$WOR
WORTHINGTON ENTERPRISES, INC.

2016 Q3 Form 10-Q Financial Statement

#000119312516735608 Filed on October 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $737.5M $758.1M
YoY Change -2.72% -12.09%
Cost Of Revenue $590.3M $645.1M
YoY Change -8.5% -11.98%
Gross Profit $147.3M $113.0M
YoY Change 30.32% -12.73%
Gross Profit Margin 19.97% 14.91%
Selling, General & Admin $81.06M $75.95M
YoY Change 6.72% 0.92%
% of Gross Profit 55.03% 67.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.80M $21.40M
YoY Change 1.87% 4.9%
% of Gross Profit 14.8% 18.94%
Operating Expenses $81.06M $75.95M
YoY Change 6.72% 0.92%
Operating Profit $64.90M $31.00M
YoY Change 109.38% -40.62%
Interest Expense $7.870M $7.854M
YoY Change 0.2% -17.47%
% of Operating Profit 12.13% 25.34%
Other Income/Expense, Net $863.0K -$578.0K
YoY Change -249.31% -292.67%
Pretax Income $92.44M $49.15M
YoY Change 88.09% -30.72%
Income Tax $23.90M $14.15M
% Of Pretax Income 25.85% 28.79%
Net Earnings $65.57M $31.97M
YoY Change 105.1% -27.62%
Net Earnings / Revenue 8.89% 4.22%
Basic Earnings Per Share $1.06 $0.50
Diluted Earnings Per Share $1.02 $0.48
COMMON SHARES
Basic Shares Outstanding 61.89M shares 63.99M shares
Diluted Shares Outstanding 64.34M shares 66.07M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.5M $18.80M
YoY Change 865.43% -87.2%
Cash & Equivalents $181.5M $18.77M
Short-Term Investments
Other Short-Term Assets $76.20M $98.80M
YoY Change -22.87% -3.7%
Inventory $369.7M $382.8M
Prepaid Expenses
Receivables $402.5M $431.6M
Other Receivables $2.500M $2.800M
Total Short-Term Assets $1.032B $934.8M
YoY Change 10.44% -22.39%
LONG-TERM ASSETS
Property, Plant & Equipment $580.8M $530.8M
YoY Change 9.42% 5.28%
Goodwill $246.2M $239.6M
YoY Change 2.74% -11.04%
Intangibles $92.69M $114.8M
YoY Change -19.26% -24.98%
Long-Term Investments $200.0M $201.4M
YoY Change -0.66% 2.55%
Other Assets $29.78M $24.50M
YoY Change 21.53% -10.14%
Total Long-Term Assets $1.149B $36.69M
YoY Change 3033.23% -96.81%
TOTAL ASSETS
Total Short-Term Assets $1.032B $934.8M
Total Long-Term Assets $1.149B $36.69M
Total Assets $2.182B $2.046B
YoY Change 6.65% -13.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $325.3M $317.6M
YoY Change 2.44% -14.01%
Accrued Expenses $49.45M $67.25M
YoY Change -26.46% 11.03%
Deferred Revenue
YoY Change
Short-Term Debt $1.534M $22.04M
YoY Change -93.04% 100.99%
Long-Term Debt Due $867.0K $846.0K
YoY Change 2.48% -99.16%
Total Short-Term Liabilities $476.2M $495.4M
YoY Change -3.88% -22.56%
LONG-TERM LIABILITIES
Long-Term Debt $577.4M $580.9M
YoY Change -0.6% 4.76%
Other Long-Term Liabilities $63.23M $56.58M
YoY Change 11.76% -23.73%
Total Long-Term Liabilities $640.6M $637.5M
YoY Change 0.5% 1.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $476.2M $495.4M
Total Long-Term Liabilities $640.6M $637.5M
Total Liabilities $1.201B $1.207B
YoY Change -0.51% -13.53%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $856.0M $749.9M
YoY Change
Total Liabilities & Shareholders Equity $2.182B $2.046B
YoY Change 6.65% -13.11%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $65.57M $31.97M
YoY Change 105.1% -27.62%
Depreciation, Depletion And Amortization $21.80M $21.40M
YoY Change 1.87% 4.9%
Cash From Operating Activities $120.9M $138.6M
YoY Change -12.77% 154.31%
INVESTING ACTIVITIES
Capital Expenditures $16.32M $38.50M
YoY Change -57.62% 61.26%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$1.600M
YoY Change -112.5% -96.45%
Cash From Investing Activities -$16.20M -$40.10M
YoY Change -59.6% -41.88%
FINANCING ACTIVITIES
Cash Dividend Paid $11.89M $11.55M
YoY Change 2.97% 14.23%
Common Stock Issuance & Retirement, Net $27.58M
YoY Change 30.78%
Debt Paid & Issued, Net $219.0K $208.0K
YoY Change 5.29% -31.13%
Cash From Financing Activities -7.400M -110.9M
YoY Change -93.33% 286.41%
NET CHANGE
Cash From Operating Activities 120.9M 138.6M
Cash From Investing Activities -16.20M -40.10M
Cash From Financing Activities -7.400M -110.9M
Net Change In Cash 97.30M -12.40M
YoY Change -884.68% -71.3%
FREE CASH FLOW
Cash From Operating Activities $120.9M $138.6M
Capital Expenditures $16.32M $38.50M
Free Cash Flow $104.6M $100.1M
YoY Change 4.48% 226.85%

Facts In Submission

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CY2016Q3 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Economic (Non-designated) Hedges</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%" align="justify"><font style="FONT-FAMILY: Times New Roman" size="2">We enter into foreign currency contracts to manage our foreign currency exchange rate exposure related to inter-company and financing transactions that do not meet the requirements for hedge accounting treatment.&#xA0;We also enter into certain commodity contracts that do not qualify for hedge accounting treatment.&#xA0;Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings.</font></p> </div>
CY2016Q3 dei Document Period End Date
DocumentPeriodEndDate
2016-08-31
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.06
CY2016Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2016Q3 us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
1217000
CY2016Q3 dei Entity Registrant Name
EntityRegistrantName
WORTHINGTON INDUSTRIES INC
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
737549000
CY2016Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
16316000
CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
625000
CY2016Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-111000
CY2016Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
2842000
CY2016Q3 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
733000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
64898000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
65567000
CY2016Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1246000
CY2016Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
50398000
CY2016Q3 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-4396000
CY2016Q3 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
-9008000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
68496000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
65523000
CY2016Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3491000
CY2016Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
219000
CY2016Q3 us-gaap Profit Loss
ProfitLoss
68536000
CY2016Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1419000
CY2016Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
11894000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-665000
CY2016Q3 us-gaap Gross Profit
GrossProfit
147282000
CY2016Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
634000
CY2016Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5821000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
863000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-40000
CY2016Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
423000
CY2016Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-7162000
CY2016Q3 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-16954000
CY2016Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
34544000
CY2016Q3 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-3898000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
92435000
CY2016Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
-355000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3136000
CY2016Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
20000
CY2016Q3 us-gaap Dividends Cash
DividendsCash
12877000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23899000
CY2016Q3 us-gaap Interest Expense
InterestExpense
7870000
CY2016Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-16159000
CY2016Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2016Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
21831000
CY2016Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
43061000
CY2016Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
463000
CY2016Q3 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
157000
CY2016Q3 wor Restructuring And Other Expense Income
RestructuringAndOtherExpenseIncome
1328000
CY2016Q3 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-1117000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
81056000
CY2016Q3 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1144000
CY2016Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4331000
CY2016Q3 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-7409000
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2969000
CY2016Q3 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
5821000
CY2016Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
97337000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2973000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
590267000
CY2016Q3 wor Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred Tax
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferredTax
-5568000
CY2016Q3 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Net Basis
ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnNetBasis
-200000
CY2016Q3 wor Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.312 pure
CY2016Q3 wor Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
-81000
CY2016Q3 wor Restructuring Reserve Accrual Adjustment Increase Decrease
RestructuringReserveAccrualAdjustmentIncreaseDecrease
8000

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