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Worthington Industries 3Q Sales Up 26%

Worthington Industries, Inc. (NYSE: WOR), Columbus, OH, reported sales of $569.4 million for the third quarter ended Feb. 28, 2011, an increase of 26.2 percent over the same period a year ago. Profit was $26.3 million, compared to a year-ago loss of $17.7 million.

For the first nine months of fiscal 2011, sales were $1.77 billion, up 34.1 percent in a year-over-year comparison. Profit was $62 million, compared a year-ago loss of $20.6 million.

"We are very pleased with the excellent results this quarter and continue to see positive signs of recovery in many of our markets," CEO John McConnell said.

Steel Processing third quarter sales of $301.8 million were up 30 percent over the prior year quarter. A 16 percent increase in volumes increased sales by $47.9 million over the prior year quarter. Operating income of $14.2 million was $6.7 million higher.

Pressure Cylinders third quarter sales of $135.9 million were up 17 percent from the year ago quarter. Volumes for the European operations improved dramatically as the industrial gas and automotive markets continued to recover from the global economic downturn. Stable conditions in North American markets led to a 7 percent increase in revenues from these operations. Operating income increased 164 percent from the prior year quarter to $10.8 million.

Metal Framing third quarter net sales of $81.4 million were up 21 percent from the prior year quarter as higher selling prices, driven by the cost of steel, increased net sales by $12.5 million. Operating income was $2.7 million, compared to an operating loss of $9.1 million in the prior year quarter.

Worthington Industries is a diversified metals manufacturing company with 74 facilities in 11 countries.

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