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Worthington Industries Inc., Columbus, Ohio, reported net sales of $731.1 million in the company’s second quarter, a decline of 11.7 percent from the same quarter in 2019. First-half net sales of $1.4 billion were down 14.8 percent from the prior year.
The company reported a loss of $74 million in the quarter, compared with net earnings of $52.1 million in the year-ago quarter.
“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 and CEO Andy Rose. “Steel Processing delivered strong year-over-year earnings growth, aided by stable automotive and construction demand and improving agricultural demand.
Steel Processing’s net sales totaled $468.7 million, down 9 percent from the comparable prior year quarter driven by lower average selling prices. Operating income of $37.8 million was $20.7 million higher than the prior-year quarter as the impact of lower average selling prices was more than offset by lower conversion costs, improved spreads and the lack of inventory holding losses.
The company’s mix of direct versus toll tons processed was 48 to 52 percent in the current quarter, compared to 49 to 51 percent in the prior-year quarter.
“We are optimistic that demand for our key end markets will remain steady,” Rose said. “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.”
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