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WORTHINGTON INDUSTRIES Worthington Reports Second Quarter Fiscal 2022 Results EXHIBIT 99.1 COLUMBUS , Ohio , Dec. 16 , 2021 ( GLOBE NEWSWIRE ) Worthington Industries , Inc. ( NYSE : WOR ) today reported net sales of $ 1.2 billion and net earnings of $ 110.3 million , or $ 2.15 per diluted share , for its fiscal 2022 second quarter ended Nov. 30 , 2021. In the second quarter of fiscal 2021 , the Company reported net sales of $ 731.1 million and a net loss of $ 74.0 million , or $ ( 1.40 ) per diluted share . Results in both the current and prior year quarter were impacted by certain unique items , as summarized in the table below . ( U.S. dollars in millions , except per share amounts ) 2Q 2022 2Q 2021 After - Tax Per Share After - Tax Per Share Net earnings ( loss ) $ Impairment and restructuring ( gains ) charges 110.3 $ ( 1.5 ) 2.15 $ ( 74.0 ) $ ( 1.40 ) ( 0.03 ) 8.6 0.17 Incremental expenses related to Nikola gains 3.5 0.07 Loss on investment in Nikola 113.0 2.11 Adjusted net earnings $ 108.8 $ 2.12 $ 51.1 $ 0.95 Financial highlights for the current and comparative periods are as follows : ( U.S. dollars in millions , except per share amounts ) Net sales Operating income Equity income Net earnings ( loss ) Earnings ( loss ) per diluted share 2Q 2022 2Q 2021 6M 2022 6M 2021 $ 1,232.9 $ 731.1 $ 2,343.7 $ 1,434.0 90.5 37.4 226.3 7.2 60.2 25.6 113.1 49.3 110.3 ( 74.0 ) 242.8 542.6 $ 2.15 ( 1.40 ) $ 4.71 $ 9.97 " We had a record second quarter led by strong results from our Steel Processing and Building Products segments , ” said President and CEO Andy Rose . " Steel Processing continued to benefit from inventory holding gains and Building Products saw significant contributions from both ClarkDietrich and WAVE and solid growth in our wholly owned businesses . While Consumer Products continued to feel the impact of higher input costs , our teams made good progress toward recovering margin as the quarter progressed and we believe we are well positioned heading into the new calendar year . ” Consolidated Quarterly Results Net sales for the second quarter of fiscal 2022 were $ 1.2 billion compared to $ 731.1 million , an increase of $ 501.8 million , or 69 % , over the comparable quarter in the prior year . The increase was primarily driven by higher average direct selling prices in Steel Processing . Gross margin increased $ 49.1 million over the prior year quarter to $ 184.6 million , primarily due to improved direct spreads in Steel Processing and , to a lesser extent , higher overall volume . Operating income for the current quarter was $ 90.5 million , an increase of $ 53.1 million over the prior year quarter . Excluding impairment and restructuring items in both quarters and the impact of the Company's investment in Nikola in the prior year quarter , adjusted operating income was $ 88.5 million for the current quarter , an increase of $ 35.1 million over the prior year quarter , as the impact of higher gross margin was partially offset by higher SG & A expense , up $ 14.0 million , on higher profit sharing and bonus expense . Interest expense of $ 7.3 million for the current quarter was down slightly , compared to $ 7.5 million in the prior year quarter . Equity income from unconsolidated joint ventures increased $ 34.6 million over the prior year quarter to $ 60.2 million , driven by higher contributions from ClarkDietrich , WAVE and Serviacero , where results benefited significantly from higher average selling prices . The Company received cash dividends of $ 28.9 million from unconsolidated joint ventures during the quarter . Income tax expense was $ 31.2 million in the current quarter compared to an income tax benefit of $ 19.4 million in the prior year quarter . The change was driven by higher pre - tax earnings in the current quarter and the impact of the unrealized mark - to - market loss related to the Company's investment in Nikola in the prior year quarter . Tax expense in the current quarter reflected an estimated annual effective rate of 22.8 % compared to 21.5 % for the prior year quarter . Balance Sheet