Worthington Industries 1Q Sales Down 2% - Modern Distribution Management

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Worthington Industries 1Q Sales Down 2%

Worthington's Pressure Cylinders segment announced the acquisition of STAKO, a producer of automotive LPG tanks.

Worthington Industries, Inc. (NYSE: WOR), Columbus, OH, reported sales of $602.4 million for the first quarter ended Aug. 31, 2011, a decline of 2.3 percent compared to the same period a year ago. Profit increased 14.7 percent to $25.7 million.

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Steel Processing’s net sales of $408.2 million were up 15 percent over the prior year quarter. Higher average selling prices increased net sales by $45.9 million and a 14 percent increase in volumes favorably impacted sales by $7.4 million.

Pressure Cylinders’ net sales of $168.8 million were up 24 percent from the comparable prior year quarter. Net sales in the North American operations increased 19 percent over prior year, aided by the Bernz acquisition. Overall volumes for the European operations were down from the prior year quarter, but net sales were higher primarily due to a more favorable product mix and foreign exchange rate. Worthington Nitin Cylinders, the Company’s Indian consolidated joint venture, contributed $2.9 million to net sales.

The Pressure Cylinders segment also completed the acquisition of STAKO, a European producer of automotive liquefied propane gas tanks located in Slupsk, Poland. Sales for the last 12 months were US$25 million.

Metal Framing’s net sales were $3.1 million during the quarter.

Worthington Industries is a diversified metals manufacturing company.

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