Worthington Industries 3Q Profit Tumbles 92 Pct

COLUMBUS, Ohio (AP) — Metal-processing company Worthington Industries Inc. on Wednesday said its third-quarter profit plunged 92 percent, due to a $16.3 million restructuring charge and a sharp decline in sales.

For the three months ended Feb. 28, earnings fell to $1.6 million, or 2 cents per share, compared with $18.3 million, or 23 cents per share, a year earlier.

The results include a restructuring charge, which was partially offset by an $8.3 million pretax gain on the sale of the company's interest in the Aegis Metal Framing joint venture to MiTek Industries Inc., a unit of Berkshire Hathaway Inc. The charges cut profits by 4 cents per share. ...