Worthington Stock Price, News & Analysis

Worthington Industries (NYSE:WOR) has launched ThermaGuard hydrogen cylinders, designed for efficient hydrogen fuel transportation and storage. The new cylinders, built with aerospace-grade materials, can operate at temperatures up to 250°F, eliminating the need for costly hydrogen pre-chilling. This innovation allows for faster filling times (10-15 minutes) and significant reductions in fuel costs (up to $2.00 per kg). ThermaGuard cylinders contribute to sustainability by enhancing the hydrogen supply chain and supporting zero-emission mobility solutions.

High Road Capital Partners announced the sale of GTI Holding Company, parent of General Tools, to Worthington Industries (NYSE: WOR) for $115 million. This transaction closed on January 29, 2021, marking the third exit for High Road Capital Partners Fund II. Under High Road's ownership since February 2014, General Tools nearly doubled its revenue and tripled its EBITDA. Notable acquisitions made during this period include PacTool International and Garden Weasel. The sale highlights High Road's strategy of elevating niche market companies to new heights.

Worthington Industries (NYSE: WOR) announced the divestiture of its oil & gas equipment business to Ten Oaks Group. The sale includes assets in Bremen, Ohio, and Tulsa, Oklahoma, while Worthington retains the real estate, leasing it back to Ten Oaks, which will operate under the name Westerman, Inc. The company received nominal consideration at closing, with potential for additional future payments. CEO Andy Rose expressed confidence in Ten Oaks as a family-owned buyer to drive future success for the business.

Worthington Industries (NYSE: WOR) announced the acquisition of General Tools & Instruments Company for approximately $115 million. This acquisition enhances Worthington's consumer products portfolio, particularly in niche tools and outdoor living. General Tools, established in 1922, generated a net revenue of $68.2 million and an adjusted EBITDA of $15.2 million in 2020. The acquisition aims to leverage General Tools' strong product development capabilities and global supply chain management. Worthington's strategic move is expected to deepen customer relationships and drive innovation.

Worthington Industries (NYSE: WOR) has acquired PTEC Pressure Technology GmbH, enhancing its capabilities in high-pressure hydrogen and compressed natural gas (CNG) technologies. The strategic move aligns with Worthington's commitment to sustainable mobility, expanding its product offerings and supply chain efficiencies. The acquisition adds 11 employees and a facility in Germany, supporting Worthington's goal to be a leader in the hydrogen economy, particularly in Europe. This complements its existing production lines and aims to meet rising demand for alternative fuel solutions.

The board of directors of Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.25 per share, payable on March 29, 2021, to shareholders of record on March 15, 2021. This marks a continuous payment of quarterly dividends since the company went public in 1968, reflecting its commitment to return value to shareholders. Worthington Industries is a leading industrial manufacturer with operations across multiple sectors, including transportation and energy, and employs approximately 7,500 people worldwide.

Worthington Industries reported net sales of $731.1 million and a net loss of $74.0 million for the fiscal 2021 second quarter ended November 30, 2020, down from $827.6 million in net sales and $52.1 million in net earnings in the same quarter of the previous fiscal year. The decline was influenced by a $148.4 million pre-tax loss related to their investment in Nikola. The company reported a gross margin increase to $135.5 million but lower average selling prices in key divisions.

Despite challenges, the company remains optimistic about demand in key markets.

Worthington Industries (NYSE:WOR) is set to announce its second quarter results on Dec. 17, 2020, before the market opens. A live webcast will be hosted at 2 p.m. ET to discuss these results, which can be accessed on their website. Established in 1955, Worthington is a premier industrial manufacturing company serving various sectors including transportation and energy. With 51 facilities in 15 states and six countries, it employs around 7,500 people. The company focuses on innovative solutions and maintains a people-first philosophy.

Worthington Industries (NYSE: WOR) will have its CFO, Joe Hayek, presenting at Baird's 2020 Virtual Global Industrials Conference on Nov. 12 at 12:50 p.m. ET. The presentation will cover the company's operations, financial performance, and growth strategy. Investors can access the live webcast through the provided link or on the Worthington Industries website, with a replay available for one year.

Founded in 1955, Worthington operates 51 facilities across multiple countries, employing around 7,500 people, and is known for delivering innovative solutions in various industrial sectors.