By Sam Boughedda
Investing.com -- Worthington Industries Inc (NYSE:WOR) shares fell 16% on Wednesday despite reporting earnings that beat expectations.
The metals manufacturing company beat on both revenue and earnings per share forecasts. Revenue for the third quarter was $1.38 billion, an increase of 82% compared to the prior-year quarter, and earnings per share reached $1.13 for the company.
However, weak margins and steel price volatility has weighed on the stock, with the company's President and CEO Andy Rose saying the business is performing well, but "steel price volatility is expected to remain a headwind for the company."
"We delivered solid earnings in the quarter," Rose said. "Steel Processing faced headwinds due to continued steel pricing volatility and choppy but improving automotive demand."
In addition, the company declared a quarterly dividend of 28 cents a share.