Wednesday, manufactured metal products company Worthington Industries, Inc. (WOR), announced a slip to loss in the fourth quarter, hurt by a 46% drop in revenues that reflected declines across all segments, pre-tax inventory write-down and restructuring charges.
The Columbus, Ohio-based company recorded a fourth quarter net loss of $13.7 million or $0.17 per share, compared to a profit of $53.9 million or $0.68 per share in the prior year period.
Quarterly results included a negative impact of $6.3 million in pre-tax inventory write-down and $6.0 million of pre-tax restructuring charges, for a net negative impact of $0.15 on earnings per share. Prior year's quarterly results included $4.9 million in pre-tax restructuring charges that negatively impacted earnings per share by $0.04.
On average, three analysts polled by Thomson Reuters expected the company to earn $0.03 per share. Analysts' estimates typically exclude one-time charges and gains.
Net sales for the quarter plunged to $471.6 million from $868.9 million in the year-ago quarter. Analysts had a revenue consensus of $477.43 million for the quarter.
Segment wise, steel processing segment's quarterly net sales plunged 57% to $179.10 million from $412.72 million in the same quarter last year, due to sharply lower volumes. Net sales in the metal framing segment decreased 51% to $110.53 million from $225.51 million in the year-ago quarter, due to a precipitous drop in demand due to weakness in the commercial construction market, while pressure cylinders segment net sales dropped 24% to $129.04 million from $170.71 million in the prior-year quarter.
Operating loss for the quarter was $19.24 million, compared to operating profit of $56.50 million in the corresponding quarter last year.
For the full year, the company posted a net loss of $108.21 million or $1.37 per share, compared to net earnings of $107.10 million or $1.31 per share last year. Net sales for the fiscal year 2009 declined to $2.63 billion from $3.10 billion last year.
During the fiscal year 2009, Worthington initiated several actions including closure of its Louisville, Kentucky steel processing facility, closure of two metal framing facilities and the idling of two others. Other actions included employee headcount reduction in core business by over 1,200 or nearly 20%, reduction of salaries for the first quarter of fiscal 2010 ranging from 3% to 20%, and 25% for the Chief Executive Officer and Implementation of a hiring freeze, reduced hourly work schedules, and suspension of merit pay increases and the 401K match.
WOR closed Tuesday's trading at $12.02 on the NYSE.
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