Worthington Industries Sales Up 26% in FY2011 - Modern Distribution Management

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Worthington Industries Sales Up 26% in FY2011

Fourth quarter sales increased 7.9 percent.

Worthington Industries, Inc. (NYSE: WOR), Columbus, OH, reported sales of $675.7 million for the fiscal 2011 fourth quarter ended May 31, 2011, an year-over-year increase of 7.9 percent. Profit improved 56.8 percent to $51.9 million.

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For the full fiscal year, sales were $2.44 billion, up 25.8 percent over fiscal 2010. Profit was $115.1 million, compared to a year-ago profit of $45.2 million. Current year earnings were driven largely by joint venture transactions. Worthington entered into six new joint venture agreements over the past year.

Steel Processing’s net sales of $431.7 million were up 23 percent in the fourth quarter. Sales volumes grew 20 percent over the prior year quarter and 31 percent versus the previous quarter due to the acquisition of the MISA Metals steel processing assets.

Pressure Cylinders’ fourth-quarter sales of $183.7 million were up 27 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.

Metal Framing’s net sales of $6.6 million were down 92 percent in the fourth quarter as a result of the contribution of its operations into the new ClarkDietrich Building Systems joint venture effective March 1, 2011. Worthington retained a 25 percent interest in this unconsolidated joint venture.

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