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Worthington Industries (NYSE:WOR) +15.5% after the metals manufacturer easily beat Wall Street expectations for FQ3 adjusted earnings and revenues.
Q3 net earnings fell to $46.3M, or $0.94/share, on net sales of $1.1B, from net earnings of $56.3M, or $1.11/share, on net sales of $1.4B in the year-earlier quarter.
Q3 gross margin was roughly flat at $143.8M, as higher direct spreads in Steel Processing and a favorable mix in Building Products were largely offset by higher manufacturing expenses due to inflationary pressures.
Q3 net sales in the Steel Processing segment fell 28% Y/Y to $757M, with the decline driven almost entirely by lower average selling prices, but adjusted EBIT rose slightly over the prior-year quarter to $7.8M.
Stronger pricing and margins “across all segments” led to Q3 results that were “much stronger” than in Q2 and above Wall Street consensus, KeyBanc analyst Philip Gibbs said, as reported by Bloomberg.
Worthington Industries (WOR) shares have gained 25% so far this year and 19% during the past 12 months.
