Worthington Industries, Inc. (WOR) has reported a 20.24 percent rise in profit for the quarter ended Feb. 28, 2017. The company has earned $35.89 million, or $0.55 a share in the quarter, compared with $29.85 million, or $0.47 a share for the same period last year.

Revenue during the quarter grew 8.71 percent to $703.44 million from $647.08 million in the previous year period. Gross margin for the quarter expanded 95 basis points over the previous year period to 15.78 percent. Total expenses were 95.12 percent of quarterly revenues, down from 96.13 percent for the same period last year. This has led to an improvement of 100 basis points in operating margin to 4.88 percent.

Operating income for the quarter was $34.32 million, compared with $25.07 million in the previous year period.

"We had a very good third quarter performance with Steel Processing contributing near record earnings and overall, we produced year-over-year growth, which remains our focus," chairman and chief executive officer John McConnell said. "Sales growth, higher steel pricing and higher tolling volume helped drive Steel Processing results. In Pressure Cylinders, demand improved for our helium and camping cylinders, while oil & gas markets remained soft, however, volumes have stabilized and certain markets are showing some increased demand." McConnell added, "The Company's joint ventures also contributed steady earnings."

The company has spent $51.22 million cash to meet investing activities during the nine month period as against cash outgo of $105.38 million in the last year period. It has incurred net capital expenditure of $51.22 million on net basis during the nine month period, down 21.90 percent or $14.36 million from year ago period.

The company has spent $60.60 million cash to carry out financing activities during the nine month period as against cash outgo of $196.12 million in the last year period.

Cash and cash equivalents stood at stood at $227.28 million as at Feb. 28, 2017.