Worthington Industries Sales Strong in Q2

Worthington Industries reported a strong second quarter (ending November 30, 2013) for fiscal year 2014. Sales were $769.9 million, up 24 percent from the previous quarter due to an overall increase in volume. The steel segment was especially robust with sales of $491.1 million—up 43 percent year-over-year.

As we reported in our last issue, net earnings did not reflect the higher sales due to a $30.7 million write-off for re-branding related charges. Engineered Cabs was the weakest segment for Worthington who reported flat demand in key markets. “Most equipment manufacturers we serve are currently forecasting 2014 volumes as flat compared to this calendar year,” said President and COO Mark Russell in the company conference call.