Worthington Industries profit beats estimates as deals boost volumes

Sept 26 Wed Sep 26, 2012 5:18pm EDT

Sept 26 (Reuters) - Metals processor Worthington Industries Inc's profit exceeded analysts' expectations for the third straight quarter as recent acquisitions helped increase sales volumes.

"We see opportunities to expand the oil and gas business around the Utica and Marcellus shale drilling," Chief Executive John McConnell said.

Worthington, which bought Angus Industries Inc for $180 million and Westerman Companies for $70 million this year, has completed four acquisitions since July 2011.

June-August net profit rose to 34 million, or 49 cents a share, from $25.7 million, or 35 cents a share, a year earlier.

Revenue rose 11 percent to $666 million. Sales at its steel processing segment, which makes up 57 percent of total sales, fell 7 percent on lower pricing.

Analysts on average had expected a profit of 47 cents per share on revenue of $660.2 million, according to Thomson Reuters I/B/E/S.

Columbus, Ohio-based Worthington's shares closed at $22.41 on Wednesday on the New York Stock Exchange.

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