Stronger sales lift Worthington profits

Jun 26, 2014 | 03:14 PM |

Tags  Worthington Industries, service center, steel, earnings report, John P. McConnell, Mark Russell, Andy Rose, Caterpillar Philip Gibbs

NEW YORK — Worthington Industries Inc.’s net income increased 10.9 percent in its fiscal year despite a 1.1-percent dip in the last three months of the year.

Sales for the three months ended May 31 jumped 26.6 percent from the same period last year, while full-year sales climbed 19.7 percent from a year earlier, the Columbus, Ohio-based company said in its earnings report June 26.

The company attributed higher quarterly sales to stronger volumes as well as acquisitions, with its steel processing business benefiting from recovering automotive, agriculture and construction markets.

"The (fiscal) fourth-quarter results showed improvement over the prior-year period, with steel processing leading the way," Worthington chairman and chief executive officer John P. McConnell said in a statement accompanying the earnings report. "Our transformation efforts continue to help that business deliver strong results as it nears the peak volumes we saw prior to the downturn." ....

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