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Oct. 3, 2012
Worthington Reports Sales, Earnings Increases
Worthington Industries Inc., Columbus, Ohio, reported net sales of $666.0 million and net earnings of $34.0 million during the company’s fiscal 2013 first quarter, which ended Aug. 31. Both were improvements on last year’s first quarter, when Worthington reported net sales of $602.4 million and net earnings of $25.7 million.
“I am pleased with the results of our first quarter,” said John McConnell, chairman and CEO of Worthington Industries. “We continue to position the company to grow both organically and by adding new businesses.”
The sales increase of 11 percent was attributed to increases in volumes, largely due to acquisitions in the company’s Engineered Cabs and Pressure Cylinder segments. The volume increases were offset by lower average selling prices in its Steel Processing segment.
Steel Processing’s net sales of $380.0 million were down 7 percent from the prior-year quarter. Lower average selling prices decreased net sales by $42.6 million, while a change in product mix favorably impacted net sales by $14.4 million. The mix of direct versus toll tons processed was 54 percent to 46 percent, compared to a 51-49 mix in the comparable period last year.
Pressure Cylinders’ net sales of $194.2 million were up 15 percent from the comparable prior-year quarter. Segment operating income was $15.0 million, up $3.1 million.
“We remain confident in our strategy, but the economic recovery is lacking momentum as there is uncertainty on a number of fronts,” McConnell said. “We have started to see some slowing in automotive, agriculture and mining markets, but it is unclear if this will turn into a longer term issue and what the impact may be on our volumes.”
Earlier in the month, Worthington acquired the Westerman Companies, a manufacturer of tanks and pressure vessels for the oil and gas, nuclear and marine markets. The purchase price was $70 million.
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2012 Directory of Master Distributors
Not Published on This Web site
The Metal Center News Directory of Master Distributors—distributors who sell to other distributors—is an invaluable tool for service centers seeking new sources for special or hard-to-find products. Master distributors play an important role in the marketplace, giving service centers an alternative to buying in mill quantities and helping to remove redundant and excess inventories from the distribution channel.
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Metal Center News' annual toll processing directory is a simple-to-use resource to help companies locate service providers that can meet their specific processing needs.
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