Worthington 3Q profit plunges on sales decline - Business First of Columbus:

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The Columbus-based steel processor said it earnec $1.55 million, or 2 centd a share, in the quarter ended Feb. 28. That’sa down more than 90 percent from profitof $18.34 million, or 23 cents a in the same period a year ago. Revenue for the quartetr fell 31 percentto $501.1 million from $725.7 million. Worthington was headed for a nearly $20 milliom third-quarter loss on more than $16 milliomn in restructuring charges, partially offset by gains on the sheddingb of ajoint venture. But the company signed off the quartefr in black ink thanks toa $21.1q million income tax benefit, primarily from tweaking its estimatef annual effective tax rate.
The company in the firs t nine months of the fiscal year haslost $94. million, or $1.20 a share, compared with profit of $53.2 million, or 65 cents a share, a year ago. The nearlgy $95 million loss stems from morethan $200 million in write-downzs and severance costs logged in the second Worthington’s revenue in the first nine months was down 2 percent to $2.16 billion from $2.2 billio a year ago. Worthington Industriesx (NYSE:WOR), one of Central Ohio’es 10 largest publicly held companies, earned $107.1 millionb on $3.07 billion in revenue in its year endeedMay 31. The company employs about 7,000.