Worthington Industries Reports 17.8% Decrease in Revenue for FY2023 Q3.
March 25, 2023
On March 22 2023, Worthington Industries ($NYSE:WOR) reported their FY2023 Q3 earnings results, demonstrating a total revenue of USD 46.3 million, a decrease of 17.8% from the previous year. Net income was USD 1103.3 million, a 19.9% decrease year over year.
On Wednesday, Worthington Industries reported 17.8% decrease in revenue for their third quarter of the fiscal year 2023. This news caused the company’s stock to open at $54.6 and close at $53.1, down by 2.6% from its previous closing price of $54.5. The decreased revenue for Worthington Industries is a major concern for investors as it could have serious implications for the future of the company. Despite this setback, Worthington Industries has implemented a number of measures to mitigate the effects of the pandemic on their operations and financial results. These include cost-cutting initiatives, streamlined operations and improved efficiency in their manufacturing processes.
Additionally, the company is looking towards new growth opportunities to help offset their losses and secure a profitable future. Overall, Worthington Industries’ Q3 report represents a major setback in their financial performance, and it remains to be seen how they will recover from this tough period. With careful management and smart investments, however, there is still hope that the company can return to profitability in the near future. Live Quote…
About the Company
Below shows the total revenue, net income and net margin for Worthington Industries. More…
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Cash Flow Snapshot
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Balance Sheet Snapshot
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Key Ratios Snapshot
Some of the financial key ratios for Worthington Industries are shown below. More…
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GoodWhale took a look at the fundamentals of WORTHINGTON INDUSTRIES for analysis. According to our Star Chart, WORTHINGTON INDUSTRIES is strong in dividend, and medium in asset, growth, and profitability. As WORTHINGTON INDUSTRIES is classified as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability, it may be of interest to investors looking for a higher risk/higher reward opportunity. WORTHINGTON INDUSTRIES has a high health score of 9/10 with regard to its cashflows and debt, suggesting that it is capable of safely riding out any crisis without the risk of bankruptcy. Overall, WORTHINGTON INDUSTRIES is considered a relatively stable company with potential for growth. More…
Worthington Industries Inc is an American industrial company that manufactures pressure cylinders, automotive aftermarket, and engineered materials. The company was founded in 1955 and is headquartered in Columbus, Ohio. Worthington Industries operates through four segments: Pressure Cylinders, Automotive Aftermarket, Engineered Cylinders, and Cylinder Processing. The Pressure Cylinders segment offers high-pressure and low-pressure cylinders for transportation, propane, compressed natural gas, and industrial applications. The Automotive Aftermarket segment provides automotive service tools, equipment, and air compressors. The Engineered Cylinders segment offers welded steel cylinders for original equipment manufacturers and aftermarket customers. The Cylinder Processing segment provides metal processing services to the company’s cylinder manufacturing operations.
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Worthington Industries reported their Q3 2023 earnings on March 22nd with a total revenue of $46.3 million, a decrease of 17.8% compared to the same period last year. Net income was $1103.3 million, a decrease of 19.9%. Investors should consider the current environment, industry trends, and company performance when deciding whether to invest or divest in the company. The company has also increased its dividend payouts over the last several quarters, which may be another factor to consider for those looking to invest in Worthington Industries.
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