Worthington’s Q2 Profit Falls More than 30%

Worthington Industries, Inc. (WOR) reported second quarter earnings of $0.20 per share on $580.7 million in revenue this morning, falling short of Wall Street’s expectations and sending shares down more than 5% in early trading.

Analysts were calling for a much higher profit of $0.26 per share and slightly higher sales of $582 million, on average. Net earnings of $16.9 million were 31% lower than last year’s Q2 figure, while net sales were up 30%.

The diversified metals processing company didn’t give a financial forecast for next quarter or its full fiscal year, beyond some bland corporatespeak.

Shares of WOR fell to $18.06 (-5.53%) in the opening minutes of today’s session, where they carry a 2.21% dividend yield. Worthington has held its dividend flat since slashing it by 41% in May 2009.

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