April 2, 2014
Worthington Sees Sales, Earnings Growth in Third Quarter
Worthington Industries Inc., Columbus, Ohio, reported net earnings of $40.6 million for the company's third quarter, which ended Feb. 28. Net earnings were 9.4 percent better than the same quarter the previous fiscal year.
Net sales totaled $773.2 million during the quarter, an increase of 24.8 percent from the third quarter of fiscal 2014. The increase resulted from higher overall volumes, which were aided by the impact of acquisitions.
"We had a strong quarter, the best third quarter earnings per share in our history, with solid earnings growth despite enduring extreme weather conditions that hampered some of our business activity," said John McConnell, chairman and CEO during the company’s quarterly conference call with investors and analysts. "Steel Processing had a very good quarter with strong volume from the automotive and construction markets. Pressure Cylinders had strong contributions from our branded consumer products, oilfield products and the heating tank business."
Steel Processing's net sales of $478.0 million were up 35 percent, or $124.1 million, from the prior-year quarter, on higher volumes resulting primarily from the consolidation of TWB and increased sales in the automotive, construction and agriculture markets. Operating income increased by $10.6 million to $28.3 million due primarily to higher overall volumes.
"We anticipate the fourth quarter, historically our strongest, to yield a solid performance to finish out our fiscal year," McConnell said. "We will continue to pursue our strategy of growth with our existing businesses as well as through acquisition opportunities in growing markets."