Worthington Industries, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended May 31, 2017; Provides Tax Rate Guidance for the Fiscal Year 2018
June 28, 2017 at 10:49 pm
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Worthington Industries, Inc. reported earnings results for the fourth quarter and full year ended May 31, 2017. For the quarter, the company reported earnings of $0.87 per share, compared with the prior-year period's $0.92 per share. Revenue was $845.3 million, up from $714.7 million in the same quarter last year. The company finished the fiscal year strong with quarterly earnings adjusted for restructuring and nonrecurring gains of $0.87 per share, up $0.01 a share from the prior year quarter.
For the year, the company achieved record earnings per share of $3.22 adjusted for restructuring and nonrecurring items, an increase of $0.74 or 30%. EBITDA was $407 million. Cash from operations was $81 million for the quarter. The company spent $16 million on capital projects. Free cash flow was $267 million.
For the fiscal year 2018, the company is assuming 31% effective annual tax rate.
Worthington Enterprises Inc. is a designer and manufacturer of brands that enable people to live safer, healthier and more expressive lives. The Company operates through three businesses: building products, consumer products and sustainable energy solutions. The comprehensive portfolio of building products includes heating and cooling solutions, specialized construction products, water systems, ceiling solutions, and metal framing options. The consumer products include tools, outdoor living and celebrations categories sold under brand names Balloon Time, Bernzomatic, Coleman, Garden-Weasel, General, HALO, Hawkeye, Level5 Tools, Mag Torch, Pactool International and Well-X-Trol. The sustainable energy solutions offer on-board fueling systems and services, as well as gas containment solutions and services for the storage, transport, and distribution of industrial gases, supporting the growing hydrogen ecosystem and adjacent sustainable energies like compressed natural gas.
Worthington Industries, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended May 31, 2017; Provides Tax Rate Guidance for the Fiscal Year 2018