Worthington Industries Beats Earnings Estimates (WOR)

Worthington Industries, Inc. WOR reports Q3 earnings of $0.30 versus consensus of $0.24. Worthington Industries, Inc. reports revenues of $616.8 million versus consensus of $563.09 million. Sales increased 48% year over year. Gross margin for the current quarter was $78.9 million, or 13% of net sales. "Although we are operating in an environment with volumes well below historical levels, we have been able to produce solid results in most of our businesses. In Steel Processing, we have clearly benefited from our focus on improvement at all levels. This has been a key to this business segment's increasing profitability, along with a slowly improving economy and our recent strip steel acquisition." McConnell added, "Pressure Cylinders is starting to benefit from slowly improving European markets and we would expect continued solid demand from most North American product lines. Our third main business segment, Metal Framing, will continue to work hard at staying cash neutral while it remains dramatically impacted by the commercial construction market, which seems in no hurry to improve. "We are pursuing opportunities to take our mid-rise construction system to global markets and initial efforts are being well-received," McConnell said. "We also will continue to search for strategic growth opportunities to help expand our results." Shares of WOR are higher in the after-hours by 3.03%.