Wednesday, January 6, 2010

Intraday action

US stocks are up today, although just a tad.


Impressive today is steel company Worthington Industries (WOR), after beating earnings expectations by 20cents per share.  The company's intense focus on operational improvements have helped them perform admirably in this horrible environment.


From their release:

“We had a very good quarter driven by improved volumes and spreads in Steel Processing and the benefits of our Transformation efforts,” said Chairman and CEO John P. McConnell. “Over the past two years, we have reduced costs, resized our businesses, reduced debt and conserved cash across the Company to produce positive results in a down cycle. Pressure Cylinders had a steady performance driven by good results in North America, where its retail products are performing well. It’s a different story in Europe, where depressed industrial markets are holding back Cylinders’ overall results.”


Also in their release is a mention of their corporate philosophy, which on the surface I like: 


"Founded in 1955, the Company operates under a long-standing corporate philosophy rooted in the golden rule. Earning money for its shareholders is the first corporate goal. This philosophy serves as an unwavering commitment to the customer, supplier, and shareholder, and it serves as the Company’s foundation for one of the strongest employee-employer partnerships in American industry."


How's that worked out?  Ummmm, not terribly well, as they've underperformed the general market significantly as a public company.





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