Worthington Sees Oil & Gas Starting to Improve

Worthington Industries reported net sales of $703.4 million for third quarter FY 2017 and net earnings of $35.9 million. The company claimed inventory holding losses of $3 million and restructuring charges of $1.4 million.

“We had a very good third quarter performance with Steel Processing contributing near record earnings and overall, we produced year-over-year growth, which remains our focus,” Chairman and CEO John McConnell said. “Sales growth, higher steel pricing and higher tolling volume helped drive Steel Processing results. In Pressure Cylinders, demand improved for our helium and camping cylinders, while oil & gas markets remained soft, however, volumes have stabilized and certain markets are showing some increased demand.” McConnell added, “The Company’s joint ventures also contributed steady earnings.”