Worthington Steel, Inc. reports company news centered on value-added steel processing, quarterly and annual operating results, dividends, conference calls and corporate updates. Its business updates describe carbon flat-rolled steel processing, electrical steel laminations, tailor welded products and related capabilities such as galvanizing, pickling, configured blanking, specialty cold reduction and lightweighting.
Worthington Steel news also includes disclosures about material agreements, capital-structure matters and shareholder-related developments when they affect the company’s public reporting. The recurring news record reflects a NYSE-listed Ohio company with steel-processing operations across the United States and international markets.
Southland Holdings subsidiary Oscar Renda Contracting has secured a $60 million contract for the construction of a new wastewater treatment plant in the Southwest. The project encompasses comprehensive infrastructure development, including new headworks, influent pump station, extended aeration basin, administration building, utility water station, and crew building renovation. The contract will be added to the company's fourth quarter 2024 backlog.
Worthington Steel (NYSE: WS) has announced plans to acquire a 52% controlling stake in Italy-based Sitem Group through its subsidiary, Tempel Steel Company. Sitem Group, with 50 years of experience, is a major European producer of electric motor laminations for automotive and industrial applications. The transaction includes the acquisition of existing shares, contribution of Worthington's Nagold facility, and subscription of reserved share capital increases.
The deal, expected to close in early 2025, aligns with Worthington's strategy to expand its electrical steel lamination business and strengthen its presence in Europe's growing electric vehicle market. Sitem Group operates six facilities across Italy, Switzerland, Slovakia, and France, and its current leadership will continue to manage operations from Trevi, Italy.
Worthington Steel (NYSE: WS) has announced it will release its fiscal second quarter 2025 financial results after market close on Wednesday, December 18, 2024. The company will hold a conference call to discuss these results on Thursday, December 19, 2024, at 8:30 a.m. ET. Investors can access the live webcast through the company's website at WorthingtonSteel.com, where it will remain archived for one year. The conference call can be joined via toll-free number 888.510.2553 using conference ID 5714141.
Sky Harbour Group (SKYH) reported strong Q3 2024 results with consolidated revenues up 64% year-over-year and 13% quarter-over-quarter. The company maintains strong liquidity with $110 million in cash and US Treasuries, plus an additional $38 million from recent PIPE equity placement. Operating metrics show annualized revenue of $40.36 per leased square foot at four operating campuses, exceeding projections by 37%. The company is expanding its nationwide network with three new campuses opening in Q1 2025 and has raised its guidance to nine additional ground leases by December 2025. A recent PIPE financing and planned debt issuance will provide approximately $240 million to support development of 6-7 new airport campuses.
Southland Holdings (NYSE: SLND) reported disappointing Q3 2024 financial results. Revenue decreased 44.5% to $173.3 million compared to $312.5 million in Q3 2023. The company recorded a gross loss of $51.1 million versus a gross profit of $29.5 million in the prior year. Net loss attributable to stockholders was $54.7 million, or $(1.14) per share, compared to net income of $3.8 million, or $0.08 per share in Q3 2023. EBITDA was negative at $(58.7) million versus $22.3 million last year. Despite poor quarterly performance, backlog remained strong at $2.74 billion, up from $2.54 billion year-over-year.
Vicarious Surgical announced its Q3 2024 financial results. Operating expenses decreased by 17% to $17.8M from $21.4M in Q3 2023. R&D expenses dropped to $10.8M from $13.0M, general and administrative expenses fell to $5.7M from $6.9M, and sales and marketing expenses decreased to $1.2M from $1.4M. The adjusted net loss was $17.0M, or $2.87 per share, compared to $20.4M, or $3.95 per share, in the same period last year. GAAP net loss was $17.1M, or $2.90 per share, versus $15.7M, or $3.04 per share, last year. The company had $60.9M in cash and investments as of September 30, 2024, with a Q3 cash burn rate of $12.4M. Full-year 2024 cash burn is expected to be approximately $50M. CEO Adam Sachs highlighted the upcoming milestone for the Version 1.0 System integration and the goal to complete the first clinical patient within a year.
Worthington Steel (NYSE: WS) has achieved the 2025 Military Friendly® Employer designation by VIQTORY, marking its 10th consecutive year receiving this recognition and first since becoming a standalone public company in December 2023. The company was selected among 308 employers from over 1,200 participating organizations.
The designation recognizes organizations demonstrating commitment to creating sustainable benefits for the military community through civilian employment opportunities. Manufacturers represented 11% of designated employers, leading the list. The evaluation process included public data sources and proprietary survey responses, focusing on recruitment, retention, turnover, and advancement of veterans and military employees.
Worthington Steel (NYSE: WS) has appointed Cliff Larivey as president of Flat-Roll Steel Processing, effective Dec. 1, 2024. Larivey, currently senior vice president of commercial and purchasing, succeeds Jeff Klingler, who will focus on global business operations and strategy execution. Larivey, 51, joined the company through the Gibraltar Strip Steel acquisition in 2010 and has been instrumental in managing customer and supplier relationships. The commercial organization will continue under the leadership of Marc Gase, Doug Kovach, Jason Miller in their respective VP roles, while Brad Kern will lead operations.
Sky Harbour Group (NYSE: SKYH) announced it will release its Third Quarter 2024 financial results after market close on Tuesday, November 12, 2024. The company will host an investor webcast at 5:00 pm ET the same day to review quarterly financial results and provide a business update. The event will include a Q&A session with management and is open to the public. The webcast will be available through the company's investor relations website, with a replay available afterward.
Southland Holdings (NYSE American: SLND) has announced it will release its third quarter 2024 financial results on Tuesday, November 12, 2024, after market close. The specialized infrastructure construction services provider will host a conference call to discuss the results on Wednesday, November 13th, 2024, at 10:00 a.m. Eastern Time. The call will be accessible through the company's website, and a replay will be available afterward.