Jan. 4, 2017

Worthington’s Quarterly Earnings Grow

Worthington Industries, Columbus, Ohio, reported earnings of $46.6 million in its fiscal second quarter ended Nov. 30, up sharply from the same quarter the previous year. Year to date, Worthington earned $112.1 million, more than double the profits from the first six months of the prior fiscal year. Worthington’s net sales in the quarter totaled $727.8 million, an increase of 3.9 percent from the prior-year period. Year-to-date sales totaling $1.47 billion were up slightly from last year’s fiscal first half.

"We had a good second quarter with overall improving results and solid year-over-year growth," Chairman and CEO John McConnell told investors and analysts during the company’s quarterly conference call. "The Steel Processing business had a record second quarter and our joint ventures were steady."

Worthington Steel Processing's second-quarter sales increased 9 percent to $508.8 million, driven by higher average direct selling prices and higher tolling volume due to the consolidation of the WSP joint venture in March. Operating income of $35.4 million was $8.8 million higher than the prior-year quarter.

"I am pleased with the performance of our company in the first half of fiscal 2017. I am encouraged by the early views of the economic outlook for 2017 and look forward to pursuing growth opportunities," McConnell added. 


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Saturday, December 16, 2017