WORTHINGTON INDUSTRIES, INC. (NYSE:WOR) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
Item 7.01. Regulation FD Disclosure.
The following information is furnished to both Item 2.02 and Item 7.01:
On March 20, 2019, Worthington Industries, Inc. (the “Registrant”) issued a news release reporting results for the three-month period and the nine-month period ended February 28, 2019. A copy of the news release (the “Release”) is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 8.01. Other Events.
In February 2019, our Structural Composites Industries, LLC subsidiary (“SCI”) agreed to participate in a field replacement program for specific design sizes of its composite hydrogen fuel tanks, which are integrated into a customer’s hydrogen fuel cells used to fuel material handling equipment, primarily rider pallet jacks in warehouses. The tanks being replaced were sold mainly between 2012 and 2015, and were designed to meet specified ISO-standards. These tanks successfully passed a number of ISO-certification tests; however, because it was mistakenly determined these tanks would qualify as a “child” of a similar fully-tested tank, not all tests for full standalone ISO-certification were completed. Since the identical carbon fiber used to manufacture most of these tanks is no longer commercially available, SCI cannot build new units to retroactively complete this testing.
In connection with this matter, a $13 million charge has been recorded in cost of goods sold to reflect the estimated cost of replacing these tanks, negatively impacting consolidated operating income for the three and nine month periods ended February 28, 2019. The replacement program is underway and is expected to take approximately six months to complete. The actual cost incurred by the Company related to this matter may vary from the initial estimate, and will depend on several factors.
Item 9.01. Financial Statements and Exhibits.
(a) – (c) Not applicable.
(d) Exhibits: The following exhibit is included with this Current Report on Form 8-K:
|99.1||Press Release dated March 20, 2019|
WORTHINGTON INDUSTRIES INC Exhibit
EX-99.1 2 exh_991.htm PRESS RELEASE EdgarFilingEXHIBIT 99.1 Worthington Reports Third Quarter Fiscal 2019 Results COLUMBUS,…
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About WORTHINGTON INDUSTRIES, INC. (NYSE:WOR)
Worthington Industries, Inc. is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, and oil and gas equipment along with various accessories and related products for end use market applications. The Engineered Cabs is a non-captive designer and manufacturer of custom-engineered open and enclosed cabs and operator stations and custom fabrications for heavy mobile equipment used in the agricultural, construction, forestry, mining and military industries. The Other segment includes Construction Services and Worthington Energy Innovations.