Worthington Industries Climbs Pre-Market Despite Adjusted Fiscal Q4 EPS MissMd Noman Siddique (Author) Published Date : Jun 26, 2014 10:28 IST
Worthington Industries (WOR) shares rose in Thursday's pre-market session despite lower-than-expected adjusted earnings from the metals manufacturer for its fiscal Q4, as net sales rose more than expected and the company forecast a continuation of year-over-year earnings growth for fiscal 2015.
WOR was up 5.3% at $45.50 in recent pre-market trading, in a 52-week range of $30.27 to $48.58.
For the quarter ended May 31, net earnings attributable to controlling interest were $33.2 million, or $0.47 per share, compared with $33.5 million, or $0.46 per share, a year earlier. The per-share comparison was skewed by a 3.5% reduction in the number of diluted average common shares outstanding.
The latest quarter's earnings were reduced by $0.21 per share from write-downs and restructuring charges, and a combined after-tax benefit of $0.07 per share from the settlement of a legal dispute and insurance proceeds. Excluding those items, the company earned $0.61 per share, below the $0.67 per share predicted on average by analysts polled by Capital IQ. Its prior-year earnings excluding one-time items were $0.60 per share.
Net sales rose 27% to $891 million, topping analysts' mean estimate of $834 million.
For fiscal 2015, CEO John McConnell said We anticipate continued year-over-year growth in fiscal 2015 as we pursue our strategy and our commitment to delivering consistent earnings growth.
He added: Automotive should remain strong and we are seeing some signs of positive growth in the construction markets. We also expect good results from key Pressure Cylinders markets in retail, industrial, alternative fuels and energy products.
Worthington Industries Climbs Pre-Market Despite Adjusted Fiscal Q4 EPS Miss