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Worthington Industries, Inc. Message Board

  • bluecheese4u bluecheese4u Mar 20, 2008 9:00 AM Flag

    Worthington Reports Third Quarter Results

    Worthington Reports Third Quarter Results
    Thursday March 20, 7:53 am ET
    EPS Rise 28% From Prior Quarter and Nearly Quadruple Prior Year


    COLUMBUS, Ohio--(BUSINESS WIRE)--Worthington Industries, Inc. (NYSE: WOR - News) today reported results for the three- and nine-month periods ended February 29, 2008. (U.S. dollars in millions, except per share data)


    3Q2008
    2Q2008
    3Q2007
    9M2008
    9M2007

    Net sales $ 725.7 $ 713.7 $ 677.3 $ 2,198.3 $ 2,185.2
    Operating income 18.1 11.5 2.2 49.5 87.5
    Equity income 15.7 14.9 13.5 45.6 46.5
    Net earnings 18.3 14.7 5.5 53.2 75.7
    Earnings per share $ 0.23 $ 0.18 $ 0.06 $ 0.65 $ 0.87

    EBITDA*
    $ 48.7 $ 39.7 $ 30.0 $ 137.9 $ 178.0

    *Earnings before interest, taxes, depreciation and amortization. See reconciliation on consolidated statement of earnings.


    For the third quarter of fiscal 2008, net sales were $725.7 million, an increase of 7% from $677.3 million last year. Third quarter net earnings were $18.3 million and earnings per diluted share were $0.23, compared to $5.5 million, or $0.06 per diluted share, for the same period last year. Net earnings for the third quarter included $2.6 million in pre-tax restructuring charges, $1.4 million of which was non-cash, primarily related to previously announced plant closures in the Metal Framing segment. These charges had a negative impact of $0.02 on reported earnings per share.

    For the nine-month period, net sales of $2,198.3 million, were 1% higher than $2,185.2 million for the same period last year. Net earnings were $53.2 million, or $0.65 per diluted share, compared to $75.7 million, or $0.87 per diluted share, for the same period last year. Year-to-date results were negatively impacted by $9.9 million in pre-tax restructuring charges, or $0.08 per share, related to early retirement, severance and plant closures.

    “Our performance this


    http://biz.yahoo.com/bw/080320/20080320005411.html?.v=1

 
WOR
37.01-0.45(-1.20%)May 27 4:02 PMEDT