Worthington Industries, Inc. (NYSE:WOR) Q4 2018 Earnings Conference Call - Final Transcript
Jun 28, 2018 • 10:30 am ET
Good morning and welcome to the Worthington Industries Fourth Quarter Fiscal 2018 Earnings Conference Call. All participants will be able -- to listen only until the question and answer session of the call. This conference is being recorded at the request of the Worthington Industries. If anyone objects, you may disconnect at this time.
I'd like to introduce Ms. Cathy Lyttle, Vice President of Corporate Communications and Investor Relations. Ms. Lyttle, you may begin.
Thank you, Justin. Good morning. Welcome to our fourth quarter and fiscal year-end earnings call. Certain statements made today are forward-looking within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risks and uncertainties, and could cause actual results to differ from those suggested. We issued our earnings release yesterday post market. Please refer to it for more detail on those factors that could cause actual results to differ materially.
This call is being recorded and it will be made available later on our Worthington Industries website. On our call today are Chairman and CEO, John McConnell; President and COO, Mark Russell; Executive Vice President and CFO, Andy Rose.
John has some opening comments.
Well, thank you, Cathy. And thank all of you for joining us this morning. We had a great quarter, our best fourth quarter ever. And I'm going to say that again it was our best fourth quarter ever. We are very proud of our employees and all of their efforts that fourth quarter led to the second best year we've ever had as well. Now, there's lot to talk about this quarter, so I'll turn the call over to Andy Rose to walk you through our results. Andy?
Thanks, John. Good morning everyone. To finish the year, the Company had a record fourth quarter with earnings of a $1 per share excluding impairment restructuring charges and non-recurring tax items. This was up $0.13 per share from the prior year quarter. For the fiscal year, we achieved our second best earnings per share of $3.05 adjusted for impairment and restructuring and non-recurring items related to the new tax law. Adjusted EBITDA for the year was $397 million, just 2% below our $407 million record last year.
Several unique items in Q4 were as follows, inventory holding gains during the quarter were estimated at $18 million or $0.19 per share as compared to gains of $11 million or $0.10 per share in the prior year quarter. Impairment charges were $53 million during the quarter, $42 million was attributable to the write-down of our liquefied natural gas investment in Turkey. $11 million was attributable to the impairment of some oil and gas assets where the book value exceeded the current market value despite the recovery underway in that market.
As a result of our strong performance aided by the new tax legislation, we've elected to pay all of our non-executive employees a $1,000 bonus this year for their hard work and commitment to our success. This resulted in $5.5 million