Analyst predicting net loss for Worthington next quarter

Dec 22, 2008 | 08:57 AM | Corinna Petry

Goldman Sachs Group Inc. expects Worthington Industries Inc. to post a loss of 9 cents per share in its fiscal third quarter, in sharp contrast to a previous estimate of a 28-cent-per-share profit, due to expected losses in both the steel processing and metal framing businesses.

The investment bank said it believes this could lead Columbus, Ohio-based Worthington to default on debt covenants by its fiscal fourth quarter ending May 31.

In a research note to investors Monday, Goldman Sachs analyst Sal Tharani cut his fiscal 2009 per-share estimate to a negative $1.10 in contrast to a positive 67 cents previously and his fiscal 2010 estimate to a $1-per-share profit from $1.15.....

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