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Worthington Industries (WOR) Tops Q1 EPS by 2c

September 24, 2014 6:07 PM EDT

Worthington Industries (NYSE: WOR) reported Q1 EPS of $0.65, $0.02 better than the analyst estimate of $0.63. Revenue for the quarter came in at $862.4 million versus the consensus estimate of $857.67 million.

"Our company reported very good results for our first quarter as we work to deliver consistent earnings growth," John McConnell, Chairman and CEO, said. "Our Steel Processing business led the way with strong volumes from the automotive market. Pressure Cylinders' recent acquisitions in the oil and gas equipment market are helping drive their results along with increased volumes in the non-refillable refrigerant and heating systems products. While the Engineered Cabs business continues to operate in a weak market, we are seeing some improvement in their operations." McConnell added, "Our joint ventures performed well with Serviacero and WAVE as solid contributors."

Outlook

"We anticipate continued steady volumes from the automotive markets, as light vehicle sales have increased, due to some strengthening in parts of the economy and improving consumer confidence," McConnell said. "In Pressure Cylinders, we are well positioned to deliver natural gas storage and production equipment at the well site, through transportation and distribution solutions in LNG, and with products that convert natural gas to fuel. We believe that there are excellent growth opportunities across many of the energy-related markets, which we will continue to pursue organically and through acquisitions."

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



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