$WOR
WORTHINGTON ENTERPRISES, INC.

2017 Q3 Form 10-Q Financial Statement

#000119312517307152 Filed on October 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $848.2M $737.5M
YoY Change 15.01% -2.72%
Cost Of Revenue $715.5M $590.3M
YoY Change 21.21% -8.5%
Gross Profit $132.8M $147.3M
YoY Change -9.85% 30.32%
Gross Profit Margin 15.65% 19.97%
Selling, General & Admin $88.25M $81.06M
YoY Change 8.87% 6.72%
% of Gross Profit 66.46% 55.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.40M $21.80M
YoY Change 16.51% 1.87%
% of Gross Profit 19.13% 14.8%
Operating Expenses $88.25M $81.06M
YoY Change 8.87% 6.72%
Operating Profit $42.23M $64.90M
YoY Change -34.94% 109.38%
Interest Expense $8.807M $7.870M
YoY Change 11.91% 0.2%
% of Operating Profit 20.86% 12.13%
Other Income/Expense, Net $600.0K $863.0K
YoY Change -30.48% -249.31%
Pretax Income $61.07M $92.44M
YoY Change -33.93% 88.09%
Income Tax $13.00M $23.90M
% Of Pretax Income 21.28% 25.85%
Net Earnings $45.53M $65.57M
YoY Change -30.55% 105.1%
Net Earnings / Revenue 5.37% 8.89%
Basic Earnings Per Share $0.73 $1.06
Diluted Earnings Per Share $0.70 $1.02
COMMON SHARES
Basic Shares Outstanding 62.44M 61.89M shares
Diluted Shares Outstanding 64.59M 64.34M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $195.9M $181.5M
YoY Change 7.93% 865.43%
Cash & Equivalents $195.9M $181.5M
Short-Term Investments
Other Short-Term Assets $81.00M $76.20M
YoY Change 6.3% -22.87%
Inventory $425.9M $369.7M
Prepaid Expenses
Receivables $456.3M $402.5M
Other Receivables $2.100M $2.500M
Total Short-Term Assets $1.161B $1.032B
YoY Change 12.47% 10.44%
LONG-TERM ASSETS
Property, Plant & Equipment $625.6M $580.8M
YoY Change 7.72% 9.42%
Goodwill $355.5M $246.2M
YoY Change 44.37% 2.74%
Intangibles $247.8M $92.69M
YoY Change 167.3% -19.26%
Long-Term Investments $212.7M $200.0M
YoY Change 6.31% -0.66%
Other Assets $27.92M $29.78M
YoY Change -6.24% 21.53%
Total Long-Term Assets $1.469B $1.149B
YoY Change 27.83% 3033.23%
TOTAL ASSETS
Total Short-Term Assets $1.161B $1.032B
Total Long-Term Assets $1.469B $1.149B
Total Assets $2.631B $2.182B
YoY Change 20.56% 6.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $384.5M $325.3M
YoY Change 18.19% 2.44%
Accrued Expenses $55.33M $49.45M
YoY Change 11.89% -26.46%
Deferred Revenue
YoY Change
Short-Term Debt $421.0K $1.534M
YoY Change -72.56% -93.04%
Long-Term Debt Due $7.072M $867.0K
YoY Change 715.69% 2.48%
Total Short-Term Liabilities $542.0M $476.2M
YoY Change 13.81% -3.88%
LONG-TERM LIABILITIES
Long-Term Debt $773.1M $577.4M
YoY Change 33.89% -0.6%
Other Long-Term Liabilities $66.09M $63.23M
YoY Change 4.53% 11.76%
Total Long-Term Liabilities $839.2M $640.6M
YoY Change 30.99% 0.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $542.0M $476.2M
Total Long-Term Liabilities $839.2M $640.6M
Total Liabilities $1.548B $1.201B
YoY Change 28.89% -0.51%
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 $958.2M $856.0M
YoY Change
Total Liabilities & Shareholders Equity $2.631B $2.182B
YoY Change 20.56% 6.65%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $45.53M $65.57M
YoY Change -30.55% 105.1%
Depreciation, Depletion And Amortization $25.40M $21.80M
YoY Change 16.51% 1.87%
Cash From Operating Activities $83.36M $120.9M
YoY Change -31.05% -12.77%
INVESTING ACTIVITIES
Capital Expenditures $18.01M $16.32M
YoY Change 10.4% -57.62%
Acquisitions $284.5M
YoY Change
Other Investing Activities -$284.1M $200.0K
YoY Change -142150.0% -112.5%
Cash From Investing Activities -$302.1M -$16.20M
YoY Change 1764.76% -59.6%
FINANCING ACTIVITIES
Cash Dividend Paid $12.78M $11.89M
YoY Change 7.43% 2.97%
Common Stock Issuance & Retirement, Net $45.08M
YoY Change
Debt Paid & Issued, Net $219.0K $219.0K
YoY Change 0.0% 5.29%
Cash From Financing Activities 136.5M -7.400M
YoY Change -1944.73% -93.33%
NET CHANGE
Cash From Operating Activities 83.36M 120.9M
Cash From Investing Activities -302.1M -16.20M
Cash From Financing Activities 136.5M -7.400M
Net Change In Cash -82.23M 97.30M
YoY Change -184.51% -884.68%
FREE CASH FLOW
Cash From Operating Activities $83.36M $120.9M
Capital Expenditures $18.01M $16.32M
Free Cash Flow $65.34M $104.6M
YoY Change -37.52% 4.48%

Facts In Submission

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CY2017Q3 dei Document Type
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CY2017Q3 dei Trading Symbol
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WOR
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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64590000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62444000 shares
CY2017Q3 dei Amendment Flag
AmendmentFlag
false
CY2017Q3 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
219000
CY2017Q3 us-gaap Profit Loss
ProfitLoss
48074000
CY2017Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
1132000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12998000
CY2017Q3 us-gaap Interest Expense
InterestExpense
8807000
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2146000 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
62144000 shares
CY2017Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.77
CY2017Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.21
CY2017Q3 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--05-31
CY2017Q3 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>Economic <font style="WHITE-SPACE: nowrap">(Non-designated)</font> Hedges</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%" align="justify">We enter into foreign currency exchange 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. We also enter into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative instruments are adjusted to current market value at the end of each period through earnings.</p> </div>
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2017Q3 dei Document Period End Date
DocumentPeriodEndDate
2017-08-31
CY2017Q3 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2017Q3 us-gaap Payments Of Dividends
PaymentsOfDividends
12778000
CY2017Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
348000
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
15872000
CY2017Q3 us-gaap Gross Profit
GrossProfit
132778000
CY2017Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
49471000
CY2017Q3 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
536000
CY2017Q3 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-302091000
CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
6000
CY2017Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
45076000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
25365000
CY2017Q3 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
298000
CY2017Q3 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-258000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
88249000
CY2017Q3 dei Entity Registrant Name
EntityRegistrantName
WORTHINGTON INDUSTRIES INC
CY2017Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
-3274000
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
17753000
CY2017Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
18865000
CY2017Q3 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1143000
CY2017Q3 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-62678000
CY2017Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
27306000
CY2017Q3 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
7755000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
61072000
CY2017Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
3805000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
848237000
CY2017Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18013000
CY2017Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
45076000
CY2017Q3 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
720000
CY2017Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
284505000
CY2017Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1887000
CY2017Q3 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-143000
CY2017Q3 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
2126000
CY2017Q3 us-gaap Derivative Instruments Gain Loss Recognized In Other Comprehensive Income Effective Portion Net
DerivativeInstrumentsGainLossRecognizedInOtherComprehensiveIncomeEffectivePortionNet
6798000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
42225000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
45534000
CY2017Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
350000
CY2017Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
34696000
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-62000
CY2017Q3 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-82226000
CY2017Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2979000
CY2017Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
715459000
CY2017Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-26791000
CY2017Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1112000
CY2017Q3 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
198279000
CY2017Q3 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
427000
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
2161000
CY2017Q3 wor Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred Tax
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferredTax
3425000
CY2017Q3 wor Restructuring And Other Expense Income
RestructuringAndOtherExpenseIncome
2304000
CY2017Q3 wor Estimated Annual Effective Tax Rate For Continuing Operations
EstimatedAnnualEffectiveTaxRateForContinuingOperations
0.305 pure
CY2017Q3 wor Impact To Fair Value Of Derivative Assets And Liabilities As Result Of Recognition On Net Basis
ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnNetBasis
42000

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