Worthington Steel, a unit of Worthington Industries (WOR), has achieved the “Partner-Level Supplier” recognition for 2012 in the John Deere achieving excellence program. It is the highest supplier rating of Deere & Company (DE). Worthington Steel has been chosen for the honor for the fifth time.
Ohio-based Worthington Steel, which supplies hot-rolled and cold-rolled cut-to-length steel sheets to John Deere, continues to show its commitment in providing the best quality in terms of services and continuous improvement to customers. Worthington Steel has achieved the honor because of the exceptionally good services rendered by its dedicated employees.
Worthington Industries, which belongs to the metal processing and fabrication industry along with Kaydon Corporation (KDN) and Precision Castparts Corp. (PCP), posted second-quarter fiscal 2013 earnings of 45 cents a share, exceeding the year-ago earnings of 17 cents. Profits shot up more than two-and-a-half fold year over year in the second quarter to $31.8 million, on the back of a strong performance of the company's pressure cylinder business.
Revenue climbed 10% year over year to $622.6 million. Higher volumes aided by acquisitions boosted the top line in the quarter. However, this was partly offset by lower average selling prices due to the falling market price of steel.
Worthington Industries expects normal seasonality in its traditional markets in the third quarter and envisions continued strong performance in its cylinder operations. It will continue to explore additional opportunities for growth both organically and through new businesses.
Worthington Industries is engaged in processing steel for application in the automotive, construction, hardware, agricultural, aerospace and other industries. It makes a range of processed steel items, pressure cylinders (including oxygen and helium tanks and hand torches), metal framing products, racks, shipping pallets, airbrake tanks and consumer products. Worthington Industries operates 80 facilities throughout 12 nations.
Worthington Industries currently retains a short-term Zacks Rank #4 (Sell).
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