Worthington Industries, Inc. (NYSE:WOR) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Worthington Industries, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 16% to $0.58 in the quarter versus EPS of $0.50 in the year-earlier quarter.
Revenue: Rose 3.94% to $692.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Worthington Industries, Inc. reported adjusted EPS income of $0.58 per share. By that measure, the company missed the mean analyst estimate of $0.58. It missed the average revenue estimate of $692.92 million.
Quoting Management: “We had a very good quarter with solid results from our Steel Processing and Pressure Cylinders businesses and several of our joint ventures,” said John McConnell, Chairman and CEO. “We saw strength in volumes from the automotive, agriculture, heavy truck and commercial construction markets in Steel Processing. The oil and gas business in Cylinders had a very good quarter and the transformation’s operational improvements are also providing a lift to this business. Engineered Cabs has stabilized while still experiencing softer volumes from key customers.” McConnell added, “We also had excellent contributions from our joint ventures with WAVE, ClarkDietrich and TWB leading the way this quarter.”
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