Worthington Industries Issues Earnings Outlook
08/17/2007 - Worthington Industries says it is unlikely that its Metal Framing segment will return to profitability in the current quarter, which will likely help to push earnings per share into the range of $0.20 to $0.25 for the first quarter ending August 31, 2007.
Worthington Industries, Inc. says it is unlikely that its Metal Framing segment will return to profitability in the current quarter.
According to the company, market conditions for this segment have not improved as expected, resulting in weaker-than-anticipated sales volumes and selling prices. This business segment remains challenged by increased competition, the relative attractiveness of alternative materials pricing, and the residential building slowdown, said Worthington.
As a result of the expected loss in the Metal Framing segment, continued weakness at the company’s automotive-related customers, and normal seasonal trends, Worthington expects to report earnings per share of $0.20 to $0.25 for the first quarter of fiscal 2008 ending August 31, 2007.
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is a premier North American value-added steel processor and a leader in manufactured metal products such as metal framing, metal ceiling grid systems, pressure cylinders, automotive past model service stamping and laser welded blanks. Worthington Industries, its subsidiaries and joint ventures employ more than 8000 people and operate 64 manufacturing facilities in 10 countries.
