Industries Inc.s net income soared to more than $31.8
million in its fiscal second quarter from just under $12
million in the same period a year earlier on sales that
increased 10.1 percent to $622.6 million.
"We had strong performances from
most of our businesses in the (fiscal) second quarter, with
volume increases in pressure cylinders and a steady performance
from steel processing, offset by softness in engineered cabs,"
chairman and chief executive officer John McConnell said in a
statement Thursday. "Our year-over-year performance improved,
despite declining steel prices, thanks to contributions from
The Columbus, Ohio-based company
processes and distributes steel and manufactures cylinders,
steel framing and motor cabs.
Net sales by Worthingtons
Steel Processing business in the three months ended Nov. 30
fell 9.1 percent from a year earlier to $339.3 million, which
the company attributed to lower average selling prices and an
8.1-percent decrease in volume to 626,000 tons. The volume
decline was the result of the wind-down of unprofitable
customer accounts from the MISA Metals acquisition.
Nevertheless, the Steel Processing business generated operating
earnings of more than $13.3 million, up 80.2 percent from
nearly $7.4 million a year earlier due primarily to lower
Worthingtons net income for the first six months of
its fiscal year jumped 74.8 percent to $65.8 million from $37.6
million a year earlier on sales that improved 10.3 percent to