Worthington Industries Inc.s net income jumped in its
fiscal first quarter due in large part to higher sales.
Ohio-based company reported net income of $54.6 million for the
three months ended Aug. 31, up 60.6 percent from almost $34
million in the same period last year, on sales that increased
3.9 percent to $692.3 million from $666 million.
steel processing division shipped 720,000 tons of steel in the
quarter, up 3.6 percent from 695,000 tons shipped a year
earlier, as the units operating income jumped 36 percent
to $22.7 million on sales that rose 4.5 percent to $402.4
The pressure cylinders
unit shipped 20.9 million units during the quarter, down 2.9
percent from 21.5 million units in the same period last year,
as the divisions operating income increased 29.5 percent
to $19.5 million on sales that rose 11.7 percent to $216.9
"We had a very good
quarter with solid results from our steel processing and
pressure cylinders businesses and several of our joint
ventures," Worthington chairman and chief executive officer
John McConnell said in a statement Sept. 25. "We saw strength
in volumes from the automotive, agriculture, heavy truck and
commercial construction markets in steel processing. The oil
and gas business in cylinders had a very good quarter."