RTTNews | Sep 29, 2021 07:35AM EDT

07:34 Wednesday, September 29, 2021 (RTTNews.com) - Industrial manufacturing company Worthington Industries, Inc. (WOR) reported Wednesday that net earnings for the first quarter plunged to $132.5 million or $2.55 per share from $616.7 million or $11.22 per share in the prior-year quarter.

Excluding items, adjusted net earnings for the quarter were $2.46 per share, compared to $0.64 per share last year.

Net sales for the quarter surged 58 percent to $1.11 billion from $702.91 million in the same quarter last year, primarily due to higher average direct selling prices in Steel Processing. On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.90 per share on net sales of $1.08 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead, President & CEO Andy Rose said, "The Company is performing well, and while demand from our major end markets remains healthy, we will likely continue to face labor challenges and be impacted by lower automotive demand due to the ongoing semi-conductor shortage."

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