Worthington Steel, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended February 29, 2024
March 21, 2024 at 04:10 pm EDT
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Worthington Steel, Inc. reported earnings results for the third quarter and nine months ended February 29, 2024. For the third quarter, the company reported sales was USD 805.8 million compared to USD 780.7 million a year ago. Net income was USD 49 million compared to USD 5.4 million a year ago. Basic earnings per share from continuing operations was USD 0.99 compared to USD 0.11 a year ago. Diluted earnings per share from continuing operations was USD 0.98 compared to USD 0.11 a year ago.
For the nine months, sales was USD 2,519.6 million compared to USD 2,723.7 million a year ago. Net income was USD 101.5 million compared to USD 19.8 million a year ago. Basic earnings per share from continuing operations was USD 2.06 compared to USD 0.4 a year ago. Diluted earnings per share from continuing operations was USD 2.05 compared to USD 0.4 a year ago.
Worthington Steel, Inc. is a steel processor and producer of electrical steel laminations and automotive lightweighting solutions. It is engaged in processing and selling flat-rolled steel coils. Its product lines and processing capabilities include carbon flat-roll steel processing, electrical steel laminations and tailor welded products. It performs a variety of value-added processes based on customer requirements including pickling, specialty re-rolling, hot dip galvanizing, and blanking. It manufactures precision magnetic steel laminations for the automotive (including applications for electrified vehicles), industrial motor, generator and transformer industries. Tailor Welded Products include Tailor Welded Blanks and Aluminum Tailor Welded Blanks. Tailor Welded Blanks are made from individual sheets of steel of different thickness, strength and coating which are joined together by laser welding. Aluminum Tailor Welded Blanks are processed using friction stir welding technology.
WORTHINGTON STEEL, INC. 
