Worthington Sales Up--Profit Falls from Rebranding Charges

Worthington Industries, Inc. reported net earnings of $23.0 million and net sales of $769.9 million for the second quarter of fiscal year 2014, ending November 30, 2013. Net sales increased 24 percent from the previous year and 9 percent from the previous quarter and were attributed to higher overall volumes related to new acquisitions.

Net earnings were impacted by a $30.7 million charge related to the write-off of certain trade name assets in connection with re-branding the Company’s businesses under the Worthington Industries name, as well as a gain of $2.5 million from insurance proceeds received for property damage at the company’s pressure cylinder facility in Austria.