NYSE$WOR
Worthington Enterprises Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported strong financial performance despite operating environment challenges and inventory holding loss headwinds.
Worthington Industries reported a strong Q3 performance with net sales significantly up due to higher steel prices and recent acquisitions. EPS was $1.11, compared to $1.27 in the prior-year quarter. The company faced inventory holding losses but saw increased sales and managed to navigate a volatile market effectively.
- Net sales increased significantly to $1.4 billion, driven by higher steel prices, acquisitions, and increased selling prices.
- Earnings per share (EPS) was $1.11, compared to $1.27 in the prior-year quarter.
- The company experienced inventory holding losses of $25 million, impacting gross profit and adjusted EBITDA.
- Demand remains strong across most product lines, but operating challenges persist, including labor, supply chain, and steel price volatility.
Headline financials
Revenue & EPS history
Worthington · Revenue · Quarterly
$1.38B
Revenue by segment
Worthington · $295M total across 2 segments · Q3 2022
- Consumer Products$162M—54.9%
- Building Products$133M—45.1%
Forward guidance
The business environment continues to be very challenging. The company is well positioned for whatever the market brings next.
Tailwinds
- End market demand remains strong across most product lines.
- Commercial, purchasing, and supply chain teams have effectively reacted to higher input costs with price increases.
- Experts in steel processing continue to manage through volatility without compromising customer quality and service.
- Benefit of higher selling prices was particularly noticeable in the year-over-year improvement in consumer products and building products.
- Committed to adopt science-based targets for greenhouse gas emissions.
Headwinds
- Operating challenges remain, including labor availability, supply chain disruptions, transportation shortages, and an extremely volatile steel pricing environment.
- Sustainable energy solutions is struggling due to lower automotive demand in Europe and higher input costs.
- European market remains challenged and the ongoing war in Ukraine has caused business conditions in Europe to deteriorate further with materially increased energy prices and demand uncertainty.
- Expect higher inventory holding losses in Q4 than in Q3.
- ClarkDietrich's business to gradually return to more normalized levels in 2022.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q3 2022
-0.1%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+2.8%
Avg return
30 days after
44%
30 / 68 earnings
Positive
+23.8%
Q3 2025
Best reaction
-22.3%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | — | — | — | |
| Q3 2026 | -5.6% | +1.8% | — | |
| Q2 2026 | -2.3% | -6.2% | -5.1% | |
| Q1 2026 | -11.8% | -9.2% | -2.9% | |
| Q4 2025 | +0.0% | +2.6% | +0.1% | |
| Q3 2025 | +23.8% | +20.3% | +19.5% | |
| Q2 2025 | +8.9% | +5.4% | +8.1% | |
| Q1 2025 | -4.0% | -8.3% | -13.3% | |
| Q4 2024 | -5.5% | -7.7% | -2.3% | |
| Q3 2024 | +6.5% | -0.9% | -8.8% | |
| Q2 2024 | -0.7% | -0.1% | -5.7% | |
| Q1 2024 | -10.0% | -9.6% | -11.1% | |
| Q4 2023 | +10.5% | +11.3% | +18.6% | |
| Q3 2023 | +18.0% | +18.5% | +15.3% | |
| Q2 2023 | -3.5% | -3.7% | +3.9% | |
| Q1 2023 | -22.3% | -8.1% | -4.6% | |
| Q4 2022 | +14.8% | +13.8% | +10.1% | |
| Q3 2022 | -13.6% | -17.7% | -13.3% | |
| Q2 2022 | +1.1% | -0.5% | +14.0% | |
| Q1 2022 | -5.4% | -0.8% | -2.5% | |
| Q4 2021 | +3.3% | +2.6% | +5.8% | |
| Q3 2021 | +2.9% | +3.4% | +3.8% | |
| Q2 2021 | -6.5% | -6.4% | +7.0% | |
| Q1 2021 | +1.6% | +8.6% | +34.7% | |
| Q4 2020 | -2.1% | +6.7% | +7.3% | |
| Q3 2020 | +6.3% | +15.9% | +4.0% | |
| Q2 2020 | +10.0% | +8.1% | +3.2% | |
| Q1 2020 | -4.8% | -2.3% | -2.3% | |
| Q4 2019 | +4.6% | +8.3% | +9.7% | |
| Q3 2019 | +2.4% | -6.3% | +8.6% | |
| Q2 2019 | -5.7% | -5.1% | +2.3% | |
| Q1 2019 | -8.9% | -5.4% | -13.6% | |
| Q4 2018 | -9.3% | -6.8% | +0.6% | |
| Q3 2018 | -2.4% | -0.6% | +11.9% | |
| Q2 2018 | +2.4% | +1.7% | +9.9% | |
| Q1 2018 | -9.3% | -7.4% | -7.5% | |
| Q4 2017 | +5.3% | +3.8% | +6.9% | |
| Q3 2017 | -8.5% | -11.9% | -13.4% | |
| Q2 2017 | -6.8% | -11.0% | -15.0% | |
| Q1 2017 | +6.7% | +8.9% | +5.0% | |
| Q4 2016 | +14.5% | +13.7% | +19.9% | |
| Q3 2016 | -3.2% | — | — | |
| Q2 2016 | +9.2% | — | — | |
| Q1 2016 | +15.3% | — | — | |
| Q4 2015 | +6.3% | — | — | |
| Q3 2015 | -9.3% | — | — | |
| Q2 2015 | -15.1% | — | — | |
| Q1 2015 | -3.7% | — | — | |
| Q4 2014 | +1.4% | — | — | |
| Q3 2014 | -7.0% | — | — | |
| Q2 2014 | -2.9% | — | — | |
| Q1 2014 | +1.4% | — | — | |
| Q4 2013 | -2.0% | — | — | |
| Q3 2013 | +1.5% | — | — | |
| Q2 2013 | +0.9% | — | — | |
| Q1 2013 | -1.9% | — | — | |
| Q4 2012 | +16.1% | — | — | |
| Q3 2012 | +4.5% | — | — | |
| Q2 2012 | +3.5% | — | — | |
| Q1 2012 | -6.7% | — | — | |
| Q4 2011 | -3.0% | — | — | |
| Q4 2009 | -3.0% | — | — | |
| Q3 2011 | -2.7% | — | — | |
| Q3 2010 | -2.7% | — | — | |
| Q2 2011 | +1.1% | — | — | |
| Q2 2010 | +1.1% | — | — | |
| Q1 2011 | -0.4% | — | — | |
| Q1 2010 | -0.4% | — | — | |
| Q4 2010 | -0.4% | — | — |
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