Worthington Industries, a US metals manufacturing company, has released its third quarter fiscal 2016 results, ending 29th February 2016.
The Ohio-based business reported net earnings of $29.6m but also revealed a drop of 19.6% in net sales to $647m compared to $805m in the same quarter in 2015, where due to restricting charges and pre-tax impairment, it announced a net loss of $25.7m last year.
Worthington puts the 19.6% decrease in sales down to the lower volume in the pressure cylinders and engineered cabs segments, combined with lower average selling prices in steel processing due to the drastic decline in the market price of steel.
... to continue reading you must be subscribed
