increase at its steel processing businessThird-quarter earnings more than tripled as an
increase at its steel processing business overcame falling demand from the automotive sector.
Net income in the quarter ended Feb. 29 rose to $18.3 million, or 23 cents per share, from $5.5 million, or 6 cents per share, a year ago. The latest quarter included one-time restructuring charges that took 2 cents per share off the bottom line.
Analysts, whose estimates typically exclude items, expected profit of 25 cents per share
Sales added 7 percent to $725.7 million from $677.3 million last year, and surpassed Wall Street estimates for $700 million.