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Worthington -7% premarket after earnings fall short

Dec. 20, 2016 9:18 AM ETWorthington Enterprises, Inc. (WOR) StockWORBy: Carl Surran, SA News Editor
  • Worthington Industries (NYSE:WOR) -6.9% premarket after posting FQ2 earnings that fell short of analyst expectations, even as earnings roughly doubled from a year ago, helped by its steel processing business.
  • Revenue for the steel processing segment rose 9% Y/Y, driven by improved pricing and higher volume, and the company also benefited from the smaller after-tax impact of restructuring charges vs. a year ago, with the drag falling to $0.03/share from $0.24.
  • Results were mixed in the pressure cylinders business due to depressed oil and gas markets and declines in industrial products; steel processing volume rose 23% while pressure cylinders volumes fell 1.9%.

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