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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.
Worthington Enterprises (NYSE: WOR) reported its fiscal 2024 fourth quarter results, showing net sales of $318.8 million, down from $368.8 million in the prior year. The company posted a net loss from continuing operations of $31.5 million, or $(0.64) per diluted share, compared to net earnings of $50.1 million, or $1.01 per diluted share, in the same quarter last year. Adjusted net earnings were $37.5 million, or $0.74 per share, down from $59.0 million, or $1.19 per share, in the prior year.
Key figures include operating loss of $56.1 million versus an operating income of $15.3 million last year. Net sales and adjusted EBITDA for Consumer Products and Building Products segments declined, while equity income from ClarkDietrich decreased by $13.8 million. Worthington formed a joint venture with Hexagon for Sustainable Energy Solutions and acquired Hexagon Ragasco. Total debt reduced to $298.1 million, with cash reserves of $244.2 million.
Worthington Enterprises (NYSE: WOR) announced a 6.25% increase in its quarterly dividend to $0.17 per share, payable on September 27, 2024, to shareholders of record as of September 13, 2024. This marks a $0.01 per share increase from the previous quarter. The company has consistently paid a quarterly dividend since its IPO in 1968. Worthington Enterprises, known for designing and manufacturing market-leading brands, will also hold a quarterly earnings conference call on June 26, 2024, at 8:30 a.m. ET to discuss its fiscal fourth-quarter results, which will be released later today.
Worthington Enterprises (NYSE: WOR) will host its quarterly earnings call on June 26, 2024, at 8:30 a.m. ET to discuss fiscal fourth-quarter results. These results will be released after the market closes on June 25. Investors can register for the live audio webcast via the company's investor relations website. A replay will be accessible approximately two hours post-call and will remain available for one year.
Worthington Enterprises (NYSE: WOR) has completed its acquisition of Hexagon Ragasco, a global leader in lightweight LPG composite cylinders. The move aims to strengthen Worthington's position in the global propane market. According to CEO Andy Rose, the acquisition aligns with the company's goals of promoting clean energy, particularly in developing countries. Worthington, formerly known as Worthington Industries, has a long history of shareholder value and dividend payments since 1968. The acquisition was finalized on the company's Founder’s Day, honoring the legacy of founder John H. McConnell.
Hexagon Composites announces the sale of Hexagon Ragasco to Worthington Enterprises and the acquisition of a 49% stake in Worthington's Sustainable Energy Solutions (SES) business segment. The sale of Hexagon Ragasco, valued at NOK 1,050 million, may adjust based on 2024 performance, ranging from a decrease of NOK 50 million to an increase of NOK 100 million. Hexagon Ragasco, a leader in LPG composite cylinders, will now be part of Worthington Enterprises. Concurrently, Hexagon acquires a 49% stake in SES for USD 20 million. SES is a major supplier of high-pressure cylinders and systems, reporting EUR 127 million in revenue and EUR 2.9 million in adjusted EBITDA in 2023. Hexagon sees these transactions as part of a strategic focus on high-pressure, clean energy solutions.
Worthington Enterprises (NYSE: WOR) announced two strategic agreements with Hexagon Composites ASA (OSE: HEX.OL). Worthington will acquire Hexagon Ragasco, a leader in lightweight LPG composite cylinders, for $98 million, expanding its footprint in the clean energy sector. Hexagon Ragasco reported 2023 sales of $64 million and an EBITDA of $12.7 million. The acquisition will integrate into Worthington's Building Products segment, enhancing its global cylinder manufacturing operations.
Additionally, Worthington has sold 49% of its Sustainability Energy Solutions (SES) segment to Hexagon for $10 million, forming a joint venture to focus on hydrogen and compressed natural gas storage and transport. This venture aligns with Worthington's growth strategy and aims to leverage the global clean energy transition. The joint venture is based in Europe with over 500 employees.
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