quarter results during its quarterly conference call on June 24, 2021, at 9:30 a.m., Eastern Time. Details regarding the conference call can be found on the Company website at www.WorthingtonIndustries.com.

About Worthington Industries

Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America’s premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations. The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.

Headquartered in Columbus, Ohio, Worthington operates 53 facilities in 15 states and seven countries, sells into over 90 countries and employs approximately 8,000 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities.

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 the ever-changing effects of the novel coronavirus (“COVID-19”) pandemic – and the various responses of governmental and nongovernmental authorities thereto (such as fiscal stimulus packages, quarantines, shut downs and other restrictions on travel and commercial, social or other activities) on economies (local, national and international) and markets, and on our customers, counterparties, employees and third-party service providers; future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from Transformation and innovation efforts; the ability to improve performance and competitive position at the Company’s operations; anticipated working capital needs, 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; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to 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 generating 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 risks, uncertainties and impacts related to the COVID-19 pandemic – the duration, extent and severity of which are impossible to predict, including the possibility of future resurgence in the spread of COVID-19 or variants thereof – and the availability and effectiveness of vaccines, and other actual or potential public health emergencies and actions taken by governmental authorities or others in connection therewith; the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19, the actions taken in connection therewith and the implementation of related fiscal stimulus packages; the effect of conditions in national and worldwide financial markets and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company’s products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices ; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company’s products; fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities and other items required by operations; the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; 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 the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize 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 in which the Company participates 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, interruption in utility services, civil unrest, international conflicts, 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 exchange rate exposure and the acceptance of the Company’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company’s markets; the impact of environmental laws and regulations or other actions of the environmental protection agency or similar regulators which increase costs or limit the ability to use or sell certain products; 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 Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, the Dodd-Frank Wall Street Reform and the Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase the Company’s healthcare and other costs and negatively impact the Company’s operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; 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 the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2020.

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

 Three Months Ended  Twelve Months Ended 
 May 31,
2021
  May 31,
2020
  May 31,
2021
  May 31,
2020
 
Net sales$978,319  $611,627  $3,171,429  $3,059,119 
Cost of goods sold 752,171   521,737   2,532,351   2,615,782 
Gross margin 226,148   89,890   639,078   443,337 
Selling, general and administrative expense 99,925   67,816   351,145   328,110 
Impairment of goodwill and long-lived assets -   7,462   13,739   82,690 
Restructuring and other expense, net 18,441   8,267   56,097   10,048 
Incremental expenses related to Nikola gains (2,676)  -   50,624   - 
Operating income 110,458   6,345   167,473   22,489 
Other income (expense):               
Miscellaneous income, net 797   783   2,163   9,099 
Interest expense (7,650)  (7,459)  (30,346)  (31,616)
Equity in net income of unconsolidated affiliates 42,386   17,256   123,325   114,848 
Gains on investment in Nikola -   -   655,102   - 
Loss on extinguishment of debt -   -   -   (4,034)
Earnings before income taxes 145,991   16,925   917,717   110,786 
Income tax expense 27,449   5,836   176,267   26,342 
Net earnings 118,542   11,089   741,450   84,444 
Net earnings (loss) attributable to noncontrolling interests 4,987   (5,086)  17,655   5,648 
Net earnings attributable to controlling interest$113,555  $16,175  $723,795  $78,796 
                
Basic               
Average common shares outstanding 51,587   54,604   52,701   54,958 
Earnings per share attributable to controlling interest$2.20  $0.30  $13.73  $1.43 
                
Diluted               
Average common shares outstanding 52,862   55,206   53,917   55,983 
Earnings per share attributable to controlling interest$2.15  $0.29  $13.42  $1.41 
                
                
Common shares outstanding at end of period 51,330   54,616   51,330   54,616 
                
Cash dividends declared per share$0.28  $0.24  $1.03  $0.96 

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

 May 31,  May 31, 
 2021  2020 
Assets       
Current assets:       
Cash and cash equivalents$640,311  $147,198 
Receivables, less allowances of $608 and $1,521 at May 31, 2021       
and May 31, 2020, respectively 639,964   341,038 
Inventories:       
Raw materials 266,208   234,629 
Work in process 183,413   76,497 
Finished products 115,133   93,975 
Total inventories 564,754   405,101 
Income taxes receivable 1,958   8,376 
Assets held for sale 51,956   12,928 
Prepaid expenses and other current assets 69,049   68,538 
Total current assets 1,967,992   983,179 
Investments in unconsolidated affiliates 233,126   203,329 
Operating lease assets 35,101   31,557 
Goodwill 351,056   321,434 
Other intangible assets, net of accumulated amortization of $80,513 and       
$92,774 at May 31, 2021 and May 31, 2020, respectively 240,387   184,416 
Other assets 30,566   34,956 
Property, plant and equipment:       
Land 21,744   24,197 
Buildings and improvements 271,196   302,796 
Machinery and equipment 1,046,065   1,055,139 
Construction in progress 53,903   52,231 
Total property, plant and equipment 1,392,908   1,434,363 
Less: accumulated depreciation 877,891   861,719 
Total property, plant and equipment, net 515,017   572,644 
Total assets$3,373,245  $2,331,515 
        
Liabilities and equity       
Current liabilities:       
Accounts payable$567,392  $247,017 
Accrued compensation, contributions to employee benefit plans and       
related taxes 137,698   64,650 
Dividends payable 16,536   14,648 
Other accrued items 52,250   49,974 
Current operating lease liabilities 9,947   10,851 
Income taxes payable 3,620   949 
Current maturities of long-term debt 458   149 
Total current liabilities 787,901   388,238 
Other liabilities 82,824   75,786 
Distributions in excess of investment in unconsolidated affiliate 99,669   103,837 
Long-term debt 710,031   699,516 
Noncurrent operating lease liabilities 27,374   25,763 
Deferred income taxes, net 113,751   71,942 
Total liabilities 1,821,550   1,365,082 
Shareholders' equity - controlling interest 1,398,193   820,821 
Noncontrolling interests 153,502   145,612 
Total equity 1,551,695   966,433 
Total liabilities and equity$3,373,245  $2,331,515 
        

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

 Three Months Ended  Twelve Months Ended 
 May 31,
2021
  May 31,
2020
  May 31,
2021
  May 31,
2020
 
Operating activities:               
Net earnings$118,542  $11,089  $741,450  $84,444 
Adjustments to reconcile net earnings to net cash provided by operating activities:               
Depreciation and amortization 21,990   23,125   87,654   92,678 
Impairment of goodwill and long-lived assets -   7,462   13,739   82,690 
Provision for (benefit from) deferred income taxes (4,304)  352   4,822   (1,309)
Bad debt (income) expense (95)  (4)  (255)  580 
Equity in net income of unconsolidated affiliates, net of distributions (16,881)  27,377   (32,318)  8,106 
Net (gain) loss on sale of assets 18,293   180   53,607   (5,057)
Stock-based compensation 4,692   1,883   19,129   11,883 
Gains on investment in Nikola -   -   (655,102)  - 
Charitable contribution of Nikola shares -   -   20,653   - 
Loss on extinguishment of debt -   -   -   4,034 
Changes in assets and liabilities, net of impact of acquisitions:               
Receivables (112,535)  131,708   (223,254)  147,225 
Inventories (163,149)  (28,781)  (169,740)  62,126 
Accounts payable 157,593   (114,337)  315,222   (142,684)
Accrued compensation and employee benefits 27,134   10,862   75,725   (11,878)
Income taxes payable (33,896)  525   2,671   (215)
Other operating items, net 22,923   9,435   20,376   4,103 
Net cash provided by operating activities 40,307   80,876   274,379   336,726 
                
Investing activities:               
Investment in property, plant and equipment (16,857)  (23,729)  (82,178)  (95,503)
Proceeds from sale of Nikola shares -   -   634,449   - 
Acquisitions, net of cash acquired 203   (965)  (129,615)  (30,748)
Proceeds from sale of assets 25,259   718   45,854   10,036 
Net cash provided (used) by investing activities 8,605   (23,976)  468,510   (116,215)
                
Financing activities:               
Proceeds from long-term debt, net of issuance costs -   -   -   101,464 
Principal payments on long-term obligations and debt redemption costs (330)  (102)  (622)  (154,913)
Proceeds from issuance of common shares, net of tax withholdings 4,872   82   6,581   (6,513)
Payments to noncontrolling interests (2,880)  -   (10,690)  (1,453)
Repurchase of common shares (46,804)  -   (192,054)  (50,972)
Dividends paid (12,964)  (13,112)  (52,991)  (53,289)
Net cash used by financing activities (58,106)  (13,132)  (249,776)  (165,676)
                
Increase (decrease) in cash and cash equivalents (9,194)  43,768   493,113   54,835 
Cash and cash equivalents at beginning of period 649,505   103,430   147,198   92,363 
Cash and cash equivalents at end of period$640,311  $147,198  $640,311  $147,198 
                

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  Twelve Months Ended 
 May 31,
2021
  May 31,
2020
  May 31,
2021
  May 31,
2020
 
Volume:               
Steel Processing (tons) 1,099,477   795,161   4,066,773   3,830,675 
Pressure Cylinders (units) 25,161,866   23,346,466   86,769,147   82,519,829 
                
Net sales:               
Steel Processing$655,177  $328,222  $2,059,397  $1,859,670 
Pressure Cylinders 323,142   282,898   1,110,973   1,148,424 
Other -   507   1,059   51,025 
Total net sales$978,319  $611,627  $3,171,429  $3,059,119 
                
Material cost:               
Steel Processing$427,048  $230,076  $1,360,089  $1,339,898 
Pressure Cylinders 138,130   123,639   465,917   496,906 
                
Selling, general and administrative expense:               
Steel Processing$48,682  $27,664  $165,382  $136,664 
Pressure Cylinders 52,095   40,090   186,398   180,721 
                
Operating income (loss):               
Steel Processing$94,333  $(1,797) $208,648  $40,564 
Pressure Cylinders 12,970   13,498   9,276   38,903 
Other (529)  (6,133)  (1,499)  (54,968)
Segment operating income 106,774   5,568   216,425   24,499 
Unallocated corporate and other 1,008   777   1,672   (2,010)
Incremental expenses related to Nikola gains 2,676   -   (50,624)  - 
Total operating income$110,458  $6,345  $167,473  $22,489 
                
Equity income (loss) by unconsolidated affiliate:               
WAVE$24,460  $15,334  $78,869  $101,063 
ClarkDietrich 8,365   3,309   24,578   17,225 
Serviacero Worthington 8,571   (1,029)  15,965   1,325 
ArtiFlex 1,596   (297)  4,475   2,731 
Other (606)  (61)  (562)  (7,496)
Total equity income$42,386  $17,256  $123,325  $114,848 
                

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  Twelve Months Ended 
 May 31,
2021
  May 31,
2020
  May 31,
2021
  May 31,
2020
 
Volume (units):               
Consumer products 20,646,812   18,926,216   71,399,889   68,596,103 
Industrial products 4,515,054   4,419,990   15,368,823   13,921,973 
Oil & gas equipment -   260   435   1,753 
Total Pressure Cylinders 25,161,866   23,346,466   86,769,147   82,519,829 
                
Net sales:               
Consumer products$162,723  $125,188  $537,930  $485,990 
Industrial products 160,419   138,549   552,093   550,543 
Oil & gas equipment -   19,161   20,950   111,891 
Total Pressure Cylinders$323,142  $282,898  $1,110,973  $1,148,424 
                
  
The following provides detail of impairment of goodwill and long-lived assets and restructuring and other expense, net included in operating income by segment. 
  
 Three Months Ended  Twelve Months Ended 
 May 31,
2021
  May 31,
2020
  May 31,
2021
  May 31,
2020
 
Impairment of goodwill and long-lived assets:               
Steel Processing$-  $565  $-  $1,839 
Pressure Cylinders -   3,800   13,739   37,153 
Other -   3,097   -   43,698 
Total impairment of goodwill and long-lived assets$-  $7,462  $13,739  $82,690 
                
Restructuring and other expense, net:               
Steel Processing$79  $2,799  $1,883  $3,501 
Pressure Cylinders 18,149   4,535   54,155   5,282 
Other 213   933   59   1,265 
Total restructuring and other expense, net$18,441  $8,267  $56,097  $10,048 
                

WORTHINGTON INDUSTRIES, INC.
NON-GAAP FINANCIAL MEASURES
(In thousands, except per share amounts)

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (GAAP). The Company also presents adjusted earnings per diluted share and adjusted operating income to assist in the understanding of its results of operations. 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 Company’s core operations.

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

 Three Months Ended May 31, 2021 
 Operating
Income
  Earnings
Before
Income
Taxes
  Income
Tax
Expense
(Benefit)
  Net Earnings
Attributable to
Controlling
Interest
1
  Earnings
per
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 
 Operating
Income
  Earnings
Before
Income
Taxes
  Income
Tax
Expense
(Benefit)
  Net Earnings
Attributable to
Controlling
Interest
1
  Earnings
per
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 interest.                   

The following provides a reconciliation of adjusted operating income to the most comparable GAAP measure for the Company’s Pressure Cylinders segment for the periods presented.

 Three Months Ended 
 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 
        

Contacts:
SONYA L. HIGGINBOTHAM
VP, CORPORATE COMMUNICATIONS
AND BRAND MANAGEMENT
614.438.7391 | sonya.higginbotham@worthingtonindustries.com 

MARCUS A. ROGIER
TREASURER AND INVESTOR RELATIONS OFFICER
614.840.4663 | marcus.rogier@worthingtonindustries.com 

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


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Financials (USD)
Sales 2021 3 171 M - -
Net income 2021 695 M - -
Net Debt 2021 73,0 M - -
P/E ratio 2021 4,99x
Yield 2021 1,59%
Capitalization 3 321 M 3 321 M -
EV / Sales 2021 1,07x
EV / Sales 2022 0,97x
Nbr of Employees 8 000
Free-Float 66,0%
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Mean consensus HOLD
Number of Analysts 2
Last Close Price 64,70 $
Average target price 68,00 $
Spread / Average Target 5,10%
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Managers and Directors
B. Andrew Rose President & Chief Executive Officer
Joseph B. Hayek Chief Financial Officer & Vice President
John P. McConnell Chairman
Matthew K. Schlabig Chief Information Officer
Geoffrey G. Gilmore Chief Operating Officer & Executive Vice President
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