Worthington Industries, Inc.

Worthington Industries, Inc. (WOR - Snapshot Report), the large independent steel processor of flat-rolled steel and a manufacturer of metal products such as metal framing, pressure cylinders, and automotive past model service stampings, reported record first quarter results on Sep 23 as revenues were the highest in the company's history.

Worthington surprised on estimates by 62.07%, or 36 cents a share. Analysts expected 58 cents. Sales rose 20% to a record $913.2 million from $759 million in the first quarter of fiscal 2008. Sales in the Steel Processing segment were a record $459.9 million.

Despite the record quarter, the company warned about similar results going forward. Worthington benefited from rising prices and demand in the steel processing and metal framing segments, both of which are declining off of first half highs. The company is therefore focusing on its Transformation Plan, which includes margin enhancement and restructuring.

Consensus estimates for fiscal 2009, however, continue to rise, jumping 7 cents to $1.76 in the last 7 days.

Worthington is a Zacks #1 Rank (Strong Buy) stock. Its forward P/E is 10.56. The company has surprised on estimates the last 2 quarters by an average of 66.75%. Read the Jul 15 analysis.

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