Columbus, Ohio-based Worthington Industries, Inc. reported Thursday net earnings of $37.1 million on sales of $619.5 million for its fiscal 2013 Q3 (ended February 28, 2013). In in Q3 2012, the company reported net sales of $611.3 million and net earnings of $25.9 million. Net sales of $619.5 million in Q3 2013 were up 1 percent from the comparable quarter the previous year. An increase in volume was partially offset by lower average selling prices, primarily in the Steel Processing segment, where the prices were affected by the declining market price of steel.
Steel Processing's net sales of $349.6 million were down 5 percent, or $17.7 million, from the prior year quarter, as lower average selling prices negatively impacted net sales by $21.4 million. The mix of direct versus toll tons processed was 58 percent to 42 percent this quarter, compared with an even split in the comparable quarter of the prior year.
Pressure Cylinders' net sales of $205.2 million were up 9 percent, or $17.5 million, from the comparable prior year quarter driven almost entirely by the acquisition of Westerman in the prior quarter. Engineered Cabs, consisting of the operations of Angus Industries Inc. acquired on December 29, 2011, generated net sales of $48.6 million in the current quarter.
"We had a record third quarter with nearly all of our businesses performing at or above our expectations," said John McConnell, Chairman and CEO. "There was strength in some areas of the economy, with good automotive demand and the return of some agriculture business for Steel Processing, along with solid volumes in Cylinders' new oil and gas business. Engineered Cabs, while still experiencing lower volumes in the short term, is aggressively reducing costs and matching up their operations with demand."
