WORTHINGTON INDUSTRIES, INC. (NYSE:WOR) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
conducted a conference call on December 20, 2016, beginning at
approximately 2:30 p.m., Eastern Standard Time, to discuss the
Registrants unaudited financial results for the second quarter of
fiscal 2017 (the fiscal quarter ended November 30, 2016).
Additionally, the Registrants management addressed certain issues
related to the outlook for the Registrant and its subsidiaries
and their markets for the coming months. A copy of the transcript
of the conference call is furnished as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by
reference.
furnished with this Current Report on Form 8-K, is being
furnished to Item 2.02 and shall not be deemed filed for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liabilities of
that Section, unless the Registrant specifically states that the
information is to be considered filed under the Exchange Act or
incorporates the information by reference into a filing under the
Securities Act of 1933, as amended (the Securities Act), or the
Exchange Act.
per share adjusted for restructuring. This represents a non-GAAP
financial measure and is used by management as a measure of
operating performance. Earnings per share adjusted for
restructuring is calculated by adding restructuring and other
expense (after-tax) to net earnings attributable to controlling
interest, and dividing the result by the average diluted common
shares for the period. The difference between the GAAP-based
financial measure of diluted earnings per share attributable to
controlling interest of $0.72 and the non-GAAP financial measure
of diluted earnings per share adjusted for restructuring of $0.75
for the fiscal quarter ended November 30, 2016, as mentioned in
the conference call, is outlined below.
|
Diluted earnings per share attributable to controlling
interest |
$
|
0.72
|
||
|
Restructuring and other expense
|
0.03
|
|||
|
Adjusted diluted EPS attributable to controlling interest
|
$
|
0.75
|
excluding restructuring for the Companys Pressure Cylinders,
Steel Processing and Engineered Cabs operating segments. This
represents a non-GAAP financial measure and is used by management
as a measure of operating performance. Operating income excluding
restructuring is calculated by adding restructuring and other
expense to operating income. The difference between the
GAAP-based measure of operating income and the non-GAAP financial
measure of operating income excluding restructuring for the
fiscal quarter ended November 30, 2016, as mentioned in the
conference call, is outlined below for the Companys Pressure
Cylinders, Steel Processing and Engineered Cabs operating
segments (in thousands).
|
Pressure
|
Steel
|
Engineered
|
||||||||||
|
Cylinders
|
Processing
|
Cabs
|
||||||||||
|
Operating income (loss)
|
$
|
11,304
|
$
|
35,448
|
$
|
(3,381
|
)
|
|||||
|
Restructuring and other expense
|
1,963
|
1,004
|
||||||||||
|
Operating income (loss) excluding restructuring
|
$
|
13,267
|
$
|
35,766
|
$
|
(2,377
|
)
|
|
Exhibit No.
|
Description
|
|
99.1
|
Transcript of Worthington Industries, Inc. Earnings
Conference Call for Second Quarter of Fiscal 2017 (Fiscal Quarter ended November 30, 2016), held on December 20, 2016 |
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. WORTHINGTON INDUSTRIES, INC. (NYSE:WOR) Recent Trading Information
WORTHINGTON INDUSTRIES, INC. (NYSE:WOR) closed its last trading session 00.00 at 49.15 with 575,325 shares trading hands.