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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.
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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Worthington Industries reported net sales of $1.4 billion and net earnings of $56.3 million, or $1.11 per diluted share, for Q3 fiscal 2022, reflecting an 82% increase in sales year-over-year. Earnings per share fell from $1.27 to $1.11 due to restructuring charges and inventory holding losses. Operating income decreased by $12.2 million to $37.6 million. Despite higher sales driven by acquisitions, steel price volatility and increased SG&A expenses affected margins. The company declared a quarterly dividend of $0.28 per share and repurchased 1 million shares for $54.2 million.
The board of directors of Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.28 per share, payable on June 29, 2022, to shareholders of record on June 15, 2022. Worthington has consistently paid quarterly dividends since becoming public in 1968. The company aims to be a transformative partner in various sectors, including automotive and energy, and operates 58 facilities across 16 states and nine countries.
Worthington Industries (NYSE: WOR) was recognized as a Partner-level supplier and inducted into John Deere's 10-year Supplier Hall of Fame for 2021. This accolade reflects Worthington's consistent high performance in quality, service, and continuous improvement, particularly during a challenging steel market. Worthington Industries supports John Deere's manufacturing efforts for various agricultural and garden equipment. The Achieving Excellence Program emphasizes supplier evaluation and improvement, further underlining Worthington’s commitment to excellence.
Worthington Industries (NYSE:WOR) plans to disclose its third quarter results on March 22, 2022, after market closure. A live webcast discussing these results will occur on March 23, 2022, at 8:30 a.m. ET. Interested parties can access the webcast on Worthington's website where it will be archived for one year.
Worthington is a leading manufacturing company serving diverse industries.
The board of directors of Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.28 per share, payable on March 29, 2022, to shareholders of record on March 15, 2022. Worthington has consistently paid quarterly dividends since becoming public in 1968. The company, based in Columbus, Ohio, operates 58 facilities across 16 states and nine countries, focusing on industrial manufacturing across various sectors including automotive and energy.
Worthington Industries reported robust fiscal Q2 2022 results with net sales of $1.2 billion and net earnings of $110.3 million, or $2.15 per diluted share, marking a substantial recovery from a net loss of $74.0 million in Q2 2021. The growth of 69% in revenue was driven by the Steel Processing segment, benefiting from inventory holding gains. The company completed the acquisition of Tempel Steel for approximately $255 million, enhancing its position in the electrical steel market. Outlook remains optimistic with expectations for continued healthy demand.
Worthington Industries, Inc. (NYSE: WOR) has completed its acquisition of Tempel Steel Company for approximately $255 million. Tempel is a global leader in manufacturing precision laminations for the electrical steel market, including applications in transformers and electric vehicles. The acquisition adds five manufacturing facilities across Canada, China, India, Mexico, and the U.S., expanding Worthington's workforce by 1,500 employees. This move positions Worthington as a leader in the growing electrical steel market, addressing the demand for hybrids and electric vehicles.