Worthington Industries Issues Earnings Outlook
COLUMBUS, Ohio--Worthington Industries, Inc. said today that market conditions in its Metal Framing segment have not improved as expected. With both sales volumes and selling prices weaker than anticipated, it is unlikely that the Metal Framing segment will return to profitability in the current quarter. This business segment remains challenged by increased competition, the relative attractiveness of alternative materials pricing, and the residential building slowdown. As a result of the expected loss in the Metal Framing segment, continued weakness at the company’s automotive related customers and normal seasonal trends, earnings per share for the first quarter of fiscal 2008 ending August 31, 2007, are expected to be $0.20 to $0.25.
Worthington Industries will review its first quarter results and the status of its cost reduction efforts at its regularly scheduled quarterly conference call on Wednesday, September 26, 2007, at 8:30 a.m. Eastern Daylight Time. Details regarding the conference call will be available in the first quarter earnings release and on the company’s website at www.worthingtonindustries.com.