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Worthington profits soar due to strong steel, cylinder sales

Keywords: Tags  Worthington Industries, quarterly earnings, steel processing, pressure cylinders, John McConnell, Corinna Petry

CHICAGO — Worthington Industries Inc.’s net income jumped in its fiscal first quarter due in large part to higher sales.

The Columbus, 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.

The company’s 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 unit’s operating income jumped 36 percent to $22.7 million on sales that rose 4.5 percent to $402.4 million.

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 division’s operating income increased 29.5 percent to $19.5 million on sales that rose 11.7 percent to $216.9 million.

"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."

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