Worthington Stock Price, News & Analysis

Worthington Industries (NYSE:WOR) announced a reorganization of its Pressure Cylinders segment into three new reporting segments: Consumer Products, Building Products, and Sustainable Energy Solutions, effective June 1, 2021. This strategic move aims to enhance earnings growth and improve operational focus. The new segments will enable targeted capital allocation and increased transparency for investors. Leadership roles have been reassigned to align with the new structure, with financial results to be reported under this new segmentation starting in Q1 FY2022.

Worthington Industries (NYSE:WOR) has acquired certain assets of Shiloh Industries' U.S. BlankLight® business for approximately $105 million. This acquisition, which adds three facilities and around 200 employees, enhances Worthington's laser welded products joint venture, TWB Company, LLC. The assets generated $170.5 million in net revenue and $20.5 million in adjusted EBITDA in 2020. The deal supports growth in tailor-welded blanks and strengthens relationships with key automotive customers.

Worthington Industries (NYSE:WOR) is set to release its fourth quarter results on June 24, 2021, before the market opens. A live webcast discussion will occur at 9:30 a.m. ET on the same day, which will also be archived for a year. Worthington, a leader in industrial manufacturing, offers solutions across various sectors, including transportation and energy. With a workforce of about 8,000 people and operations in 15 states and seven countries, the company focuses on innovation, customer satisfaction, and shareholder value.

Worthington Industries (NYSE: WOR) announced that CFO Joe Hayek will present at KeyBanc’s Industrials & Basic Materials Conference on June 1 at 9:20 a.m. ET. The presentation aims to provide insights into the Company's operations, financial performance, and growth strategy. Investors can access a live webcast of the event via this link or through the Company’s website, where it will be available for replay for one year.

The U.S. International Trade Commission (ITC) has determined that unfair imports of DOT-39 non-refillable steel cylinders from China have materially harmed Worthington Industries. This decision is crucial for restoring fair market conditions, ensuring the company can continue manufacturing these essential products in the U.S. The ITC's finding will lead to antidumping and countervailing duties ranging from 82% to 288% on these imports, expected to be published by the U.S. Department of Commerce in early May.

The board of directors of Worthington Industries (NYSE: WOR) announced a quarterly dividend increase to $0.28 per share, up $0.03 from the previous quarter, payable on June 29, 2021. This marks the 11th consecutive year of dividend increases for the company, which has consistently paid dividends since 1968. Additionally, they authorized the repurchase of up to 5,618,464 common shares, increasing the total share repurchase authority to 10,000,000, signaling confidence in future performance.

Worthington Industries reported net sales of $759.1 million and net earnings of $67.6 million ($1.27 per diluted share) in Q3 fiscal 2021. This marks a slight decline in sales compared to $764.0 million in Q3 fiscal 2020. Adjusted net earnings increased to $72.3 million from $36.0 million year-over-year, driven by strong performance in Steel Processing. However, the oil and gas equipment business's divestiture contributed to a 6% decline in Pressure Cylinders sales. The company faces ongoing challenges, including a tight steel market and semiconductor shortages.

Worthington Industries (NYSE: WOR) has sold its unprofitable Structural Composites Industries facility in Pomona, California, to Luxfer Holdings PLC. The divestiture aligns with Worthington's strategy to focus on expanding sustainable mobility markets, particularly in hydrogen and compressed natural gas (CNG) across Europe and Asia. The company has made significant investments in engineering and manufacturing capabilities in Europe, including new production lines for hydrogen cylinders in Austria and Poland, and an acquisition in Germany. This strategic shift aims to enhance competitive positioning in growing markets.

Worthington Industries (NYSE:WOR) will release its third quarter results on March 24, 2021, before the market opens. A live webcast discussing these results is scheduled for 2 p.m. ET that same day, accessible via WorthingtonIndustries.com. Founded in 1955, the company operates 51 facilities across 15 states and seven countries, employing about 7,500 people. Worthington specializes in innovative industrial manufacturing, offering products for various sectors, including transportation, agriculture, and retail.