Close

Worthington Industries (WOR) Misses Q4 EPS by 3c, Sales Beat

June 27, 2013 8:36 AM EDT
Worthington Industries (NYSE: WOR) reported Q4 EPS of $0.62, ex-items, $0.03 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $755.4 million versus the consensus estimate of $699.55 million.

"We had a solid performance this quarter and an excellent fiscal year. Excluding impairment and restructuring charges, we achieved the highest annual earnings per share in our history," said John McConnell, Chairman and CEO. "There was some softening in Steel's volumes, largely attributable to one tolling customer, but the results were strong from Cylinders as the segment increased sales in retail products and alternative fuels, and found new markets in oil and gas through our acquisitions and product development. The Engineered Cabs business remained soft and it is focused on improvement through our Transformation and leadership changes. The joint ventures had a very strong performance this quarter, particularly WAVE, ClarkDietrich and TWB."

Outlook

"Our outlook remains positive. We are positioned for growth both organically and from our acquisitions," said McConnell. "We enter the new fiscal year with a solid strategy focused on continuing to deliver strong results with a dedicated management team and workforce. There is continued strength in automotive with shortened or eliminated summer shutdowns and we anticipate some improvement in commercial construction. Our Cylinders business has nicely integrated its two recently acquired businesses in the oil and gas tank market. We believe that Engineered Cabs is a good business that will benefit this year from the full implementation of the Transformation to optimize and improve operations."

For earnings history and earnings-related data on Worthington Industries (WOR) click here.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Earnings, Guidance, Management Comments

Related Entities

Earnings