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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 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.
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.