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Worthington Enterprises, Inc. (NYSE: WOR) is a globally recognized leader in diversified metals manufacturing. Headquartered in Columbus, Ohio, the company operates through three main business segments: Steel Processing, Consumer Products, and Building Products. Worthington Enterprises is renowned as North America’s premier value-added steel processor and a leading manufacturer of metal products.
The company's portfolio includes an extensive range of products such as propane, refrigerant, and industrial cylinders, hand torches, camping cylinders, scuba tanks, compressed natural gas storage cylinders, helium balloon kits, and tanks for the global energy market. Additionally, they produce custom-engineered cabs for heavy mobile equipment, laser-welded blanks, steel pallets, and racks. Through various joint ventures, Worthington also provides suspension grid systems for ceilings, automotive service stampings, and light gauge steel framing for construction.
With sales reaching $3.38 billion in the fiscal year of 2015, Worthington Enterprises has a strong financial foundation. The company employs approximately 10,500 people and operates 82 facilities across 11 countries, underlining its extensive global footprint.
One of Worthington's recent achievements includes the acquisition of Hexagon Ragasco, a market leader in LPG composite cylinders. This strategic move is set to enhance Worthington’s product offering and geographical reach in the cylinder market. Furthermore, Worthington acquired a 49% stake in Hexagon’s Sustainable Energy Solutions (SES) business segment, strengthening their position in the high-pressure, clean energy solutions market.
Worthington Enterprises is committed to innovation and transformation, which is evident in their products for consumer, building, and sustainable energy markets. They focus on developing solutions that enhance safety, health, and environmental sustainability. Brands such as Balloon Time®, Bernzomatic®, Coleman®, and Garden-Weasel® underscore the company's influence in various consumer markets.
Moreover, the company places a strong emphasis on corporate citizenship and sustainability, deeply engaging with local communities through volunteer efforts and the Worthington Companies Foundation. Worthington’s people-first philosophy empowers employees to innovate and thrive, ensuring continuous growth and value creation for shareholders.
The company's robust performance, strategic acquisitions, and commitment to sustainable practices make Worthington Enterprises a significant player in the metals manufacturing industry, poised for ongoing success and expansion.
The U.S. International Trade Commission (ITC) has determined that unfair imports of DOT-39 non-refillable steel cylinders from China have materially harmed Worthington Industries. This decision is crucial for restoring fair market conditions, ensuring the company can continue manufacturing these essential products in the U.S. The ITC's finding will lead to antidumping and countervailing duties ranging from 82% to 288% on these imports, expected to be published by the U.S. Department of Commerce in early May.
The board of directors of Worthington Industries (NYSE: WOR) announced a quarterly dividend increase to $0.28 per share, up $0.03 from the previous quarter, payable on June 29, 2021. This marks the 11th consecutive year of dividend increases for the company, which has consistently paid dividends since 1968. Additionally, they authorized the repurchase of up to 5,618,464 common shares, increasing the total share repurchase authority to 10,000,000, signaling confidence in future performance.
Worthington Industries reported net sales of $759.1 million and net earnings of $67.6 million ($1.27 per diluted share) in Q3 fiscal 2021. This marks a slight decline in sales compared to $764.0 million in Q3 fiscal 2020. Adjusted net earnings increased to $72.3 million from $36.0 million year-over-year, driven by strong performance in Steel Processing. However, the oil and gas equipment business's divestiture contributed to a 6% decline in Pressure Cylinders sales. The company faces ongoing challenges, including a tight steel market and semiconductor shortages.
Worthington Industries (NYSE: WOR) has sold its unprofitable Structural Composites Industries facility in Pomona, California, to Luxfer Holdings PLC. The divestiture aligns with Worthington's strategy to focus on expanding sustainable mobility markets, particularly in hydrogen and compressed natural gas (CNG) across Europe and Asia. The company has made significant investments in engineering and manufacturing capabilities in Europe, including new production lines for hydrogen cylinders in Austria and Poland, and an acquisition in Germany. This strategic shift aims to enhance competitive positioning in growing markets.
Worthington Industries (NYSE:WOR) will release its third quarter results on March 24, 2021, before the market opens. A live webcast discussing these results is scheduled for 2 p.m. ET that same day, accessible via WorthingtonIndustries.com. Founded in 1955, the company operates 51 facilities across 15 states and seven countries, employing about 7,500 people. Worthington specializes in innovative industrial manufacturing, offering products for various sectors, including transportation, agriculture, and retail.
Worthington Industries (NYSE: WOR) announced that Joe Hayek, Vice President and CFO, will present at Cowen’s 42nd Annual Aerospace/Defense & Industrials Conference on February 11 at 1:30 p.m. ET. He will provide insights on the Company's operations, financial performance, and growth strategy. The event will be accessible through a live webcast and will be available for replay for one year. Worthington Industries is a leading industrial manufacturer with 51 facilities across 15 states and seven countries, employing approximately 7,500 people.
Worthington Industries (NYSE:WOR) has launched ThermaGuard hydrogen cylinders, designed for efficient hydrogen fuel transportation and storage. The new cylinders, built with aerospace-grade materials, can operate at temperatures up to 250°F, eliminating the need for costly hydrogen pre-chilling. This innovation allows for faster filling times (10-15 minutes) and significant reductions in fuel costs (up to $2.00 per kg). ThermaGuard cylinders contribute to sustainability by enhancing the hydrogen supply chain and supporting zero-emission mobility solutions.
High Road Capital Partners announced the sale of GTI Holding Company, parent of General Tools, to Worthington Industries (NYSE: WOR) for $115 million. This transaction closed on January 29, 2021, marking the third exit for High Road Capital Partners Fund II. Under High Road's ownership since February 2014, General Tools nearly doubled its revenue and tripled its EBITDA. Notable acquisitions made during this period include PacTool International and Garden Weasel. The sale highlights High Road's strategy of elevating niche market companies to new heights.
Worthington Industries (NYSE: WOR) announced the divestiture of its oil & gas equipment business to Ten Oaks Group. The sale includes assets in Bremen, Ohio, and Tulsa, Oklahoma, while Worthington retains the real estate, leasing it back to Ten Oaks, which will operate under the name Westerman, Inc. The company received nominal consideration at closing, with potential for additional future payments. CEO Andy Rose expressed confidence in Ten Oaks as a family-owned buyer to drive future success for the business.
Worthington Industries (NYSE: WOR) announced the acquisition of General Tools & Instruments Company for approximately $115 million. This acquisition enhances Worthington's consumer products portfolio, particularly in niche tools and outdoor living. General Tools, established in 1922, generated a net revenue of $68.2 million and an adjusted EBITDA of $15.2 million in 2020. The acquisition aims to leverage General Tools' strong product development capabilities and global supply chain management. Worthington's strategic move is expected to deepen customer relationships and drive innovation.
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