Market Overview

Worthington Reports Fourth Quarter Fiscal 2020 Results

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COLUMBUS, Ohio, June 25, 2020 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE:WOR) today reported net sales of $611.6 million and net earnings of $16.2 million, or $0.29 per diluted share, for its fiscal 2020 fourth quarter ended May 31, 2020.  Net earnings in the quarter were adversely impacted due to COVID-19 related shutdowns, as discussed further below, and included net pre-tax restructuring and impairment charges of $15.7 million, which reduced earnings per diluted share by $0.20.  In the fourth quarter of fiscal 2019, the Company reported net sales of $938.8 million and net earnings of $37.7 million, or $0.66 per diluted share.  Net earnings in the fourth quarter of fiscal 2019 were negatively impacted by pre-tax impairment and restructuring charges of $8.5 million, including $4.0 million recorded in equity income, reducing earnings per diluted share by $0.11.  Estimated current quarter inventory holding gains in Steel Processing were approximately $0.01 per diluted share compared to estimated inventory holding losses of $0.11 per diluted share in the prior year quarter.

COVID-19 Update

In response to COVID-19, the Company formed an internal task force to closely monitor developments related to the outbreak and to establish and implement best practices in all Worthington facilities.  In order to protect the safety, health and well-being of employees, customers and suppliers, the Company has followed guidelines established by applicable authorities.  The Company has also restricted visitors, upgraded cleaning protocols, implemented remote work wherever possible, and instituted physical distancing measures.  The Company remains committed to its focus on employee safety while continuing to serve customer needs.

Demand was impacted by COVID-19 related shutdowns, and the Company took steps to size its workforce to better match the demand environment, implementing a combination of furloughs, designed to allow the Company to ramp up production when market conditions improve, and permanent workforce reductions.  As of June 25, over half of the furloughed employees have returned to work.  Worthington has taken additional cost-cutting measures which include reducing discretionary spending including travel, implementing a freeze on hiring, and deferring non-essential and non-growth-oriented capital investments.  

Financial highlights for the current and comparative periods are as follows:

(U.S. dollars in millions, except per share amounts)

  4Q 2020     4Q 2019     12M 2020     12M 2019
Net sales $ 611.6     $ 938.8     $ 3,059.1     $ 3,759.6
Operating income   6.3       32.0       22.5       144.8
Equity income   17.3       25.1       114.8       97.0
Net earnings   16.2       37.7       78.8       153.5
Earnings per diluted share $ 0.29     $ 0.66     $ 1.41     $ 2.61
                             






"This quarter we faced unprecedented challenges, as we and the entire economy were confronted by the Coronavirus and the related shutdowns and restrictions that were implemented," said John McConnell, Chairman and CEO.  "We have been focused on providing a safe working environment for our employees as they continue to serve our customers.  While our people and our results were impacted significantly by the shutdowns, I am proud of our team and how they have navigated through this period."

Consolidated Quarterly Results

Net sales for the fourth quarter of fiscal 2020 were $611.6 million, down 35% from the comparable quarter in the prior year, when net sales were $938.8 million. The decrease was driven by lower direct volume and lower average direct selling prices in Steel Processing combined with an unfavorable shift in product mix in the industrial products business in Pressure Cylinders.
                                                                         
Gross margin decreased $36.1 million from the prior year quarter to $89.9 million.  The decrease was driven by the reduced volume in Steel Processing, which was partially offset by the favorable impact of a slight inventory holding gain in the current quarter, compared to significant inventory holding losses in the prior year quarter, combined with the unfavorable shift in product mix in the industrial products business in Pressure Cylinders.

Operating income for the current quarter was $6.3 million, a decrease of $25.7 million from the prior year quarter.  The impact of lower gross margin was partially offset by lower SG&A expense, which was down $20.0 million, due primarily to lower profit sharing and bonus and lower overall corporate costs. Operating income was also adversely impacted by current quarter impairment and restructuring charges of $15.7 million, which were $9.6 million higher than the prior year quarter.

Interest expense was $7.5 million for the current quarter, compared to $9.5 million in the prior year quarter.  The decrease was due primarily to lower average debt levels and lower average interest rates resulting from the debt refinancing transactions completed earlier in the fiscal year.

Equity income from unconsolidated joint ventures decreased $7.9 million from the prior year quarter to $17.3 on lower contributions from all joint ventures.  The Company received cash distributions of $44.6 million from unconsolidated joint ventures during the quarter for a total of $123.0 million for fiscal 2020.

Income tax expense was $5.8 million in the current quarter compared to $9.2 million in the prior year quarter.  Tax expense in the current quarter reflects an annual effective rate of 25.1% compared to 22.0% for the prior year quarter.

Balance Sheet

At quarter-end, total debt was $699.7 million, up $0.9 million over February 29, 2019, and the Company had $147.2 million of cash on hand. 

Quarterly Segment Results

Steel Processing's net sales totaled $328.2 million, down 44%, or $256.2 million, from the comparable prior year quarter on lower direct volume and to a lesser extent lower average selling prices.  The operating loss of $1.8 million in the current quarter was $16.7 million unfavorable to the $14.9 million operating income reported in the prior year quarter on lower direct volume, partially offset by the favorable impact of a slight inventory holding gain in the current quarter compared to a significant inventory holding loss in the prior year quarter.  The mix of direct versus toll tons processed was 45% to 55% in the current quarter, compared to 55% to 45% in the prior year quarter.  The change in mix was driven primarily by the consolidation of the toll processing joint venture, Worthington Samuel Coil Processing, earlier in the fiscal year.

Pressure Cylinders' net sales totaled $282.9 million, down 12%, or $39.4 million, from the comparable prior year quarter.  The decline was due to lower volumes in the oil and gas equipment business and a shift in product mix in the industrial products business, partially offset by higher volume in the consumer products business.  Operating income of $13.5 million was $7.9 million less than the prior year quarter, $5.5 million of which was driven by higher combined impairment and restructuring charges.  The remaining decline was due to weakness in the industrial products business, primarily in Europe, partially offset by lower SG&A expense and a slight improvement in the consumer products business.

Recent Developments

  • During May 2020, the Company finalized plans to exit the two remaining facilities that were part of the former Engineered Cabs segment in Stow, Ohio and Greensburg, Ind.  In connection with these actions, the Company recorded impairment and restructuring charges totaling $4.0 million within the Other segment during the quarter.  

  • On June 3, 2020, Nikola Corporation ("NKLA") became a public company through a reverse merger into a subsidiary of VectoIQ Acquisition Corporation, a NASDAQ listed publicly traded company.  As previously disclosed, the Company owns 19,048,020 shares of NKLA.

  • On June 24, 2020, Worthington's Board of Directors declared a quarterly dividend of $0.25 per share payable on September 29, 2020 to shareholders of record on September 15, 2020, an increase of $0.01 per share.

  • On June 24, 2020, the Company announced that Andy Rose would become President and CEO effective Sept. 1, and that John McConnell will serve as Executive Chairman.

Outlook

"Yesterday, we announced our leadership succession plan, naming Andy Rose President and CEO effective Sept. 1.   At that time, I will assume the role of Executive Chairman" McConnell said.  "One of my recent priorities was to have a strong set of leaders in place to drive the company forward.  As we enter our 65th year in business, I am confident we have the right team, and we are well positioned to emerge from the current crisis as a stronger Company." 

Conference Call

Worthington will review fiscal 2020 fourth quarter results during its quarterly conference call on June 25, 2020, at 10:30 a.m., Eastern Time.  Details regarding the conference call can be found on the Company website at www.WorthingtonIndustries.com

About Worthington Industries 

Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America's premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations. The Company's brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch® and Well-X-Trol®. Worthington's WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions.

Headquartered in Columbus, Ohio, Worthington operates 56 facilities in 15 states and six countries, sells into over 90 countries and employs approximately 7,500 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities. 

Safe Harbor Statement

The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements by the Company relating to the impacts from the Novel Coronavirus (COVID-19) and the actions taken by governmental authorities and others related thereto, including our ability to continue operating facilities in connection therewith, to cut variable costs, or to eventually recall furloughed workers; future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from Transformation and innovation efforts; the ability to improve performance and competitive position at the Company's operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; and other non-historical matters constitute "forward-looking statements" within the meaning of the Act. Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, the risks, uncertainties and impacts related to COVID-19 and other actual or potential public health emergencies and actions taken by governmental authorities or  others in connection therewith, their potential impacts related to the ability and costs to continue to operate facilities and their potential to exacerbate other risks, the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19 and the actions taken therewith; the effect of conditions in national and worldwide financial markets and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company's products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; lower oil prices as a factor in demand for products; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company's products; fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities and other items required by operations; the outcome of adverse claims experience with respect to workers' compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction, oil and gas, and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from Transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, interruption in utility services, civil unrest, international conflicts, terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability, foreign currency exchange rate exposure and the acceptance of the Company's products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company's markets; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) act and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws especially in light of  the COVID-19 pandemic, which may increase the Company's healthcare and other costs and negatively impact the Company's operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company's filings with the United States Securities and Exchange Commission.

Contacts:
SONYA L. HIGGINBOTHAM
VP, CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT
614.438.7391 | sonya.higginbotham@worthingtonindustries.com

MARCUS A. ROGIER
TREASURER AND INVESTOR RELATIONS OFFICER
614.840.4663 | marcus.rogier@worthingtonindustries.com

200 Old Wilson Bridge Rd. | Columbus, Ohio 43085
WorthingtonIndustries.com


WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)

  Three Months Ended     Twelve Months Ended  
  May 31,
2020
    May 31,
2019
    May 31,
2020
    May 31,
2019
 
Net sales $ 611,627     $ 938,842     $ 3,059,119     $ 3,759,556  
Cost of goods sold   521,737       812,839       2,615,782       3,279,601  
Gross margin   89,890       126,003       443,337       479,955  
Selling, general and administrative expense   67,816       87,863       328,110       338,392  
Impairment of goodwill and long-lived assets   7,462       5,436       82,690       7,817  
Restructuring and other expense (income), net   8,267       692       10,048       (11,018 )
Operating income   6,345       32,012       22,489       144,764  
Other income (expense):                              
Miscellaneous income, net   783       494       9,099       2,716  
Interest expense   (7,459 )     (9,522 )     (31,616 )     (38,063 )
Loss on extinguishment of debt   -       -       (4,034 )     -  
Equity in net income of unconsolidated affiliates   17,256       25,142       114,848       97,039  
Earnings before income taxes   16,925       48,126       110,786       206,456  
Income tax expense   5,836       9,151       26,342       43,183  
Net earnings   11,089       38,975       84,444       163,273  
Net earnings (loss) attributable to noncontrolling interests   (5,086 )     1,237       5,648       9,818  
Net earnings attributable to controlling interest $ 16,175     $ 37,738     $ 78,796     $ 153,455  
                               
Basic                              
Average common shares outstanding   54,604       55,850       54,958       57,196  
Earnings per share attributable to controlling interest $ 0.30     $ 0.68     $ 1.43     $ 2.68  
                               
Diluted                              
Average common shares outstanding   55,206       57,325       55,983       58,823  
Earnings per share attributable to controlling interest $ 0.29     $ 0.66     $ 1.41     $ 2.61  
                               
                               
Common shares outstanding at end of period   54,616       55,468       54,616       55,468  
                               
Cash dividends declared per share $ 0.24     $ 0.23     $ 0.96     $ 0.92  


WORTHINGTON INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands)

  May 31,     May 31,  
  2020     2019  
Assets              
Current assets:              
Cash and cash equivalents $ 147,198     $ 92,363  
Receivables, less allowances of $1,521 and $1,150 at May 31, 2020              
and May 31, 2019, respectively   341,038       501,944  
Inventories:              
Raw materials   234,629       268,607  
Work in process   76,497       113,848  
Finished products   93,975       101,825  
Total inventories   405,101       484,280  
Income taxes receivable   8,376       10,894  
Assets held for sale   12,928       6,924  
Prepaid expenses and other current assets   68,538       69,508  
Total current assets   983,179       1,165,913  
Investments in unconsolidated affiliates   203,329       214,930  
Operating lease assets   31,557       -  
Goodwill   321,434       334,607  
Other intangible assets, net of accumulated amortization of $92,774 and              
$87,759 at May 31, 2020 and May 31, 2019, respectively   184,416       196,059  
Other assets   34,956       20,623  
Property, plant and equipment:              
Land   24,197       23,996  
Buildings and improvements   302,796       310,112  
Machinery and equipment   1,055,139       1,049,068  
Construction in progress   52,231       49,423  
Total property, plant and equipment   1,434,363       1,432,599  
Less: accumulated depreciation   861,719       853,935  
Total property, plant and equipment, net   572,644       578,664  
Total assets $ 2,331,515     $ 2,510,796  
               
Liabilities and equity              
Current liabilities:              
Accounts payable $ 247,017     $ 393,517  
Accrued compensation, contributions to employee benefit plans and              
related taxes   64,650       78,155  
Dividends payable   14,648       14,431  
Other accrued items   49,974       59,810  
Current operating lease liabilities   10,851       -  
Income taxes payable   949       1,164  
Current maturities of long-term debt   149       150,943  
Total current liabilities   388,238       698,020  
Other liabilities   75,786       69,976  
Distributions in excess of investment in unconsolidated affiliate   103,837       121,948  
Long-term debt   699,516       598,356  
Noncurrent operating lease liabilities   25,763       -  
Deferred income taxes, net   71,942       74,102  
Total liabilities   1,365,082       1,562,402  
Shareholders' equity - controlling interest   820,821       831,246  
Noncontrolling interests   145,612       117,148  
Total equity   966,433       948,394  
Total liabilities and equity $ 2,331,515     $ 2,510,796  
               

WORTHINGTON INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

  Three Months Ended     Twelve Months Ended  
  May 31,
2020
    May 31,
2019
    May 31,
2020
    May 31,
2019
 
Operating activities:                              
Net earnings $ 11,089     $ 38,975     $ 84,444     $ 163,273  
Adjustments to reconcile net earnings to net cash provided by operating activities:                              
Depreciation and amortization   23,125       23,959       92,678       95,602  
Impairment of goodwill and long-lived assets   7,462       5,436       82,690       7,817  
Provision for (benefit from) deferred income taxes   352       (4,058 )     (1,309 )     17,435  
Bad debt (income) expense   (4 )     205       580       659  
Equity in net income of unconsolidated affiliates, net of distributions   27,377       4,049       8,106       7,347  
Net (gain) loss on sale of assets   180       3,144       (5,057 )     (7,059 )
Stock-based compensation   1,883       3,978       11,883       11,733  
Loss on extinguishment of debt   -       -       4,034       -  
Changes in assets and liabilities, net of impact of acquisitions:                              
Receivables   131,708       17,553       147,225       73,346  
Inventories   (28,781 )     4,876       62,126       (33,649 )
Accounts payable   (114,337 )     (42,137 )     (142,684 )     (93,294 )
Accrued compensation and employee benefits   10,862       19,610       (11,878 )     (19,158 )
Other operating items, net   9,960       (4,918 )     3,888       (26,193 )
Net cash provided by operating activities   80,876       70,672       336,726       197,859  
                               
Investing activities:                              
Investment in property, plant and equipment   (23,729 )     (23,945 )     (95,503 )     (84,499 )
Acquisitions   (965 )     (10,402 )     (30,748 )     (10,402 )
Distributions from unconsolidated affiliate   -       -       -       56,693  
Proceeds from sale of assets   718       1,393       10,036       49,683  
Net cash provided (used) by investing activities   (23,976 )     (32,954 )     (116,215 )     11,475  
                               
Financing activities:                              
Proceeds from long-term debt, net of issuance costs   -       -       101,464       -  
Principal payments on long-term obligations and debt redemption costs   (102 )     (290 )     (154,913 )     (1,394 )
Proceeds from issuance of common shares, net of tax withholdings   82       (1,726 )     (6,513 )     (6,371 )
Payments to noncontrolling interests   -       (4,399 )     (1,453 )     (10,726 )
Repurchase of common shares   -       (39,093 )     (50,972 )     (168,113 )
Dividends paid   (13,112 )     (12,963 )     (53,289 )     (52,334 )
Net cash used by financing activities   (13,132 )     (58,471 )     (165,676 )     (238,938 )
                               
Increase (decrease) in cash and cash equivalents   43,768       (20,753 )     54,835       (29,604 )
Cash and cash equivalents at beginning of period   103,430       113,116       92,363       121,967  
Cash and cash equivalents at end of period $ 147,198     $ 92,363     $ 147,198     $ 92,363  
                               


WORTHINGTON INDUSTRIES, INC.
SUPPLEMENTAL DATA
(In thousands, except volume)

This supplemental information is provided to assist in the analysis of the results of operations.  
   
  Three Months Ended     Twelve Months Ended  
  May 31,
2020
    May 31,
2019
    May 31,
2020
    May 31,
2019
 
Volume:                              
Steel Processing (tons)   795,161       940,844       3,830,675       3,714,850  
Pressure Cylinders (units)   23,346,466       20,549,832       82,519,829       83,787,293  
                               
Net sales:                              
Steel Processing $ 328,222     $ 584,417     $ 1,859,670     $ 2,435,818  
Pressure Cylinders   282,898       322,308       1,148,424       1,207,798  
Other   507       32,117       51,025       115,940  
Total net sales $ 611,627     $ 938,842     $ 3,059,119     $ 3,759,556  
                               
Material cost:                              
Steel Processing $ 230,076     $ 443,111     $ 1,339,898     $ 1,834,920  
Pressure Cylinders   123,639       143,011       496,906       550,383  
                               
Selling, general and administrative expense:                              
Steel Processing $ 27,664     $ 33,409     $ 136,664     $ 137,056  
Pressure Cylinders   40,090       49,129       180,721       183,210  
Other   62       5,325       10,725       18,126  
Total selling, general and administrative expense $ 67,816     $ 87,863     $ 328,110     $ 338,392  
                               
Operating income (loss):                              
Steel Processing $ (1,797 )   $ 14,919     $ 40,564     $ 89,761  
Pressure Cylinders   13,498       21,428       38,903       69,872  
Other   (5,356 )     (4,335 )     (56,978 )     (14,869 )
Total operating income $ 6,345     $ 32,012     $ 22,489     $ 144,764  
                               
Equity income (loss) by unconsolidated affiliate:                              
WAVE $ 15,334     $ 23,088     $ 101,063     $ 82,283  
ClarkDietrich   3,309       3,884       17,225       8,640  
Serviacero Worthington   (1,029 )     1,357       1,325       8,140  
ArtiFlex   (297 )     904       2,731       2,026  
Other   (61 )     (4,091 )     (7,496 )     (4,050 )
Total equity income $ 17,256     $ 25,142     $ 114,848     $ 97,039  
                               


WORTHINGTON INDUSTRIES, INC.
SUPPLEMENTAL DATA
(In thousands, except volume)

The following provides detail of Pressure Cylinders volume and net sales by principal class of products.  
   
  Three Months Ended     Twelve Months Ended  
  May 31,
2020
    May 31,
2019
    May 31,
2020
    May 31,
2019
 
Volume (units):                              
Consumer products   18,926,216       16,362,485       68,596,103       68,791,001  
Industrial products   4,419,990       4,186,952       13,921,973       14,994,640  
Oil & gas equipment   260       395       1,753       1,652  
Total Pressure Cylinders   23,346,466       20,549,832       82,519,829       83,787,293  
                               
Net sales:                              
Consumer products $ 125,188     $ 118,424     $ 485,990     $ 470,447  
Industrial products   138,549       174,170       550,543       627,053  
Oil & gas equipment   19,161       29,714       111,891       110,298  
Total Pressure Cylinders $ 282,898     $ 322,308     $ 1,148,424     $ 1,207,798  
                               
   
The following provides detail of impairment of goodwill and long-lived assets and restructuring and other expense (income), net included in operating income by segment.  
   
  Three Months Ended     Twelve Months Ended  
  May 31,
2020
    May 31,
2019
    May 31,
2020
    May 31,
2019
 
Impairment of goodwill and long-lived assets:                              
Steel Processing $ 565     $ 3,269     $ 1,839     $ 3,269  
Pressure Cylinders   3,800       2,167       37,153       4,548  
Other   3,097       -       43,698       -  
Total impairment of goodwill and long-lived assets $ 7,462     $ 5,436     $ 82,690     $ 7,817  
                               
Restructuring and other expense (income), net:                              
Steel Processing $ 2,799     $ -     $ 3,501     $ (9 )
Pressure Cylinders   4,535       692       5,282       (11,009 )
Other   933       -       1,265       -  
Total restructuring and other expense (income), net $ 8,267     $ 692     $ 10,048     $ (11,018 )

 

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