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Worthington Industries Q1 Results Top Estimates; To Separate Steel Processing Business

Industrial manufacturing company Worthington Industries, Inc. (WOR) reported Thursday that net earnings for the first quarter plunged to $64.1 million or $1.30 per share from $132.5 million or $2.55 per share in the prior-year quarter.

Excluding items, adjusted net earnings for the quarter were $1.61 per share, compared to $2.46 per share last year.

Net sales for the quarter surged 27 percent to $1.41 billion from $1.11 billion in the same quarter last year, primarily due to contributions from the acquisition of Tempel Steel and higher average selling prices across all segments.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.58 per share on net sales of $1.23 billion for the quarter. Analysts' estimates typically exclude special items.

Separately, Worthington announced that its Board of Directors approved a plan to pursue a separation of its Steel Processing business, which will result in two independent, publicly traded companies.

Looking ahead, President & CEO Andy Rose said, "The separation represents a major milestone for our company, and I am confident that this move will position both businesses to capitalize on focused growth strategies to better serve their customers and unlock significant shareholder value."

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