Worthington's Quarterly Earnings Jump
By Metal Center News Staff
on Apr 12, 2017
Worthington Industries, Inc., Columbus, Ohio, earned $35.9 million on net sales of $703.4 million in its fiscal third quarter. It reported an 8.7 percent increase in its net sales and a 20.5 percent increase in its net earnings compared to the same period in the prior fiscal year. For the year to date, Worthington’s net sales climbed 3.0 percent to $2.17 billion, while its net earnings increased 73.7 percent to $148.0 million, over the nine-month period.
Worthington’s Steel Processing division shipped 943,821 tons in the quarter, 17.9 percent more than the prior-year quarter. Its net sales totaled $478.2 million, up 14 percent. Operating income of $26.0 million was $4.7 million higher due to a favorable pricing spread. “We had a very good third-quarter performance with Steel Processing contributing near-record earnings. Overall, we produced year-over-year growth, which remains our focus,” said Chairman and CEO John McConnell. “Sales growth, higher steel pricing and higher tolling volume helped drive Steel Processing results.”
“There is great energy around our Lean Transformation efforts as we accelerate the deployment of more teams, expanding our abilities, moving more quickly and reaching deeper into our company,” McConnell said. “We believe the economy continues to strengthen, though unevenly, with certain markets not as robust as others. After a record first and second quarter and a strong third, we anticipate finishing our fiscal year well.”