Worthington Profit Misses Estimate, Sales Beats; Stock Down 3%

(RTTNews) - Worthington Industries Inc (WOR), a metals manufacturing company, on Wednesay reported second-quarter net earnings of $29.5 million or $0.43 per share compared with $23 million or $0.32 per share last year.

Excluding items, adjusted earnings for the quarter were $0.55 per share compared with $0.56 per share a year ago.

Revenues for the quarter were $871 million compared with $770 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.68 per share on revenues of $859.3 million for the quarter. Analysts' estimates typically exclude special items.

CEO John McConnell said that while revenue growth was strong, the company had to grapple with some issues, including an operation in oil and gas equipment business and one in Engineered Cabs that had elevated manufacturing costs.

Going forward, McConnell said, "There are solid areas of growth, particularly in automotive, where we are working with our customers on a number of initiatives including light weighting solutions. We expect Steel Processing to continue to perform well. There are some markets, like agriculture, where we are seeing slower demand."