Worthington Industries Q1 Results Top Estimates

(RTTNews) - Worthington Industries, Inc. (WOR) reported net earnings for the first quarter of $44.2 million or $0.63 per share, compared to $54.6 million or $0.76 per share for the year-ago quarter.

Net earnings in the current quarter include pre-tax impairment and restructuring charges totaling $2.1 million, which reduced earnings per share by $0.02. Net earnings in the first quarter of the prior year included an $11.0 million pre-tax gain and a $4.5 million favorable tax adjustment related to the acquisition of an additional 10% interest in the laser welded blanks joint venture, TWB, in July of 2013. The impact of the two items netted with restructuring and impairment charges increased earnings by $0.18 per share in the prior year quarter.

Net sales for the first quarter rose 25% to $862.4 million from $692.3 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.63 per share on revenue of $857.67 million for the first quarter. Analysts' estimates typically exclude special items.