Worthington Stock Price, News & Analysis

Worthington Enterprises (NYSE: WOR) has announced its upcoming fiscal second quarter 2024 earnings conference call, scheduled for December 18, 2024, at 8:30 a.m. ET. The company will release its financial results after market close on December 17. Investors can participate through a live audio webcast, and a replay will be available on the company's website approximately two hours after the call, remaining accessible for one year.

Worthington Enterprises (NYSE: WOR) has announced Joseph Hayek as its new president and CEO, effective Nov. 1, 2024. Hayek, currently the company's executive vice president, chief financial and operations officer, will replace retiring CEO Andy Rose. The Board of Directors expressed confidence in Hayek's leadership and his ability to drive long-term shareholder value.

Hayek, 52, has been with Worthington for 10 years and played a key role in the company's recent strategic initiative, 'Worthington 2024,' which separated the Steel Processing business and created two standalone public companies. He emphasized his commitment to the company's people-first philosophy and growth strategy.

Additionally, Colin Souza, 36, will become vice president and chief financial officer of Worthington Enterprises, also effective Nov. 1, 2024. Souza is currently vice president of finance and has been with the company since 2011.

Worthington Enterprises (NYSE: WOR) reported its fiscal 2025 first quarter results, ending August 31, 2024. Net sales were $257.3 million, down 17.5% from the previous year. Net earnings from continuing operations were $24.3 million, or $0.48 per diluted share, compared to $26.8 million, or $0.54 per diluted share, in Q1 2024. On a non-GAAP basis, adjusted net earnings were $25.1 million, or $0.50 per diluted share.

The company faced challenges due to higher interest rates and macroeconomic uncertainty affecting demand. Consumer Products saw year-over-year earnings growth despite flat volumes, while Building Products experienced lower volumes and decreased earnings. The company completed the acquisition of Hexagon Ragasco for approximately $100.3 million. Worthington Enterprises maintains a positive long-term outlook and declared a quarterly dividend of $0.17 per common share.

Worthington Enterprises, Inc. (NYSE: WOR) has declared a quarterly dividend of $0.17 per share, payable on December 27, 2024, to shareholders of record on December 13, 2024. The company has consistently paid quarterly dividends since its initial public offering in 1968.

Worthington Enterprises, a designer and manufacturer of market-leading brands, will hold its quarterly earnings conference call on September 25, 2024, at 8:30 a.m. ET to discuss its fiscal first quarter results. The results will be released after market close on September 24, 2024. Interested parties can register for the live audio webcast or access it through the company's investor relations website. A replay will be available in the Investors section of the website approximately two hours after the call and will be archived for one year.

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.