Worthington Stock Price, News & Analysis

Worthington Industries (NYSE:WOR) will release its third quarter results on March 22, 2023, after market close. A live webcast of the results discussion is scheduled for March 23 at 9 a.m. ET. The webcast can be accessed on the company’s official website, where it will also be archived for one year. Worthington is known for its industrial manufacturing and innovative solutions across several sectors, including automotive and energy. The company operates 52 facilities globally and employs around 9,500 people, emphasizing a commitment to community and environmental responsibility.

Worthington Industries (NYSE: WOR) has announced the leadership teams for its two upcoming independent companies, New Worthington and Worthington Steel, as part of its separation plan expected to complete by early 2024. The New Worthington will focus on Consumer and Building Products, while Worthington Steel will specialize in steel processing. Key leaders include Andy Rose as CEO for New Worthington and Geoff Gilmore for Worthington Steel. The split aims to enhance growth opportunities, with each entity setting independent greenhouse gas emissions reduction targets aligned with scientific standards.

Worthington Industries has appointed John H. McConnell II to its board of directors, effective immediately, increasing the board's size to 12 members. His father, John P. McConnell, plans to step down in June 2023 after nearly 50 years with the company. This leadership change coincides with the upcoming separation of their Steel Processing business. John H. McConnell II aims to continue the family's legacy while leading Worthington's Sustainable Energy Solutions business. The transition is viewed as a pivotal moment for the company's future growth amidst its Worthington 2024 plan.

Worthington Industries reported net sales of $1.2 billion and net earnings of $16.2 million, or $0.33 per diluted share, for fiscal Q2 2023, down from $110.3 million or $2.15 per share a year earlier. The decline was influenced by lower steel prices and a slowing economy, resulting in an operating loss of $7.0 million. Steel Processing saw net sales drop 5% year-over-year. Despite these challenges, Worthington remains optimistic about future demand and plans to separate its Steel Processing business by 2024.

The board of directors of Worthington Industries (NYSE:WOR) has announced a quarterly dividend of $0.31 per share, scheduled for payment on March 29, 2023, to shareholders on record by March 15, 2023. Worthington has consistently paid dividends since its public launch in 1968, demonstrating its commitment to returning value to shareholders. With a strong focus on industrial manufacturing and innovation, the company continues to serve various markets, including automotive, energy, and consumer products.

Worthington Industries (NYSE:WOR) will release its second quarter results after market close on Dec. 20, 2022. A live webcast discussing these results is scheduled for Dec. 21 at 8:30 a.m. ET, available at www.WorthingtonIndustries.com and archived for one year. Worthington, a leader in industrial manufacturing, serves various sectors, including automotive and energy, focusing on innovation and sustainability.

Marubeni-Itochu Steel Inc. (MISI) has successfully acquired Worthington Specialty Processing's remaining facility in Jackson, Michigan, which will be rebranded as MISA Specialty Processing, Inc. This acquisition is aligned with MISI's strategy to enhance its steel processing capabilities for the North American automotive market. Worthington Specialty Processing is a joint venture between Worthington Industries (NYSE: WOR) and United States Steel Corporation. The details of this all-cash deal remain undisclosed.

Worthington Industries reported net sales of $1.4 billion and net earnings of $64.1 million (or $1.30 per diluted share) for Q1 of fiscal 2023. This marks a 27% increase in sales compared to Q1 2022's $1.1 billion. However, earnings fell sharply from $132.5 million ($2.55 per share) last year. Operating income dropped to $66.7 million from $135.8 million. The company faces challenges in margins due to inventory holding losses and rising expenses. Worthington plans to separate its Steel Processing business to enhance operational focus and shareholder value.

Worthington Industries is set to separate its Steel Processing business into a new public entity, creating two distinct companies focused on growth. The planned tax-free separation, expected by early 2024, will result in 'New Worthington' targeting Consumer Products, Building Products, and Sustainable Energy, while 'Worthington Steel' will enhance its position in value-added steel processing. This strategic move aims to sharpen operational focus, improve capital allocation, and enhance shareholder value. The company anticipates strong cash flows and market-leading positions in both sectors.