Worthington Reports Earnings - 6/28/2012
Worthington Industries, Inc. reported net sales of $755.4 million and net earnings of $52.1 million for its fourth quarter ended May 31, 2012. For last year's fourth quarter, the Company reported net sales of $675.7 million and net earnings of $51.9 million. Earnings were adversely affected by declining steel prices in Steel Processing, $9.7 million of recall expenses in Pressure Cylinders and $6.2 million of restructuring charges.
“The Cylinders business segment produced excellent results from consumer products, as well as alternative fuel tank products,” says CEO John McConnell. 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. Operating income was $21.8 million, up $2.7 million from the prior year quarter primarily due to the acquisitions.
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