Worthington Sees Oil & Gas Strengthening

Worthington Industries posted a strong fourth quarter, setting record annual earnings per share and quarterly net earnings of $56.5 million. Net sales increased 18 percent year-over-year to $845.3 million. Steel processing sales rose 25 percent to $582.2 million, driven by higher average selling prices.

Automotive demand is beginning to soften, said President and COO Mark Russell during the earnings call. Domestic shipments increased 4 percent year-over-year in the quarter, which ended May 31. “However, we see the same thing everybody sees,” he added, “which is activity slowing slightly at this point. People are starting to adjust their schedules.”