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Worthington Industries 2Q Sales Climb 30%

Diversified metals manufacturer Worthington Industries, Inc. (NYSE: WOR), Columbus, OH, reported sales for the second quarter ended Nov. 30, 2010, were $580.7 million, an increase of 30 percent over the same period a year ago. Profit declined 37.5 percent to $14.5 million.

For the first six months, sales were $1.2 billion, up 39 percent over the prior year period. Profit increased 23 percent to $36.8 million.

Steel Processing second quarter sales of $317.1 million were up 41 percent over the prior year quarter. A 22 percent increase in volumes increased sales by $61.5 million. The largest increase came in the higher value-added products in the automotive segment, due to the contribution from the Gibraltar strip steel acquisition.

Pressure Cylinders net sales of $136.2 million were up 30 percent from the year ago second quarter. North American operations experienced volume increases in the majority of its product lines, in addition to being aided by the acquisitions of SCI and Hy-Mark. Overall volumes for the European operations improved as the industrial gas and automotive markets began to recover from the global economic downturn.

Metal Framing net sales of $77.1 million were down 4 percent from the prior year quarter as volumes were down 13 percent, reducing net sales by $12.4 million. Excluding the impact of the Canadian operations in the prior year quarter, net sales were up 4 percent on volumes that were 6 percent lower.

On Jan. 4, 2011, Worthington announced the launch of a joint venture in China with the goal of driving light gauge steel-framed construction in second tier cities. Worthington’s Global Group is pursuing steel-framed mid-rise residential construction opportunities in emerging international markets, including five developing Chinese provinces where the joint venture will operate.

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