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|
|Earnings per share||$0.70||$0.35||$0.42||$1.53||$0.57|