Worthington Industries Inc. (NYSE: WOR) reported a fiscal second-quarter profit on Wednesday, returning the company to a profit, according to Associated Press.
The metal-processing company cited increased steel prices, better inventory management and improved cost control efforts as reasons for the success in the quarter.
Penny Stock Professor, a leading financial publication, is pleased to alert investors of stocks on the move. Sign Up for our Free Penny Stock Picks.
Worthington earned $23.2 million, or 29 cents per share, for the three months ended Nov. 30, compared to a loss of $164.7 million, or $2.09 per share, a year earlier.
Last year’s second-quarter results were negatively affected by charges related to inventory, restructuring and goodwill impairment that lowered earnings per share by $2.10.
The latest performance easily beat the estimates of analysts polled by Thomson Reuters, who forecast a profit of 9 cents per share. These estimates normally exclude one-time items.
Sales dropped 40 percent to $448 million from $745.4 million mostly on lower average selling prices and lower sales volumes. Revenue for its steel processing, metal framing and pressure cylinders divisions all declined.
The revenue total missed Wall Street's sales estimate of $468.5 million.
The company's stock rose $2.37, or 17.1 percent, to $16.25 in afternoon trading. Its shares rose to a 52-week high of $16.44 earlier in the session.
Follow us on Twitter: http://www.twitter.com/pennystockspro
Sign up for the free Penny Stock Professor newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
About Us
Penny Stock Professor is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
