Worthington Q3 Earnings Rise, Revenue Down- Quick Facts

(RTTNews) - Metals manufacturing company Worthington Industries, Inc. (WOR) on Wednesday reported third-quarter net income attributable to controlling interest of $67.6 million or $1.27 per share, higher than $15.3 million or $0.27 per share in the comparable quarter last year.

Earnings benefited from good results in steel processing, pressure cylinder segments and the company's joint ventures.

Adjusted net income was $72.3 million or $1.36 per share, compared to $36 million or $0.64 per share in the year-ago quarter.

Third-quarter net sales fell 1 percent to $759.1 million from $764 million in the same period last year. The decline was due to lower sales in the oil and gas equipment business within Pressure Cylinders segment.

The company reported operating income of $49.8 million in the quarter, compared to an operating loss of $1.39 million in the previous-year period.