Worthington Industries Reports $580 Million Net Sales For 2nd Quarter
Worthington Industries in their press release "reported net sales of $580.7 million and net earnings of $14.5 million, or $0.20 per share, for its fiscal 2011 second quarter ended November 30, 2010. In last year’s second quarter, the Company reported net sales of $448.0 million and net earnings of $23.2 million, or $0.29 per share."
Chairman and CEO John P. McConnell said, “The third quarter is our historically slowest quarter of the year and while we do expect to see some seasonality impact, we anticipate sustaining much of our volume improvements in Steel Processing and Pressure Cylinders.
We are still seeing low demand in a slow to recover construction market for Metal Framing and we will continue to assess the business and its markets. Meanwhile, we have been giving more of our attention to emerging markets where there is a commitment to increase and improve housing opportunities in developing countries. Our recently announced international building projects, centered on our steel framing system for mid-rise buildings, are providing potential growth opportunities. We are also expanding our alternative fuel strategy for Pressure Cylinders with our entry into India with Nitin Cylinders.”
In Worthington Industries conference call held yesterday, the joint venture in China, Worthington-Modern Steel Framing Company, was reported that it "will begin construction of a roll forming facility during the first calendar quarter of calendar 2011 and should be operating by mid year. This facility is designed to produce and analyze 600,000 square meters or about 6.5 million square feet of buildings annually....
Our investment in the venture is under $3 million in cash, as well as contributing idle equipment for Dietrich Metal Framing. The joint venture will design and build buildings, as well as produce and analyze steel studs used in the construction process. The joint venture will operate in five provinces and its initial project the Modern Sino-Canada Science and Technology city is in Xintao. It is anticipated this initial project of the joint venture will take approximately six years to complete."
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