Home » Worthington Industries Reports Sales Up 20% in 1Q
Worthington Industries Reports Sales Up 20% in 1Q
September 24, 2008
Worthington Industries, Inc., Columbus, OH, reported first quarter sales of $913.2 million, a increase of 20% over same period sales of $750 million a year ago. Profit improved 240% to $68.6 million.
While we benefited from a rising price environment, we have also been very focused on reducing costs, maximizing asset utilization and driving improvements in our operations,"said John McConnell, CEO. "Unfortunately, the record quarterly sales and net earnings are not sustainable given current market conditions, particularly in the Steel Processing and Metal Framing business segments."
On Sept. 23, 2008, U.S. Steel and Worthington Industries announced a plan to expand their existing Worthington Specialty Processing joint venture. Under the terms of the agreement, U.S. Steel will contribute ProCoil Company LLC, its steel processing subsidiary in Canton, MI, and Worthington will contribute its steel processing subsidiary in Taylor, MI. Worthington Industries will own 51% and U.S. Steel will own 49% of the new joint venture. Worthington will continue as managing partner.
In June, Worthington acquired Sharon Stairs, Akron, OH, a designer and manufacturer of steel egress stair systems for the commercial construction market. The acquisition offers additional growth opportunities, higher margin products and synergies with Worthington's mid-rise product offerings.