Worthington Industries (WOR) Financials

Worthington Industries Inc (WOR) is a leading diversified metals manufacturing company headquartered in Columbus, Ohio. The company operates through three segments: Steel Processing, Pressure Cylinders, and Engineered Cabs. Worthington Industries provides a wide range of products and services to various industries worldwide, including automotive, construction, agriculture, energy, and transportation.

In terms of its financial performance, Worthington Industries has consistently achieved strong results. For the fiscal year ended May 31, 2021, the company reported total revenue of $3.14 billion, reflecting a 20% increase compared to the previous year. This growth was primarily driven by higher volumes and improved pricing. Gross profit for the year was $452.6 million, with a gross margin of 14.4%.

Worthington Industries' operating income, as measured by EBIT (earnings before interest and taxes), reached $302.7 million, representing an operating margin of 9.6%. EBITDA (earnings before interest, taxes, depreciation, and amortization), a key measure of the company's operating performance, stood at $353.4 million for the year. This demonstrates Worthington Industries' ability to generate profitability and efficiently manage its operating expenses.

Net income attributable to stockholders for the year was $186.2 million, or $3.38 per diluted share. This compares to a net income of $159.2 million, or $2.78 per diluted share, in the previous fiscal year. The increase in net income can be attributed to the company's strong revenue growth and effective cost management. Worthington Industries has consistently delivered solid financial results, which is a testament to its sound business strategies and strong execution.

Turning to Worthington Industries' balance sheet, the company maintains a healthy financial position. As of May 31, 2021, cash equivalents and short-term investments totaled $166.9 million, providing the company with liquidity and financial flexibility. Worthington Industries' total assets amounted to $2.64 billion, with stockholders' equity of $1.11 billion. The company's net debt, which is calculated by subtracting cash and cash equivalents from total debt, stood at $449.7 million.

Worthington Industries has a disciplined approach to managing its capital structure and maintaining a conservative level of leverage. The company's total debt as of May 31, 2021, was $616.6 million, while total liabilities amounted to $1.53 billion. Worthington Industries' strong balance sheet and prudent financial management provide a solid foundation for future growth and investment opportunities.

In terms of cash flow, Worthington Industries has consistently generated strong operating cash flows, which enable the company to invest in its business, pursue strategic initiatives, and return value to shareholders. For the fiscal year ended May 31, 2021, Worthington Industries generated operating cash flow of $247.6 million. The company also has a positive free cash flow of $171.9 million, reflecting its ability to generate cash after capital expenditures.

Worthington Industries' focus on free cash flow generation enables the company to allocate capital efficiently, pursue growth opportunities, and return value to shareholders through dividends and share repurchases. The company's financing cash flow, which includes activities such as debt issuances and repayments, amounted to $29.5 million for the fiscal year.

Lastly, Worthington Industries' investing cash flow, which includes activities such as capital expenditures and acquisitions, was $98.3 million for the fiscal year ended May 31, 2021. This demonstrates the company's commitment to investing in its business and expanding its capabilities through strategic initiatives and acquisitions.

In conclusion, Worthington Industries Inc (WOR) has a strong financial performance and a solid balance sheet, enabling the company to drive growth and create value for its shareholders. With its diversified product portfolio, strong customer relationships, and disciplined financial management, Worthington Industries is well-positioned for continued success in the metals manufacturing industry.