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Worthington Industries Fiscal 3Q Profit Falls

COLUMBUS, Ohio (AP) â¿¿ Metals manufacturer Worthington Industries Inc. said Thursday that its fiscal third-quarter profit fell slightly, as higher acquisition, manufacturing and other costs more than offset increased sales.

For the quarter ended Feb. 29, Columbus, Ohio-based Worthington earned $25.9 million, or 37 cents per share, down from $26.3 million, or 35 cents per share, in the same quarter last year.

Revenue rose 7.4 percent to $611.3 million from $569.4 million, boosted by contributions from recent acquisitions.

The results beat Wall Street predictions. Analysts, on average, expected a profit of 34 cents per share on $587.8 million in revenue, according to a FactSet poll.

Steel processing sales rose 22 percent to $367.3 million, while pressure cylinder sales jumped 38 percent to $187.7 million. Both improved in part because of acquisitions. In addition the company's engineered cabs segment, created in an acquisition late last year, added $40.2 million in sales.

Worthington said its margins were hurt by costs related to acquisitions and breaking up its metal framing and automotive body panel segments, along with unfavorable changes in the kinds of products sold and higher manufacturing costs.

The company expects its results to continue to improve during the fiscal fourth quarter, with sales and production volumes reflecting a modestly improving economy.

In afternoon trading, Worthington shares fell 4 cents to $18.30.
Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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