Columbus, Ohio-based steel manufacturing and processing company, Worthington Industries, Inc. reported Thursday net sales of $704.1 million and net earnings of $33.5 million for its fiscal 2013 Q4 ended May 31, 2013. In the fourth quarter of the prior year, the company reported net sales of $755.4 million and net earnings of $52.1 million. The decrease resulted largely from lower average selling prices, primarily in Steel Processing, which were affected by the declining market price of steel. John McConnell, Chairman and CEO, said: "There was some softening in Steel's volumes, largely attributable to one tolling customer, but the results were strong from Cylinders as the segment increased sales in retail products and alternative fuels, and found new markets in oil and gas through our acquisitions and product development."
Steel Processing's net sales of $374.6 million were down 13 percent, or $55 million, from the prior year quarter. Lower average selling prices negatively impacted net sales by $30.9 million, and lower direct and toll processing volumes reduced sales by $24.1 million. The mix of direct versus toll processing tons was 56 percent to 44 percent this quarter, compared with 53 percent to 47 percent in the comparable quarter of the prior year.
Pressure Cylinders' net sales of $252.3 million were up 7 percent, or $15.5 million, from the comparable prior year quarter aided by the acquisitions of Westerman and Palmer. Pressure Cylinders' operating income was $16.4 million, down $5.4 million from the prior year quarter.
Engineered Cabs generated net sales of $55.1 million in the current quarter and reported an operating loss of $1.2 million. These results were impacted by lower volumes from its largest customer, which had lower demand and experienced production delays during the quarter.
For the fiscal year ended May 31, 2013, the company reported net earnings of $136.4 million. Net sales were $2.6 billion, up 3 percent, or $77.5 million, primarily due to acquisitions, but partially offset by lower average selling prices, which were impacted by the declining market price of steel.