Worthington Stock Price, News & Analysis

Worthington Industries (NYSE:WOR) announced the acquisition of Tempel Steel Company for approximately $255 million, plus liabilities. This acquisition positions Worthington as a leader in the electrical steel market, essential for transformers and electric vehicle (EV) motors. Tempel has five manufacturing facilities worldwide and generated net revenue of $377 million and EBITDA of $35 million over the past year. The deal is projected to close in December 2021, enhancing Worthington's automotive and electricity infrastructure offerings as EV adoption grows.

Worthington Industries (NYSE: WOR) will host a Virtual Investor & Analyst Day on Nov. 10, 2021, starting at 9:30 a.m. ET. This event will include presentations from the company's executive management about its new reporting segments: Consumer Products, Building Products, and Sustainable Energy Solutions. The session will last approximately two hours and will conclude with a Q&A segment. Interested investors can register for the event and access the webcast on the Investor Relations website.

MiddleGround Capital has announced the acquisition of two automotive facilities from Benteler International by its portfolio company, Shiloh Industries. This marks MiddleGround’s first add-on investment in Shiloh since taking it private last year and represents its third automotive investment in just 13 months. The facilities in Kalamazoo, Michigan, and Goshen, Indiana, bolster Shiloh's capabilities in lightweighting—a crucial area for meeting fuel efficiency and electrification standards in the automotive sector. MiddleGround is committed to supporting the ongoing transformation in the automotive industry.

Worthington Industries has declared a quarterly dividend of $0.28 per share, payable on December 29, 2021, to shareholders of record on December 15, 2021. This marks the continuation of Worthington's commitment to returning value to shareholders, having paid dividends since its public listing in 1968. The company operates 53 facilities across 15 states and globally, employing around 8,000 people. As a leader in industrial manufacturing, Worthington provides innovative solutions across various sectors, reinforcing its strong market position.

Worthington Industries reported net sales of $1.1 billion and net earnings of $132.5 million, or $2.55 per diluted share for Q1 fiscal 2022, marking a 58% increase in sales year-over-year. The previous year’s earnings were significantly higher at $616.7 million, or $11.22 per share. Key factors included robust performance in the Steel Processing segment despite supply chain challenges. Operating income reached $135.8 million, recovering from an operating loss in the prior year quarter. The company remains cautious about ongoing semiconductor shortages and labor challenges.

Worthington Industries (NYSE:WOR) will release its first quarter results on Sept. 29, 2021, before market open. A live webcast discussing these results is scheduled for 2:30 p.m. ET the same day, available at www.WorthingtonIndustries.com. Worthington is a leading industrial manufacturing company based in Columbus, Ohio, with 53 facilities worldwide, employing around 8,000 people. It specializes in value-added steel processing and pressure cylinders for various applications. The company emphasizes a people-first philosophy, aiming to drive progress and return value to shareholders.

Worthington Industries (NYSE: WOR) has announced that Joe Hayek, the Vice President and CFO, will present at the Jefferies Virtual Industrials Conference on August 3 at 11 a.m. ET. He will offer insights into the Company’s operations, financial performance, and growth strategy. A live webcast of the presentation can be accessed via the Company’s website and will be available for replay for 30 days afterwards. Worthington is a leading industrial manufacturer in North America, specializing in value-added steel processing and pressure cylinders, operating 53 facilities across 15 states and seven countries.

Worthington Industries (NYSE:WOR) was honored as a GM Supplier of the Year, marking its first recognition in this prestigious category during a challenging year for global supply chains. The award, given to 122 suppliers globally, underscores Worthington's commitment to quality and innovation in supplying hot-rolled steel coils for GM vehicles across North America. The accolade reflects a strong partnership with GM, emphasizing shared goals in sustainability and customer service excellence.