Worthington Enterprises, Inc. designs and manufactures branded products through two primary segments: Building Products and Consumer Products. Building Products includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings, metal framing and related accessories. Consumer Products includes tools, outdoor living and celebrations products, with brands such as Balloon Time, Bernzomatic, Coleman propane cylinders, Garden Weasel, LEVEL5 Tools, Mag Torch, Ragasco and Well-X-Trol.
Recurring company updates address quarterly operating results, earnings calls, investor presentations, dividend declarations, capital-structure matters and governance changes. The company also reports on segment performance, brand portfolio activity, shareholder voting matters and business-system initiatives tied to innovation, transformation and M&A.
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Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.31 per share, payable on December 29, 2022, to shareholders on record by December 15, 2022. This marks a continuation of dividend payments since 1968. Headquartered in Columbus, Ohio, Worthington operates 52 facilities across 15 states and nine countries, employing approximately 9,500 people. The company focuses on innovative solutions in various sectors, including automotive and energy, positioning itself as a leader in value-added steel processing and consumer products.
Worthington Industries (NYSE:WOR) will release its first quarter results on September 29, 2022, before the market opens. A live discussion will be webcast at 8:30 a.m. ET on the same day, with an archive available for one year. Founded in 1955 and based in Columbus, Ohio, Worthington is a key player in industrial manufacturing, focusing on sectors such as automotive and energy. With over 9,500 employees across 52 facilities, the company emphasizes innovation and community support while navigating risks associated with COVID-19 and other uncertainties.
Worthington Industries reported net sales of $1.5 billion and net earnings of $80.3 million for Q4 fiscal 2022, marking a 55% increase in sales compared to Q4 fiscal 2021. However, earnings per share decreased to $1.61 from $2.15 due to inventory holding losses and increased expenses. The Company's operating income fell to $65.4 million, a drop of $45.1 million year-over-year. Despite challenges, Worthington remains optimistic about future demand and growth strategies.
The board of directors of Worthington Industries (NYSE: WOR) has declared a quarterly dividend of $0.31 per share, marking an 11% increase from the previous quarter. This dividend is payable on September 29, 2022, to shareholders of record by September 15, 2022. Worthington has increased its dividend for the 12th consecutive year and has paid quarterly dividends since going public in 1968. The company continues to focus on innovation across various sectors, enhancing returns for its shareholders.
Worthington Industries (NYSE:WOR) will announce its fourth quarter results on June 22, 2022, after market close. A live webcast discussing these results is scheduled for June 23, 2022, at 8:30 a.m. ET, accessible at www.WorthingtonIndustries.com. With over six decades of experience, the company serves diverse industries, including automotive and energy, and is a leader in value-added steel processing. Worthington employs approximately 9,500 people across 58 facilities globally and focuses on innovation and community impact.
Worthington Industries has announced the acquisition of Level5 Tools for approximately $55 million, with a potential earn-out of up to $25 million based on performance through 2024. This strategic move strengthens Worthington's consumer product offerings in the tools category, particularly in the drywall tools market, where Level5 leads in online sales. Level5 generated net revenue of $32.7 million and EBITDA of $6.2 million over the past year. The Level5 team, led by CEO Scott Murray, will remain in place to drive future growth.
Worthington Industries, Inc. (NYSE: WOR) has welcomed a new law in Connecticut that establishes an industry-led recycling program for residential gas cylinders. The initiative aims to save the state up to $200,000 annually while improving environmental sustainability by removing recyclable cylinders from landfills. The program, which will be implemented by October 2025, includes consumer education and logistical coordination among producers for proper disposal. Legislation received bipartisan support and represents a significant step toward extended producer responsibility for flammable gas cylinder management.
Worthington Industries (NYSE:WOR) has been awarded the GM Supplier of the Year for the second consecutive year at GM's 30th annual awards event. This recognition highlights the company's performance amidst global supply challenges in 2021. GM praised the resilience and commitment of its suppliers, emphasizing innovation and sustainability. Worthington supplies hot-rolled and hot-rolled galvanized steel coils for GM vehicles across North America, showcasing its integral role in the automotive supply chain.
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