Worthington's Earnings Climb to $52.1 million in Q4
Jun. 29, 2012
Columbus, Ohio-based Worthington Industries, Inc., a diversified metals manufacturing company, announced Thursday net income of $52.1 million in its fiscal Q4 (ended 31 May 2012) on net sales of $755.4 million. The results represent an improvement from Q4 2011 earnings of $51.9 million and Q3 2012 earnings of $25.9 million.
For the fiscal year ended 31 May 2012, Worthington reported net earnings of $115.6 million, driven by the strong Q4. Net sales were up 4%, or $92.1 million, from the prior year to $2.5 billion. The comparison reflects a $335.1 million decrease due to the deconsolidation of Metal Framing and Automotive Body Panels segments, which was more than offset by the $201.9 million of additional sales from acquisitions, increased volumes in Steel Processing, and higher overall average selling prices. Current year earnings were adversely affected by declining steel prices in the Steel Processing segment.
The Steel Processing's net sales of $429 million were down $2.1 million over the prior year's quarter as the impact of higher overall volume was more than offset by lower average selling prices. Pressure Cylinders' net sales of $236.8 million were up 29% from the prior year quarter, aided by recent acquisitions and a favorable mix in sales resulting in higher average selling prices. Engineered Cabs generated net sales of $64.1 million in Q4 2012 and reported operating income of $6.3 million.
John McConnell, chairman and CEO said, "The macro issues surrounding the limited economic recovery continue to dominate the headlines and require us to be guarded in our optimism, but we feel very good about the growth potential of our company."