Worthington Industries, Inc. (NYSE:WOR) found its shares downward on first-quarter figures.
The Columbus-based company, a global diversified metals manufacturing concern, reported net sales of $855.9 million and a net loss of $4.8 million, or $(0.09) per share, for its fiscal 2020 first quarter ended August 31, 2019.
Results for the current quarter were negatively impacted by pre-tax impairment and restructuring charges of $45.3 million, of which $4.2 million was recorded in equity income. The after-tax impact of these items reduced earnings per share by $0.65.
Worthington also says results for the current quarter were negatively impacted by a $4.0 million charge related to the early extinguishment of debt and estimated inventory holding losses in Steel Processing of $8.4 million, which reduced earnings per share by an additional $0.06 and $0.11, respectively.
The impact of these items was partially offset by a pre-tax benefit of $12.8 million, or $0.17 per share, related to the early termination of a customer take-or-pay contract in Pressure Cylinders, which accelerated the recognition of the related future earnings into the current quarter.
In the first quarter of fiscal 2019, WOR reported net sales of $988.1 million and net earnings of $54.9 million, or $0.91 per share. Net earnings in the first quarter of fiscal 2019 were negatively impacted by pre-tax impairment and restructuring charges totaling $1.4 million, which reduced earnings per share by $0.01.
Inventory holding gains in the prior year quarter were estimated to be $14.0 million, which increased earnings by $0.17 per share.
Shares were hammered $1.81, or 4.9%, to $35.09
