A reported net sales of $448.0 million and net earnings of $23.2 million, or $0.29 per diluted share, for the fiscal 2010 second quarter ended November 30, 2009 was announced yesterday for Worthington Industries, Inc. These results that were announced yesterday prove that Worthington Industries is showing momentous improvements from the first quarter with increased margins due to higher steel prices, tighter cost controls, improved inventory management and operational efficiencies particularly evident in Steel Processing, the largest of the Company’s business segments. In last year’s second quarter, the Company posted a net loss of $164.7 million, or $2.09 per diluted share.
“We had a very good quarter driven by improved volumes and spreads in Steel Processing and the benefits of our Transformation efforts,” said Chairman and CEO John P. McConnell. “Over the past two years, we have reduced costs, resized our businesses, reduced debt and conserved cash across the Company to produce positive results in a down cycle. Pressure Cylinders had a steady performance driven by good results in North America, where its retail products are performing well. It’s a different story in Europe, where depressed industrial markets are holding back Cylinders’ overall results.” McConnell added, “Volume difficulties continue for our Metal Framing business due to the ongoing downturn in the commercial construction markets. This business continues to make progress in its Transformation efforts and we are focused on remaining cash neutral this fiscal year, by keeping costs low, implementing operational efficiencies, and aggressively pursuing building projects with our value- added products.”
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Worthington Industries, Inc. operates as a diversified metal processing company focusing on steel processing and manufactured metal products primarily in the United States, Canada, and Europe.
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