NEW YORK (TheStreet) -- Shares of Worthington Industries (WOR) - Get Report closed higher by 5.92% to $46.89 on heavy trading volume Wednesday after the company posted better-than-anticipated results for the 2017 fiscal first quarter.
Before today's market open, the Worthington, OH-based metals manufacturing company reported adjusted earnings of $1.03 per share, handily topping Wall Street's estimates of 77 cents per share.
But revenue declined 3% to $737.5 million year-over-year and was below analysts' forecasts of $742.8 million.
"We had a strong performance in our first quarter and delivered record earnings per share thanks to great results from our steel processing business segment and our joint venture ClarkDietrich," CEO John McConnell said in a statement.
"We benefitted from rising steel prices and strong demand in the automotive and construction markets while the agriculture and oil and gas markets remained weak," he added.
About 1.04 million of the company's shares traded today vs. its average 30-day volume of 353,254 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, notable return on equity, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company shows low profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WOR