July 25, 2008

Worthington Q3 net sales up by 7% YoY

Worthington Industries Inc announced results for the Q3 and nine month periods ended February 2008. For the Q3 of fiscal 2008, net sales were USD 725.7 million up by 7% YoY from USD 677.3 million. Third quarter net earnings were USD 18.3 million as compared to USD 5.5 million.

Net earnings for the third quarter included USD 2.6 million in pre tax restructuring charges, USD 1.4 million of which was non cash, primarily related to previously announced plant closures in the Metal Framing segment.

For the nine month period, net sales of USD 2,198.3 million up by 1% YoY than USD 2,185.2 million for the same period last year. Net earnings were USD 53.2 million as compared to USD 75.7 million for the same period last year. YTD results were negatively impacted by USD 9.9 million in pre tax restructuring charges.

Mr John McConnell chairman & CEO of Worthington Industries said that “Our performance this quarter showed significant improvement. Pressure Cylinders and our WAVE joint venture, which posted a record third quarter, continued producing excellent results. Metal Framing made great strides as efforts to reduce cost and improve customer service are beginning to net results.”

He added that “The entire team has pulled together to help this segment successfully implement its turnaround plan. Steel Processing has also done an excellent job of increasing volumes and market share to help offset the weakness in the automotive sector.”