Worthington Industries is reporting an increase in profit and sales for the fiscal third quarter that ended in February, results that the company says were hurt by unusually cold weather.
The Columbus-based metals manufacturer had quarterly profit of $40.6 million, up from $37.1 million in the prior-year quarter, and sales of $773.2 million, up from $619.5 million.
“We had a strong quarter, the best third quarter earnings per share in our history, with solid earnings growth despite enduring extreme weather conditions which hampered some of our business activity,” John P. McConnell, chairman and CEO, said in a statement.
The company’s largest segment, steel processing, posted a 35 percent increase in sales, largely due to an increase in orders from the auto industry.
Cold weather contributed to a drop in sales in the company’s joint ventures that make metal framing for the construction industry.
Because of seasonal factors, Worthington often performs best in its fiscal fourth quarter, which runs from March to May. McConnell said he expects “a solid performance to finish out our fiscal year.” http://www.dispatch.com/content/stories/business/2014/03/27/worthington-industries-third-fiscal-quarter.html