Worthington Industries saw sales drop below analysts’ estimates in the fiscal first quarter as it saw lower demand in its consumer products business.
The Columbus, Ohio-based industrial manufacturing company posted a profit Wednesday of $96.1 million, or $1.93 a share, in the quarter ended Aug. 31, compared with $64.1 million, or $1.30 a share, a year earlier.
Stripping out certain one-time items, adjusted per-share earnings came to $2.06, ahead of the $2.04 forecast by analysts, according to FactSet.
Revenue fell 15% to $1.19 billion, missing the $1.23 billion expected by analysts polled by FactSet.
Chief Executive Andy Rose said the steel processing unit saw healthy demand, but the consumer products business faced headwinds from weather, customer destocking and weaker consumer spending.