July 9, 2014

Worthington Reports Profitable Fiscal Year

Worthington Industries Inc., Columbus, Ohio, reported net earnings of $151.3 million for its 2014 fiscal year, which ended May 31, a 10.9 percent improvement over the previous year. Worthington’s annual sales increased 20 percent to $3.2 billion. For the final fiscal quarter, the company earned $33.2 million on sales of $891 million.

The company cited consolidation of its laser-welded blanks joint venture, higher volumes in steel processing and recent acquisitions in the Pressure Cylinders business for the sales increases.

"We had a great fiscal 2014 with the highest annual earnings per share in our company's history," said John McConnell, chairman and CEO. "The fourth-quarter results showed improvement over the prior-year period with Steel Processing leading the way."

Steel Processing's net sales of $563.5 million were up 48 percent from the prior-year quarter primarily due to the consolidation of TWB and increased sales in the automotive, agriculture and construction markets. Operating income increased by $13.3 million to $33.3 million.

"We anticipate continued year-over-year growth in fiscal 2015 as we pursue our strategy and our commitment to delivering consistent earnings growth," McConnell said. "Automotive should remain strong, and we are seeing some signs of positive growth in the construction markets."

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