Worthington Industries reports first quarter earnings
Columbus, Ohio steelmaker Worthington Industries Inc. reported fiscal 2006 first quarter sales decreased 10 percent, due in large part to declining steel prices. Net sales were $694 million, a decrease of 10 percent from last year's record $769 million. Fiscal 2006 first quarter net earnings were $28.4 million, or $0.32 per diluted share, compared to net earnings of $57.9 million, or $0.66 per diluted share, for the same period last year. John P. McConnell, chairman and CEO said, "I am very pleased to report the second best first quarter results in our company's history. Rapidly declining steel prices made our opening quarter a challenge. Solid management of our inventories, however, not only contributed to our success this quarter, by limiting the effects of falling prices, but leaves us in a stronger position going forward as steel pricing is rebounding." Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The company is a premier value-added steel processor and a leader in manufactured metal products such as metal framing, pressure cylinders, automotive past model service stampings, metal ceiling grid systems and laser welded blanks. Worthington employs more than 7,500 people and operates 65 facilities in 10 countries.