Diversified metal processors Worthington Industries Inc. (WOR), Tuesday said its first quarter profit plunged from last year, hurt by lower revenue reflecting weak performance in all the three of its segments.
For the first quarter, the company posted net earnings of $6.7 million or $0.08 per share, compared to $68.6 million or $0.86 per share in the prior year quarter. On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the first quarter. Analysts' estimates typically exclude special items.
For the previous fourth quarter, Worthington Industries reported a net loss of $13.7 million or $0.17 per share.
First quarter net sales decreased to $417.5 million from $913.2 million in the same quarter last year. Four analysts had a consensus revenue estimate of $461.87 million for the first quarter.
Segment wise, Steel Processing segment's quarterly net sales plunged 60.5% to $181.6 million from the year-ago quarter, with volumes dropping 47%. Net sales in the Metal Framing segment decreased 59% to $95.4 million from the previous year quarter, due to a 46% drop in volumes. Pressure Cylinders segment net sales dropped 32% to $101.3 million from last year. Volumes for the Pressure Cylinder segment fell 15%.
Operating loss for the quarter was $4.5 million, compared to an operating income of $79.7 million in the corresponding quarter a year ago. Equity income for the quarter was $16.1 million, down from $25.0 million in the prior year quarter.
On August 27, the company said that its board declared a quarterly cash dividend of $0.10 per share payable September 29, to shareholders of record on September 15.
John McConnell, Chairman and CEO, said, "Looking forward, we anticipate a normal seasonal drop in demand beginning in November and bottoming in December. We are optimistic that volumes will begin to trend higher next year, but we will watch the opening months of 2010 closely. They should provide foreshadowing for the remainder of the year."
WOR closed Tuesday's regular trading session at $15.84, up 7 cents. However, in the after-hours, the shares lost 28 cents or 1.77%.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.