Worthington FQ3 earnings up 9% but misses view, shares -3.5%

|About: Worthington Industries, Inc. (WOR)|By:, SA News Editor

Diversified metal manufacturer Worthington Industries (WOR -3.5%) is sharply lower after reported a 9% Y/Y increase in its FQ3 profit on higher sales that reflected increased volume and the positive impact of acquisitions, but results missed analysts' expectations.

Gross margin rose 26% Y/Y, primarily the result of an increase in volumes and to a lesser extent an improved spread between average selling prices and material costs.

Steel Processing net sales gained 35% to $478M, on higher volumes resulting primarily from the consolidation of TWB and increased sales in the automotive, construction and agriculture markets; Pressure Cylinders net sales added 14% to $233M, driven by the recently acquired oilfield equipment and strong retail product volumes.