Worthington Stock Price, News & Analysis

Worthington Enterprises (NYSE: WOR) has released its 2024 Corporate Citizenship and Sustainability Report, highlighting achievements in four key areas: People First, Process and Planet, Sustainable Products, and Responsible Governance. The company aims to balance people, planet, and prosperity for a sustainable future.

Notable milestones include:

• Establishing corporate sustainability goals aligned with UN Sustainable Development Goals
• Outperforming industry average safety rates by 36%
• Achieving 86% participation in employee engagement surveys
• Reducing environmental impact by diverting 85% of waste from landfills
• Decreasing global market-based GHG emissions intensity by 23% compared to 2020
• Investing in climate resilience, saving $3.9 million over three fiscal years
• Allocating 89% of total annual spend to U.S. suppliers
• Contributing $3 million to 73 non-profit organizations
• Committing $7.5 million to pediatric research at Nationwide Children's Hospital

The report adheres to GRI Standards and incorporates SASB and TCFD elements. Worthington Enterprises received recognition from various organizations for its sustainability efforts in FY24.

Worthington Enterprises (NYSE: WOR) has announced its fiscal first quarter 2025 earnings conference call, scheduled for September 25, 2024, at 8:30 a.m. ET. The company will release its financial results after market close on September 24. Investors can access the live audio webcast through the company's website, with a replay available for one year post-call.

Worthington Enterprises operates in two primary segments: Building Products and Consumer Products. The company designs and manufactures market-leading brands across various categories, including cooking, heating, cooling, tools, and outdoor living. Notable brands include Balloon Time®, Bernzomatic®, and Coleman®. Additionally, Worthington is involved in the global hydrogen ecosystem through a joint venture focused on fueling systems and gas containment solutions.

Worthington Enterprises (NYSE: WOR) has initiated a modernization project at its Chilton, Wisconsin campus, where it manufactures Bernzomatic® and Mag-Torch® hand torches and fuel cylinders. The project includes a new 58,000-square-foot building and equipment to increase automation, production efficiencies, and ensure product quality and safety. As the only U.S. manufacturer of hand torches and small format propane and propylene cylinders, Worthington's products are used in over 40 countries.

The project, with Keller, Inc. as the general contractor, is expected to be completed by the end of 2025, with full operations starting in 2026. Worthington, which acquired the Chilton operations in 2004, currently employs nearly 300 people across three shifts in the 365,500-square-foot facility.

Armstrong World Industries (NYSE:AWI) and Worthington Enterprises (NYSE:WOR) announced that their joint venture, Worthington Armstrong (WAVE), has acquired the assets of Data Center Resources, (DCR). This acquisition includes DCR's Cool Shield brand, which specializes in customizable, modular aisle containment solutions for data centers.

The acquisition aims to expand WAVE's design and manufacturing capabilities in the data center market. Cool Shield solutions are designed to optimize power usage and increase cooling efficiency, resulting in lower operating costs and reduced strain on electrical grid infrastructure. WAVE plans to integrate these solutions with their DynaMax® structural grid and Armstrong ceiling products to offer comprehensive, energy-efficient solutions for data centers.

Worthington Enterprises (NYSE: WOR) reported its fiscal 2024 fourth quarter results, showing net sales of $318.8 million, down from $368.8 million in the prior year. The company posted a net loss from continuing operations of $31.5 million, or $(0.64) per diluted share, compared to net earnings of $50.1 million, or $1.01 per diluted share, in the same quarter last year. Adjusted net earnings were $37.5 million, or $0.74 per share, down from $59.0 million, or $1.19 per share, in the prior year.

Key figures include operating loss of $56.1 million versus an operating income of $15.3 million last year. Net sales and adjusted EBITDA for Consumer Products and Building Products segments declined, while equity income from ClarkDietrich decreased by $13.8 million. Worthington formed a joint venture with Hexagon for Sustainable Energy Solutions and acquired Hexagon Ragasco. Total debt reduced to $298.1 million, with cash reserves of $244.2 million.

Worthington Enterprises (NYSE: WOR) announced a 6.25% increase in its quarterly dividend to $0.17 per share, payable on September 27, 2024, to shareholders of record as of September 13, 2024. This marks a $0.01 per share increase from the previous quarter. The company has consistently paid a quarterly dividend since its IPO in 1968. Worthington Enterprises, known for designing and manufacturing market-leading brands, will also hold a quarterly earnings conference call on June 26, 2024, at 8:30 a.m. ET to discuss its fiscal fourth-quarter results, which will be released later today.

Worthington Enterprises (NYSE: WOR) will host its quarterly earnings call on June 26, 2024, at 8:30 a.m. ET to discuss fiscal fourth-quarter results. These results will be released after the market closes on June 25. Investors can register for the live audio webcast via the company's investor relations website. A replay will be accessible approximately two hours post-call and will remain available for one year.

Worthington Enterprises (NYSE: WOR) has completed its acquisition of Hexagon Ragasco, a global leader in lightweight LPG composite cylinders. The move aims to strengthen Worthington's position in the global propane market. According to CEO Andy Rose, the acquisition aligns with the company's goals of promoting clean energy, particularly in developing countries. Worthington, formerly known as Worthington Industries, has a long history of shareholder value and dividend payments since 1968. The acquisition was finalized on the company's Founder’s Day, honoring the legacy of founder John H. McConnell.

Hexagon Composites announces the sale of Hexagon Ragasco to Worthington Enterprises and the acquisition of a 49% stake in Worthington's Sustainable Energy Solutions (SES) business segment. The sale of Hexagon Ragasco, valued at NOK 1,050 million, may adjust based on 2024 performance, ranging from a decrease of NOK 50 million to an increase of NOK 100 million. Hexagon Ragasco, a leader in LPG composite cylinders, will now be part of Worthington Enterprises. Concurrently, Hexagon acquires a 49% stake in SES for USD 20 million. SES is a major supplier of high-pressure cylinders and systems, reporting EUR 127 million in revenue and EUR 2.9 million in adjusted EBITDA in 2023. Hexagon sees these transactions as part of a strategic focus on high-pressure, clean energy solutions.