Earnings drop slightly for Worthington in Q3

Friday, 30 March 2012 01:44:22 (GMT+2)

Columbus, Ohio-based diversified metals manufacturer Worthington Industries, Inc. reported Thursday net earnings of $25.9 million for its fiscal Q3 2012 on net sales of $611.3 million. In last year's Q3, Worthington reported net sales of $569.4 million and net earnings of $26.3 million, a 1.7 percent decrease in earnings, but a 7 percent jump in sales.

The Steel Processing segment recorded net sales of $367.3 million, a 22 percent increase from a year ago, while volumes rose 21 percent. Pressure Cylinders' net sales of $187.7 million reflected a 38 percent increase from fiscal Q3 2012, aided by recent acquisition and higher average selling prices. The Engineered Cabs segment, which Worthington acquired on December 29, 2011, reported net sales of $40.2 million for the two months included in the current quarter.