Columbus, Ohio-based diversified metals manufacturer Worthington Industries, Inc. reported Thursday net earnings of $26.3 million on net sales of $569.4 million for its fiscal Q3 (ended February 28, 2011). Results for Q3 2011 represent a significant improvement over the fiscal Q3 2010 net loss of $17.7 million on net sales of $451.1 million.
Q3 2011 net sales in the steel processing segment were $301.8 million, up 30 percent or $69.5 million over the prior year quarter. Worthington Industries reports that the largest increase came from higher value added processing for the automotive market.
Net sales in the pressure cylinders' segment were up 17 percent year-over-year to $135.9 million while net sales in the metal framing segment were up 21 percent or $13.9 million to $81.4 million in Q3 2011.
John McConnell, Chairman and CEO of Worthington Industries said, "We remain optimistic about the current business environment. While the potential remains for some uneven results, we are confident that the overall trend will continue to be positive year over year gains in our current businesses. We will also continue to build our international presence and explore opportunities to augment our current platform with acquisitions that meet our criteria of increasing our margins and decreasing the volatility of our earnings."