Sept. 28, 2016
 
Worthington Increases Profits in First Quarter

Worthington Industries, Inc., Columbus, Ohio, reported net earnings of $65.6 million in the company’s first quarter, more than double the figure from the same period last year and up 12.1 percent from the prior quarter. The company’s net sales of $737.5 million declined 2.7 percent from the first quarter last year, but increased 3.2 percent from the fourth quarter.

“We had a strong performance in our first quarter and delivered record earnings per share thanks to great results from our Steel Processing business segment and our joint venture with ClarkDietrich,” Chairman and CEO John McConnell told investors and analysts during the company’s quarterly conference call. “We benefitted from rising steel prices and strong demand in the automotive and construction markets, while the agriculture and oil and gas markets remained weak.”

Steel Processing’s net sales of $505.7 million grew by 3 percent from the first quarter of fiscal 2016, driven by higher volume due to the consolidation of the WSP joint venture. The company’s mix of direct versus toll tons processed was 52 to 48 percent in the quarter, compared to 60-40 in the prior-year quarter. The change in mix toward more direct and fewer toll tons was primarily the result of the WSP consolidation.

“We believe that most of our markets will remain steady as we finish calendar year 2016 with normal seasonal slowdowns in automotive production,” McConnell said. “We’re off to a great start for fiscal 2017 and will to continue to navigate the ups and downs of the economy.”


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Monday, December 18, 2017