Worthington Industries' Stock Falls After Profit Warning

Worthington Industries' stock slumped 2% in after-hours trade Monday, after the metals processing company warned that fiscal third-quarter profit will be "significantly" below year ago levels, given the sharp drop in steel prices and the softening of demand in some key markets. The company said the adverse market conditions are expected to hurt fourth-quarter results as well. The company said it did not anticipate the amount and speed of the decline in steel prices, which have fallen by over $100 a ton since mid December. The FactSet consensus analyst estimate for per-share earnings was for a decline to 59 cents from 60 cents in the third quarter, and a rise to 67 cents from 61 cents in the fourth quarter. The stock had lost 19% over the past three months through Monday's close, while the S&P 500 has gained 2.2%.