Worthington Industries' Stock Surges After Results Beat Expectations

By Markets MarketWatch Pulse

Shares of Worthington Industries Inc. rallied 4.7% in morning trade Wednesday, after the metals manufacturing company reported fiscal fourth-quarter profit and sales that beat expectations. For the quarter ended May 31, earnings rose to $58.5 million, or 92 cents a share, from $28.9 million, or 44 cents a share, in the same period a year ago. The results include one-time items that boosted earnings per share by 5 cents. The FactSet EPS consensus was 64 cents. Revenue fell to to $714.7 million from $846.0 million, as a result of lower average selling prices in steel processing, but beat the FactSet consensus of $692 million. "While we expect some headwinds to continue, our legacy businesses are performing well and we anticipate a good start to our new fiscal year," said Chief Executive John McConnell. "The Company's two underperforming businesses, engineered cabs and oil and gas, are in better positions with smaller footprints and the cryogenics business is repositioning with its moves to new facilities later this year and new markets." The stock has soared 28% year to date, while the S&P 500 has gained 0.5%.

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