Worthington Grows Quarterly Earnings
By Metal Center News Staff
on Dec 21, 2016
Dec. 21, 2016 Worthington Grows Quarterly Earnings Worthington Industries, Columbus, Ohio, reported earnings of $46.6 million in its fiscal second quarter ended Nov. 30, almost double its earnings from the same quarter the previous year. Compared with the prior quarter, the company’s earnings were down 28.9 percent. 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 totaled $727.8 million in the quarter, an increase of 3.9 percent from the prior-year period. Year-to-date sales of $1.47 billion were up 0.1 percent from the first six months of the previous fiscal year. "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." 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.