Worthington Industries falls on lower Q1 profit

Worthington Industries

29/09/2022 15:50

** Shares of steel processor and metal products maker
Worthington Industries Inc  WOR.N  fall as much as 8% to more
than two-month low of $45.37
    ** Stock last down ~7%, on course for worst day since March
2022
    ** Q1 net income drops to $64.1 mln, or $1.30 per share,
from $132.5 mln, or $2.55, from a year earlier
    ** Company says Q1 gross margin decreased $50 mln from a
year-ago to $169.4 mln 
    ** However, Q1 net sales rose 27% to $1.41 bln 
    ** Separately, WOR announced that its board unanimously
approved a plan to pursue a separation of its Steel Processing
business into a new public company 
    ** Company plans to effect the separation via a distribution
of stock of the Steel Processing business and expects to
complete the separation by early 2024
    ** WOR adds planned separation will result in two
independent, publicly traded companies and the new Worthington
expects to continue to trade on New York Stock Exchange
    ** Stock has fallen ~15% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))