Worthington Industries (NYSE:WOR) shares are trading higher after the company reported better-than-expected fourth quarter earnings per share and sales results.
Worthington Industries, Inc. today reported net sales of $1.5 billion and net earnings of $80.3 million, or $1.61 per diluted share, for its fiscal 2022 fourth quarter. In the fourth quarter of fiscal 2021, the company reported net sales of $978.3 million and net earnings of $113.6 million, or $2.15 per diluted share.
The Board of Directors also declared a quarterly dividend of $0.31 per share, an increase of $0.03 per share from the prior quarter.
Andy Rose, President and CEO, said "Steel Processing was negatively impacted by inventory holding losses in the fourth quarter but our Building Products and Consumer Products segments both continued to perform exceptionally well, as our investments in new product development and production capacity are positively impacting our results.”
Worthington Industries Inc is an American diversified metals manufacturing company, focused on value-added steel processing and manufactured metal products.
The stock was trading about 7.76% higher at $43.54 per share on Thursday at the time of publication.
