$WOR
WORTHINGTON ENTERPRISES, INC.

2018 Q2 Form 10-Q Financial Statement

#000119312518111703 Filed on April 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $1.020B $841.7M $845.3M
YoY Change 20.72% 19.65% 18.28%
Cost Of Revenue $857.5M $714.6M $690.5M
YoY Change 24.19% 20.62% 19.01%
Gross Profit $162.9M $127.1M $154.8M
YoY Change 5.24% 14.47% 15.14%
Gross Profit Margin 15.97% 15.1% 18.32%
Selling, General & Admin $105.5M $84.29M $83.60M
YoY Change 26.2% 11.98% 6.36%
% of Gross Profit 64.75% 66.34% 53.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.40M $25.40M $21.60M
YoY Change 22.22% 17.05% -1.82%
% of Gross Profit 16.2% 19.99% 13.95%
Operating Expenses $105.5M $84.29M $83.60M
YoY Change 26.2% 11.98% 6.36%
Operating Profit $57.45M $42.76M $71.23M
YoY Change -19.35% 24.6% 27.48%
Interest Expense $29.50M $9.775M $19.10M
YoY Change 54.45% 27.38% -26.54%
% of Operating Profit 51.35% 22.86% 26.81%
Other Income/Expense, Net -$100.0K $1.500M $1.300M
YoY Change -107.69% 114.29% -82.67%
Pretax Income $34.00M $54.26M $91.20M
YoY Change -62.72% 8.32% 4.11%
Income Tax $1.100M -$24.04M $30.60M
% Of Pretax Income 3.24% -44.3% 33.55%
Net Earnings $30.77M $79.09M $56.49M
YoY Change -45.54% 120.37% -3.47%
Net Earnings / Revenue 3.02% 9.4% 6.68%
Basic Earnings Per Share $0.52 $1.31 $0.90
Diluted Earnings Per Share $0.50 $1.27 $0.87
COMMON SHARES
Basic Shares Outstanding 60.64M shares 60.38M
Diluted Shares Outstanding 62.35M

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.0M $147.4M $278.1M
YoY Change -56.13% -35.15% 230.29%
Cash & Equivalents $122.0M $147.4M $278.1M
Short-Term Investments
Other Short-Term Assets $101.9M $70.40M $73.40M
YoY Change 38.83% -16.88% -7.44%
Inventory $454.0M $431.4M $353.9M
Prepaid Expenses
Receivables $572.7M $499.7M $486.7M
Other Receivables $1.600M $9.700M $7.200M
Total Short-Term Assets $1.241B $1.159B $1.191B
YoY Change 4.21% 3.73% 30.14%
LONG-TERM ASSETS
Property, Plant & Equipment $585.0M $625.2M $570.5M
YoY Change 2.54% 9.68% -2.12%
Goodwill $345.2M $352.6M $247.7M
YoY Change 39.37% 43.95% 0.65%
Intangibles $214.0M $236.2M $82.78M
YoY Change 158.54% 176.94% -13.92%
Long-Term Investments $216.0M $212.1M $208.6M
YoY Change 3.56% 3.47% 8.74%
Other Assets $20.48M $29.97M $24.84M
YoY Change -17.57% 20.0% -15.09%
Total Long-Term Assets $1.381B $1.456B $1.134B
YoY Change 21.71% 28.83% -1.03%
TOTAL ASSETS
Total Short-Term Assets $1.241B $1.159B $1.191B
Total Long-Term Assets $1.381B $1.456B $1.134B
Total Assets $2.622B $2.615B $2.325B
YoY Change 12.75% 16.36% 12.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $473.5M $404.0M $368.1M
YoY Change 28.64% 14.77% 26.73%
Accrued Expenses $153.6M $60.86M $41.55M
YoY Change 269.67% 35.09% -7.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $403.0K $123.0K
YoY Change -100.0% 141.32% -95.36%
Long-Term Debt Due $1.474M $13.74M $6.691M
YoY Change -77.97% 1464.35% 676.22%
Total Short-Term Liabilities $646.9M $564.2M $520.8M
YoY Change 24.22% 15.2% 21.09%
LONG-TERM LIABILITIES
Long-Term Debt $748.9M $768.1M $571.8M
YoY Change 30.97% 33.36% -0.99%
Other Long-Term Liabilities $74.24M $70.81M $61.50M
YoY Change 20.71% 9.88% -3.13%
Total Long-Term Liabilities $823.1M $838.9M $633.3M
YoY Change 29.98% 30.99% -1.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $646.9M $564.2M $520.8M
Total Long-Term Liabilities $823.1M $838.9M $633.3M
Total Liabilities $1.585B $1.541B $1.251B
YoY Change 26.69% 25.76% 9.64%
SHAREHOLDERS EQUITY
Retained Earnings $637.8M $676.0M
YoY Change -5.66% 29.27%
Common Stock $295.6M $303.4M
YoY Change -2.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $918.8M $951.2M $951.6M
YoY Change
Total Liabilities & Shareholders Equity $2.622B $2.615B $2.325B
YoY Change 12.75% 16.36% 12.81%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $30.77M $79.09M $56.49M
YoY Change -45.54% 120.37% -3.47%
Depreciation, Depletion And Amortization $26.40M $25.40M $21.60M
YoY Change 22.22% 17.05% -1.82%
Cash From Operating Activities $78.60M $99.92M $80.80M
YoY Change -2.72% -2.71% -31.23%
INVESTING ACTIVITIES
Capital Expenditures -$20.80M $13.63M -$16.20M
YoY Change 28.4% -35.5% -24.65%
Acquisitions
YoY Change
Other Investing Activities $7.000M $0.00 $4.400M
YoY Change 59.09% -4500.0%
Cash From Investing Activities -$13.80M -$13.63M -$11.80M
YoY Change 16.95% -35.43% -45.37%
FINANCING ACTIVITIES
Cash Dividend Paid $12.77M
YoY Change -4.55%
Common Stock Issuance & Retirement, Net $47.42M
YoY Change
Debt Paid & Issued, Net $374.0K
YoY Change 71.56%
Cash From Financing Activities -90.40M -61.09M -18.20M
YoY Change 396.7% 107.07% -50.94%
NET CHANGE
Cash From Operating Activities 78.60M 99.92M 80.80M
Cash From Investing Activities -13.80M -13.63M -11.80M
Cash From Financing Activities -90.40M -61.09M -18.20M
Net Change In Cash -25.60M 25.21M 50.80M
YoY Change -150.39% -51.61% -13.61%
FREE CASH FLOW
Cash From Operating Activities $78.60M $99.92M $80.80M
Capital Expenditures -$20.80M $13.63M -$16.20M
Free Cash Flow $99.40M $86.29M $97.00M
YoY Change 2.47% 5.79% -30.22%

Facts In Submission

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dei Trading Symbol
TradingSymbol
WOR
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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dei Amendment Flag
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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 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>
us-gaap Earnings Per Share Basic
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dei Document Period End Date
DocumentPeriodEndDate
2018-02-28
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WORTHINGTON INDUSTRIES INC
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41100000
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ImpactToFairValueOfDerivativeAssetsAndLiabilitiesAsResultOfRecognitionOnNetBasis
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2227000 shares
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