Worthington profits dip in fourth quarter

Jun 27, 2013 | 05:57 PM | Corinna Petry

Tags  Worthington Industries, earnings report, John McConnell, steel processing, steel pricing, Corinna Petry

CHICAGO — Worthington Industries Inc.’s net income fell sharply in its fiscal fourth quarter, hurt by impairment and restructuring charges totaling $10.8 million as well as lower revenue.

The largest hit was a $4.8-million write-off on its 40-percent stake in a Chinese metal framing joint venture, but the Columbus, Ohio-based company also took a $2.5-million charge for the expected severance costs associated with consolidating the BernzOmatic hand torch manufacturing operation in Medina, N.Y., into the company’s Chilton, Wis., facility (amm.com, June 24).....

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