Investing.com -- Shares in Worthington Industries, one of the nation's largest metal manufacturing companies, plunged nearly 10% on Wednesday, amid disappointing quarterly earnings.
It came one day after the Columbus, Ohio-based company announced the layoff of more than 550 employees, brought on by a stronger dollar in combination with lower prices for oil and steel. The layoffs include the closure of a plant in Florence, S.C.
“These decisions that so deeply impact the lives of our employees are never easy or taken lightly,” Worthington Industries chairman and CEO John P. McConnell, said in a statement.
The company posted earnings per share of $0.39 for the quarter, along with revenues of $804 million. The revenues fell below analysts forecasts of $832.60 million for the quarter. On Wednesday, shares in Worthington fell 9.98% or 2.87 to 25.90.
The layoffs were announced amid a rough period for Worthington, which has received downgrades in recent weeks from analysts at Credit Suisse (SIX:CSGN) Group, Jeffries and Zacks among others.
Worthington Industries, which was founded in 1955 and has more than 10,000 employees in 11 countries, is one of the world's top producers of pressure cylinders for industrial gas applications.