Welcome to our dedicated page for Worthington news (Ticker: WOR), a resource for investors and traders seeking the latest updates and insights on Worthington stock.
Worthington Enterprises, Inc. (NYSE: WOR) is regularly featured in corporate and financial news as a designer and manufacturer of brands and products that it describes as improving everyday life by elevating spaces and experiences. The company operates through two primary segments, Building Products and Consumer Products, and its disclosures highlight activity across both areas.
News coverage of Worthington Enterprises often centers on its financial performance and outlook. The company issues periodic earnings releases for its fiscal quarters, accompanied by conference calls and investor presentations. These updates discuss net sales, earnings, cash flow, segment performance and the use of non-GAAP measures such as adjusted EBITDA, along with commentary on factors influencing Building Products and Consumer Products.
Another recurring theme in WOR news is corporate development activity. Worthington Enterprises has announced acquisitions aligned with its Building Products segment, including Elgen Manufacturing, which designs and manufactures HVAC parts, components, ductwork and structural framing for commercial buildings, and an agreement to acquire LSI Group, a manufacturer of standing seam metal roof clips and retrofit components for commercial metal roofs. Such announcements provide insight into how the company expands its presence in the building envelope, commercial HVAC and roofing-related markets.
Investors and followers of WOR can also find updates on dividends, board appointments and participation in investor conferences. The company reports that it has paid a quarterly dividend since its initial public offering in 1968, and its news releases describe ongoing quarterly dividend declarations. Additional items include scheduling notices for earnings calls, participation in events such as the Baird Global Industrial Conference, the Canaccord Genuity Growth Conference and the CJS Securities New Ideas for the New Year conference, and commentary from management on strategy, the Worthington Business System and long-term shareholder value.
For those tracking WOR, the news flow provides a view into segment trends, acquisition activity, capital allocation decisions such as share repurchases and dividends, and the company’s communication with the investment community.
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.
Worthington Industries (NYSE: WOR) announced that Joe Hayek, Vice President and CFO, will present at Cowen’s 42nd Annual Aerospace/Defense & Industrials Conference on February 11 at 1:30 p.m. ET. He will provide insights on the Company's operations, financial performance, and growth strategy. The event will be accessible through a live webcast and will be available for replay for one year. Worthington Industries is a leading industrial manufacturer with 51 facilities across 15 states and seven countries, employing approximately 7,500 people.
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.