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 reported net sales of $1.5 billion and net earnings of $80.3 million for Q4 fiscal 2022, marking a 55% increase in sales compared to Q4 fiscal 2021. However, earnings per share decreased to $1.61 from $2.15 due to inventory holding losses and increased expenses. The Company's operating income fell to $65.4 million, a drop of $45.1 million year-over-year. Despite challenges, Worthington remains optimistic about future demand and growth strategies.
The board of directors of Worthington Industries (NYSE: WOR) has declared a quarterly dividend of $0.31 per share, marking an 11% increase from the previous quarter. This dividend is payable on September 29, 2022, to shareholders of record by September 15, 2022. Worthington has increased its dividend for the 12th consecutive year and has paid quarterly dividends since going public in 1968. The company continues to focus on innovation across various sectors, enhancing returns for its shareholders.
Worthington Industries (NYSE:WOR) will announce its fourth quarter results on June 22, 2022, after market close. A live webcast discussing these results is scheduled for June 23, 2022, at 8:30 a.m. ET, accessible at www.WorthingtonIndustries.com. With over six decades of experience, the company serves diverse industries, including automotive and energy, and is a leader in value-added steel processing. Worthington employs approximately 9,500 people across 58 facilities globally and focuses on innovation and community impact.
Worthington Industries has announced the acquisition of Level5 Tools for approximately $55 million, with a potential earn-out of up to $25 million based on performance through 2024. This strategic move strengthens Worthington's consumer product offerings in the tools category, particularly in the drywall tools market, where Level5 leads in online sales. Level5 generated net revenue of $32.7 million and EBITDA of $6.2 million over the past year. The Level5 team, led by CEO Scott Murray, will remain in place to drive future growth.
Worthington Industries, Inc. (NYSE: WOR) has welcomed a new law in Connecticut that establishes an industry-led recycling program for residential gas cylinders. The initiative aims to save the state up to $200,000 annually while improving environmental sustainability by removing recyclable cylinders from landfills. The program, which will be implemented by October 2025, includes consumer education and logistical coordination among producers for proper disposal. Legislation received bipartisan support and represents a significant step toward extended producer responsibility for flammable gas cylinder management.
Worthington Industries (NYSE:WOR) has been awarded the GM Supplier of the Year for the second consecutive year at GM's 30th annual awards event. This recognition highlights the company's performance amidst global supply challenges in 2021. GM praised the resilience and commitment of its suppliers, emphasizing innovation and sustainability. Worthington supplies hot-rolled and hot-rolled galvanized steel coils for GM vehicles across North America, showcasing its integral role in the automotive supply chain.
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Worthington Industries reported net sales of $1.4 billion and net earnings of $56.3 million, or $1.11 per diluted share, for Q3 fiscal 2022, reflecting an 82% increase in sales year-over-year. Earnings per share fell from $1.27 to $1.11 due to restructuring charges and inventory holding losses. Operating income decreased by $12.2 million to $37.6 million. Despite higher sales driven by acquisitions, steel price volatility and increased SG&A expenses affected margins. The company declared a quarterly dividend of $0.28 per share and repurchased 1 million shares for $54.2 million.
The board of directors of Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.28 per share, payable on June 29, 2022, to shareholders of record on June 15, 2022. Worthington has consistently paid quarterly dividends since becoming public in 1968. The company aims to be a transformative partner in various sectors, including automotive and energy, and operates 58 facilities across 16 states and nine countries.
Worthington Industries (NYSE: WOR) was recognized as a Partner-level supplier and inducted into John Deere's 10-year Supplier Hall of Fame for 2021. This accolade reflects Worthington's consistent high performance in quality, service, and continuous improvement, particularly during a challenging steel market. Worthington Industries supports John Deere's manufacturing efforts for various agricultural and garden equipment. The Achieving Excellence Program emphasizes supplier evaluation and improvement, further underlining Worthington’s commitment to excellence.