AP News

Worthington fiscal 3Q profit jumps 43 pct.


COLUMBUS, Ohio (AP) — Worthington Industries Inc.'s said Thursday that fiscal third-quarter earnings jumped 43 percent, as acquisitions helped the metal manufacturer's revenue, and a drop in restructuring charges and joint venture transactions improved profitability.

The Columbus, Ohio, company earned $37.1 million, or 52 cents per share, in the three months that ended Feb. 28. That compares to $25.9 million, or 37 cents per share, in last year's quarter. Revenue climbed 1 percent to $619.5 million.

Analysts expected 47 cents per share on revenue of $650 million, according to FactSet.

Worthington makes pressure cylinders like oxygen, helium and scuba tanks. It also makes custom-engineered open and enclosed cabs and operator stations for heavy mobile equipment.

The company said an increase in volume helped revenue climb, but that was partially offset by lower average selling prices, mostly in steel processing. Acquisitions and a more favorable product mix in pressure cylinders helped profitability improve.

Joint venture transaction expenses dropped to $253,000 from $1.8 million, and restructuring charges also fell.

Worthington shares rose 18 cents to $29.48 in afternoon trading, after hitting a 52-week high of $30 earlier in the session. Broader trading indexes fell slightly. Worthington shares have climbed 13 percent so far this year.


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