Worthington Industries Reports Net Income of $256.5 Million for Fiscal Year 2023

Worthington Industries, Inc. (WOR) has announced its financial results for the fiscal year ending May 31, 2023. The company reported a net income of $256.5 million for the year, demonstrating its continued financial strength. Additionally, the company's total revenue reached $4.9 billion, reflecting its resilience in a challenging economic environment.

Strong Current Asset Position

Worthington Industries' consolidated balance sheets for May 31, 2023, show a robust current asset position. The company's cash and cash equivalents increased significantly to $454.9 million, compared to $34.5 million in the previous year. Receivables, less allowances, were $692.9 million, while inventories amounted to $607.9 million.

Positive Operating Income