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Earnings
Worthington Posts Higher Profit, Sales
From the Wall Street Journal of Wed, 17 Dec 2014 19:28:00 EST

Worthington Industries Inc. reported higher profit and sales in its fiscal second quarter as its steel processing operations continued to benefit from higher demand, particularly from the automotive sector.

Still, results missed the forecast on a per-share basis due to higher manufacturing costs and a product miss.

Shares fell 2% to $34.56 in recent after-hours trading.

Founded in 1955 by steel salesman John McConnell with a $600 loan against his ‘52 Oldsmobile, the Columbus, Ohio-based company has been diversifying from primarily steel processing to manufacturing finished goods. With 80 facilities in 10 countries, it is one of the largest suppliers of pressure tanks and cylinders, including propane tanks for gas grills and camping and oxygen, helium and scuba tanks.

For the period ended Nov. 30, Worthington’s steel processing segment reported a 12% increase in sales to $552.8 million as volumes and average selling prices rose. Meanwhile, its pressure cylinders business reported an 18% increase to $38.7 million, largely due to recent acquisitions. Engineered cabs also reported higher volumes, driving sales up to $51.5 million.

Overall, Worthington reported a profit of $29.5 million, or 43 cents a share, compared with $23 million, or 32 cents a share, a year earlier. Excluding charges, profit was 55 cents a share, down from 55 cents a year earlier.

Revenue rose 13% to $871 million.

Analysts surveyed by Thomson Reuters expected profit of 66 cents a share and revenue of $871 million.

Gross margin narrowed to 14.4% from 16.7% a year earlier on manufacturing costs.

The company declared a quarterly dividend of 18 cents a share, payable on March 27.

Through Wednesday’s closing, the company’s stock had fallen 16% for the year.

Write to Maria Armental at maria.armental@wsj.com



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