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Worthington Enterprises, Inc. designs and manufactures branded products through two primary segments: Building Products and Consumer Products. Building Products includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings, metal framing and related accessories. Consumer Products includes tools, outdoor living and celebrations products, with brands such as Balloon Time, Bernzomatic, Coleman propane cylinders, Garden Weasel, LEVEL5 Tools, Mag Torch, Ragasco and Well-X-Trol.
Recurring company updates address quarterly operating results, earnings calls, investor presentations, dividend declarations, capital-structure matters and governance changes. The company also reports on segment performance, brand portfolio activity, shareholder voting matters and business-system initiatives tied to innovation, transformation and M&A.
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.
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Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.31 per share, payable on December 29, 2022, to shareholders on record by December 15, 2022. This marks a continuation of dividend payments since 1968. Headquartered in Columbus, Ohio, Worthington operates 52 facilities across 15 states and nine countries, employing approximately 9,500 people. The company focuses on innovative solutions in various sectors, including automotive and energy, positioning itself as a leader in value-added steel processing and consumer products.
Worthington Industries (NYSE:WOR) will release its first quarter results on September 29, 2022, before the market opens. A live discussion will be webcast at 8:30 a.m. ET on the same day, with an archive available for one year. Founded in 1955 and based in Columbus, Ohio, Worthington is a key player in industrial manufacturing, focusing on sectors such as automotive and energy. With over 9,500 employees across 52 facilities, the company emphasizes innovation and community support while navigating risks associated with COVID-19 and other uncertainties.
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.