COLUMBUS, Ohio (AP) â¿¿ Worthington Industries saw fourth-quarter net income edge upward thanks to better selling prices and strength in its cylinders unit.
The metals maker's quarterly performance topped Wall Street's expectations and its stock rose in early morning trading.
Worthington Industries earned $52.1 million, or 75 cents, per share, for the three months ended May 31. That compares with $51.9 million, or 70 cents per share, a year ago.
Analysts polled by FactSet executed earnings of 54 cents per share.There were fewer shares outstanding in the current quarter. Revenue rose 12 percent to $755.4 million from $675.7 million, buoyed by acquisitions, increased volumes and higher average selling prices in its pressure cylinders division. Wall Street predicted $683.3 million in revenue. Worthington Industries' shares gained 77 cents, or 4.4 percent, to $18.40. Pressure cylinder sales rose 29 percent, while steel processing sales dipped 1 percent. For the year, Worthington Industries Inc. earned $115.6 million, or $1.65 per share. In the prior year the company earned $115.1 million, or $1.53 per share. The earnings results were hurt by falling steel prices, recall expenses in its pressure cylinders segment and restructuring charges. Annual revenue increased xx percent to $2.53 billion from $2.44 billion.