Worthington Industries (WOR) Tops Q1 EPS by 26c, Sales Miss
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Worthington Industries (NYSE: WOR) reported Q1 EPS of $1.03, $0.26 better than the analyst estimate of $0.77. Revenue for the quarter came in at $737.5 million versus the consensus estimate of $742.8 million.
"We had a strong performance in our first quarter and delivered record earnings per share thanks to great results from our Steel Processing business segment and our joint venture ClarkDietrich," said John McConnell, Chairman and CEO. "We benefitted from rising steel prices and strong demand in the automotive and construction markets while the agriculture and oil and gas markets remained weak."
"We believe that most of our markets will remain steady as we finish calendar year 2016 with normal seasonal slowdowns in automotive production," McConnell said. "Our Transformation efforts are gaining traction in Pressure Cylinders, new product design is advancing in consumer products and its industrial products business is expanding the professional wholesale market into Europe this quarter." McConnell added, "We're off to a great start for fiscal 2017 and will to continue to navigate the ups and downs of the economy."
For earnings history and earnings-related data on Worthington Industries (WOR) click here.
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