Worthington Industries ( WOR) fell 4% Wednesday after the metal processor said third-quarter earnings fell 42% from a year ago.

The Columbus, Ohio, company earned $19.2 million, or 21 cents a share, in the quarter, compared with $33.1 million, or 37 cents a share, a year ago. Adjusted for items related to accrual of expenses in prior periods, earnings would have been 25 cents a share. Analysts polled by Thomson First Call were expecting earnings of 35 cents a share.

Third quarter revenue fell 9% to $681.5 million. Analysts were expecting revenue of $703.8 million in the most recent quarter.

Revenue fell 15% to $351.9 million in the Steel Processing segment due to lower selling prices. Revenue decreased 7% to $179.7 million in the Metal Framing segment. Lower prices more than offset an increase in the volumes in this segment.

Revenue decreased 2% to $110.6 million in the Pressure Cylinders segment due to unfavorable movement of exchange rates.

Operating profit fell 53.5% to $25.6 million, and operating profit margin decreased by 370 basis points to 3.7%.

At midday, the stock was off 92 cents to $19.19.
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