Worthington Industries, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2012; Reports Impairment of Long-Lived Assets for the Second Quarter Ended November 30, 2012
January 03, 2013 at 07:05 pm IST
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Worthington Industries, Inc. reported consolidated earnings results for the second quarter and six months ended November 30, 2012. For the quarter, the company reported net sales of $622,622,000 against $565,652,000 for the same period a year ago. An increase in volume was partially offset by lower average selling prices, primarily in Steel Processing, which were affected by the declining market price of steel. Most of the volume increase resulted from the acquisition of Angus Industries, reported under the Engineered Cabs segment, and two acquisitions in Pressure Cylinders. Operating income was $28,822,000 against $2,849,000 for the same period a year ago. The $26.0 million increase in operating income was mostly due to the impact of the voluntary product recall in the prior year quarter, lower inventory holding losses in Steel Processing and acquisitions. Earnings before income taxes were $48,012,000 against $20,284,000 for the same period a year ago. Net earnings attributable to controlling interest were $31,826,000 or $0.45 per diluted share against $11,985,000 or $0.17 per diluted share for the same period a year ago. Net cash provided by operating activities was $88,381,000 against $64,355,000 for the same period a year ago. Net investment in property, plant and equipment, net was $7,911,000 against $3,559,000 for the same period a year ago.
For the six months, the company reported net sales of $1,288,657,000 against $1,168,039,000 for the same period a year ago. Operating income was $62,240,000 against $24,032,000 for the same period a year ago. Earnings before income taxes were $98,979,000 against $61,877,000 for the same period a year ago. Net earnings attributable to controlling interest were $65,788,000 or $0.94 per diluted share against $37,637,000 or $0.53 per diluted share for the same period a year ago. Net cash provided by operating activities was $159,379,000 against $49,515,000 for the same period a year ago. Net investment in property, plant and equipment, net was $24,616,000 against $10,031,000 for the same period a year ago.
For the quarter, the company reported impairment of long-lived assets of $50,000 compared to $1,520,000 for the same period a year ago.
Worthington Enterprises Inc. is a designer and manufacturer of brands that enable people to live safer, healthier and more expressive lives. The Company operates through two primary business segments: building products and consumer products. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time, Bernzomatic, Coleman, CoMet, Garden-Weasel, General, HALO, Hawkeye, Level5 Tools, Mag Torch, NEXI, Pactool International, PowerCore, Well-X-Trol, and XLite, among others. The Company also serves the global hydrogen ecosystem via a joint venture focused on on-board fueling systems and gas containment solutions. The Company also operates in lightweight, customizable LPG composite cylinders.
Worthington Industries, Inc. Reports Consolidated Earnings Results for the Second Quarter and Six Months Ended November 30, 2012; Reports Impairment of Long-Lived Assets for the Second Quarter Ended November 30, 2012