Worthington fiscal 1st-quarter profit jumps with steel processing, pressure cylinder growth

Worthington 1Q profit more than triples

COLUMBUS, Ohio — Metal manufacturer Worthington Industries Inc. said Wednesday that its fiscal first-quarter profit more than tripled with growth in its steel processing and pressure cylinders businesses.

Results handily topped estimates, and Worthington shares rose 73 cents, up 4.7 percent, to $16.25 in late trading after finishing regular trading unchanged at $15.52.

For the three months that ended Aug. 31, Worthington earned $23.3 million, or 30 cents per share, compared with a profit of $6.7 million, or 8 cents per share, in the year-ago quarter.

Revenue rose 48 percent to $616.8 million.

Analysts polled by Thomson Reuters expected a profit of 24 cents per share on $563.1 million in revenue.

The company also said that on Aug. 30 it declared a quarterly dividend of 10 cents per share. The dividend was paid Sept. 29 to shareholders of record as of Sept. 15.