Columbus, Ohio-based diversified metals manufacturer Worthington Industries, Inc. announced Wednesday net sales of $580.7 million and net earnings of $14.5 million, for fiscal 2011 Q2 ended November 30, 2010. In Q2 2009, Worthington reported net sales of $448 million and net earnings of $23.2 million.
"I am pleased with the performance of our Company as we continue to produce solid results in our Steel Processing and Pressure Cylinders business segments, despite an uneven economic recovery," said Chairman and CEO John P. McConnell. "Automotive demand continued to provide strong volumes in Steel Processing and we have been encouraged to see the continued improvement in our Pressure Cylinders European operations and volume increases in most of our cylinder product lines in North America," McConnell added.
Net sales for the second quarter ended November 30, 2010, were $580.7 million, up 30 percent from the comparable quarter last year, when net sales were $448.0 million. An overall increase in volumes had an $86.3 million positive impact on net sales as both Steel Processing and Pressure Cylinders showed improvements, while Metal Framing's volumes declined.
Operating income for the quarter was $12.9 million, down $6.2 million or 32 percent versus last year. Increases in volume were offset by reduced spreads and increases in manufacturing and SG&A expenses, noted above.