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Worthington Reports Fourth Quarter And Fiscal Year Results

Worthington Industries, Inc. (NYSE: WOR) today reported net sales of $675.7 million and net earnings of $51.9 million, or $0.70 per share, for the fiscal 2011 fourth quarter ended May 31, 2011. In last year’s fourth quarter, the Company reported net earnings of $33.1 million, or $0.42 per share.

For the fiscal year ended May 31, 2011, the Company posted net earnings of $115.1 million, or $1.53 per share, driven by a strong fourth quarter. Sales were up 26% from the prior year to $2,442.6 million, primarily due to the increase in sales volumes in the Steel Processing and Pressure Cylinders segments and a 24% increase in the average market price of steel. Current year earnings included a net gain of $3.4 million, or $0.03 per share, driven largely by the Joint Venture Transactions which are explained in more detail below and partially offset by current year impairment and restructuring charges. Prior year earnings were reduced by goodwill impairment, restructuring and certain legal charges totaling $31.0 million, or $0.39 per share.

The results for the three- and twelve-month periods ended May 31, 2011 were as follows:

(U.S. dollars in millions, except per share data)

        4Q 2011         3Q 2011         4Q 2010         12M 2011         12M 2010
Net sales $675.7 $569.4 $626.4 $2,442.6 $1,943.0
Operating income 62.3 28.0 42.6 124.4 22.0
Equity income 24.9 17.0 18.8 76.3 64.6
Net earnings 51.9 26.3 33.1 115.1 45.2
Earnings per share $0.70 $0.35 $0.42 $1.53 $0.57
 

“I am very pleased with the performance of our Company in the fourth quarter and throughout our 2011 fiscal year,” Chairman and CEO John McConnell said. “Both of our main businesses, Steel Processing and Pressure Cylinders, had excellent fourth quarter results. WAVE was a great contributor to our results and our other joint ventures also performed well. We have accomplished a lot this year by executing on our strategic plan to grow our businesses organically and through acquisitions, while transitioning some businesses to joint ventures, as we drive to increase sustainable earnings.” McConnell added, “I am proud of the efforts of our entire team as they have stayed focused on our production and operational improvements to deliver solid results despite an uneven economic recovery.”

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