Worthington Industries Gains After 2Q Results

Worthington Industries, Inc. fell 4.70% to $16.83 in the early hour after the company reported net sales of $570.4 million and net earnings of $18.5 million, or $0.27 per share, for its fiscal 2012 second quarter ended November 30, 2011.

The Steel Processing and Pressure Cylinders segments reported an 18% and a 33% increase in sales, respectively, aided by the recent acquisitions.

Gross margin for the current quarter was $66.3 million, compared to $69.8 million in the prior year quarter. Operating income for the current quarter was $12.5 million, slightly lower than the $12.9 million reported during the comparable quarter of the prior year.

At quarter end, total debt was $476.3 million, up $16.9 million from August 31, 2011, as the acquisition of STAKO and the repurchase of common shares raised short-term borrowing needs.

The Company had utilized $85.0 million of its $100.0 million trade accounts receivable securitization facility, and $136.1 million was drawn on its $400.0 million revolving credit facility as of November 30, 2011.

Worthington Industries is a diversified metals processing company, focused on steel value-added steel processing and manufactured metal products.


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