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) 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.
The board of directors of Worthington Industries (NYSE: WOR) declared a quarterly dividend of $0.25 per share, payable on Dec. 29, 2020, to shareholders of record by Dec. 15, 2020. Worthington has consistently paid a quarterly dividend since becoming public in 1968. The company specializes in industrial manufacturing across multiple sectors including transportation, construction, and agriculture, and has a presence in over 90 countries. With 52 facilities and approximately 7,500 employees, Worthington aims to drive progress and shareholder value.
Worthington Industries reported net sales of $702.9 million and net earnings of $616.7 million ($11.22 per diluted share) for Q1 fiscal 2021, marking a decrease in sales compared to $855.9 million in Q1 fiscal 2020. The earnings were significantly boosted by a net pre-tax gain of $746.6 million from its investment in Nikola Corporation. While Steel Processing saw an 18% drop in net sales, operating income improved due to better spreads and lower conversion costs. Demand remains solid in several markets despite uncertainties in oil & gas.
Worthington Industries (NYSE: WOR) will release its first-quarter results on Sept. 23, 2020, before market opening. A live webcast discussing these results is scheduled for 2 p.m. ET that day, available at www.WorthingtonIndustries.com. The company, based in Columbus, Ohio, is a leading industrial manufacturer with a diverse portfolio across various sectors, including transportation and energy. Worthington operates 52 facilities globally and employs approximately 7,500 people. Founded in 1955, the company is committed to innovative solutions and shareholder value.