Worthington Industries, Inc. (WOR) has reported a 99.20 percent jump in profit for the quarter ended Nov. 30, 2016. The company has earned $46.56 million, or $0.72 a share in the quarter, compared with $23.38 million, or $0.36 a share for the same period last year.
Revenue during the quarter grew 4 percent to $727.78 million from $699.82 million in the previous year period. Gross margin for the quarter expanded 127 basis points over the previous year period to 16.87 percent. Total expenses were 94.09 percent of quarterly revenues, down from 98.29 percent for the same period last year. This has led to an improvement of 420 basis points in operating margin to 5.91 percent.
Operating income for the quarter was $43.04 million, compared with $11.97 million in the previous year period.
"We had a good second quarter with overall improving results and solid year-over-year growth," said John McConnell, chairman and chief executive officer. "The Steel Processing business had a record second quarter and our joint ventures were steady. Results were mixed in Pressure Cylinders due to depressed oil and gas markets and declines in industrial products; consumer products had an excellent quarter. Demand was down in Engineered Cabs."
Operating cash flow declines
Worthington Industries, Inc. has generated cash of $152.20 million from operating activities during the first half, down 19.75 percent or $37.45 million, when compared with the last year period.
The company has spent $30.09 million cash to meet investing activities during the first six months as against cash outgo of $55.90 million in the last year period. It has incurred net capital expenditure of $30.09 million on net basis during the first six months, down 41.04 percent or $20.95 million from year ago period.
The company has spent $31.12 million cash to carry out financing activities during the first six months as against cash outgo of $137.47 million in the last year period.
Cash and cash equivalents stood at stood at $175.18 million as at Nov. 30, 2016.
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