Worthington Industries (WOR) Q1 EPS Tops Views in Part Due to Nikola Investment

Worthington Industries (NYSE: WOR) reported Q1 EPS of $11.22, may not compare to the analyst estimate of $0.44. Revenue for the quarter came in at $702.9 million versus the consensus estimate of $594.4 million.

• Results in both the current and prior year quarter were impacted by several unique items, as summarized below, including a net pre-tax gain of $746.6 million, or $10.74 per diluted share, in the current quarter related to the Company’s investment in Nikola Corporation (“Nikola”).

Outlook

“Demand remains solid across many of our markets with the exception of oil & gas and a few industrial markets. However, the current economy makes it difficult to predict with confidence how the balance of our fiscal year will play out,” Rose said. “We are well capitalized and have significant cash on our balance sheet making us well positioned to take advantage of opportunities as they arise and drive long term value for our shareholders.”

For earnings history and earnings-related data on Worthington Industries (WOR) click here.

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