Worthington Industries Q3 2017 results shows oil and gas markets remain soft


Worthington Industries, Inc. has reported net sales of $703.4m and net earnings of $35.9m for its fiscal 2017 Q3 ended 28th February 2017. For the third quarter of fiscal 2016, the company reported net sales of $647.1m and net earnings of $29.8m.

Pressure Cylinders’ net sales of $198.4m were down 1%, or $2.3m, from the comparable prior year quarter on declines in the industrial products and oil and gas equipment businesses, partially offset by improvements in consumer products. Operating income of $10.1m was $1.1m higher than the prior year quarter, driven by higher profitability in the consumer products business, partially offset by higher restructuring charges.

Chairman and CEO John McConnell said, “In Pressure Cylinders, demand improved for our helium and camping cylinders, while oil and gas markets remained soft, however, volumes have stabilised and certain markets are showing some increased demand.”

“The Company’s joint ventures also contributed steady earnings,” McConnell added.

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