Diversified metal processing company Worthington Industries, Inc. (WOR) Thursday reported a rise in the third quarter income mainly on the back of improved sales. The company said most of the volume increase resulted from the recent acquisition of Westerman, Inc. and Angus Industries in 2011. Earnings per share beat Street expectations.
For the three-month period, the company posted net earnings attributable to controlling interests of $37.13 million, up from $25.88 million last year. On a per share basis, the firm posted earnings of $0.52 versus $0.37 a year ago.
Nine analysts on average polled by Thomson Reuters estimated earnings per share of $0.49 for the period. Analysts estimates typically exclude one-time items.
Net sales for the period was $619.52 million, up from $611.25 million last year. Analysts however, were looking for revenue of $652.77 million for the quarter.
Looking ahead, the firm said it sees a good quarter for the fiscal year-end and a favorable environment to continue its growth path on several fronts.
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