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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 Industries reported fiscal Q3 2023 net sales of $1.1 billion, down 20% from $1.4 billion in Q3 2022. Net earnings were $46.3 million, or $0.94 per diluted share, lower than $56.3 million or $1.11 per share in the previous year. The decrease is attributed to lower selling prices, particularly in Steel Processing, amid declining steel prices. Operating income dropped to $30.1 million from $37.6 million. Despite challenges, the company anticipates continued demand in key markets and remains focused on its planned separation, the
The board of directors of Worthington Industries (NYSE:WOR) has announced a quarterly dividend of $0.31 per share, payable on June 29, 2023. This dividend is for shareholders recorded by June 15, 2023. Worthington has consistently paid quarterly dividends since going public in 1968, demonstrating its commitment to returning value to shareholders. The company operates 52 facilities across 15 states and nine countries, employing approximately 9,000 people. As a leader in industrial manufacturing, Worthington focuses on innovative solutions across various industries.
Worthington Industries (NYSE: WOR) has been recognized as a Partner-level supplier for 2022 in the John Deere Achieving Excellence Program, marking its 11th consecutive year receiving this honor. This distinction reflects Worthington's commitment to quality and continuous improvement in its products and services. The evaluation criteria include quality, delivery, process alignment, and value creation. The company supplies hot-rolled and cold-rolled steel sheets for various John Deere equipment. Worthington, headquartered in Columbus, Ohio, operates 52 facilities globally and emphasizes innovative solutions across multiple industries.
Worthington Industries (NYSE:WOR) will release its third quarter results on March 22, 2023, after market close. A live webcast of the results discussion is scheduled for March 23 at 9 a.m. ET. The webcast can be accessed on the company’s official website, where it will also be archived for one year. Worthington is known for its industrial manufacturing and innovative solutions across several sectors, including automotive and energy. The company operates 52 facilities globally and employs around 9,500 people, emphasizing a commitment to community and environmental responsibility.
Worthington Industries (NYSE: WOR) has announced the leadership teams for its two upcoming independent companies, New Worthington and Worthington Steel, as part of its separation plan expected to complete by early 2024. The New Worthington will focus on Consumer and Building Products, while Worthington Steel will specialize in steel processing. Key leaders include Andy Rose as CEO for New Worthington and Geoff Gilmore for Worthington Steel. The split aims to enhance growth opportunities, with each entity setting independent greenhouse gas emissions reduction targets aligned with scientific standards.
Worthington Industries has appointed John H. McConnell II to its board of directors, effective immediately, increasing the board's size to 12 members. His father, John P. McConnell, plans to step down in June 2023 after nearly 50 years with the company. This leadership change coincides with the upcoming separation of their Steel Processing business. John H. McConnell II aims to continue the family's legacy while leading Worthington's Sustainable Energy Solutions business. The transition is viewed as a pivotal moment for the company's future growth amidst its Worthington 2024 plan.
Worthington Industries reported net sales of $1.2 billion and net earnings of $16.2 million, or $0.33 per diluted share, for fiscal Q2 2023, down from $110.3 million or $2.15 per share a year earlier. The decline was influenced by lower steel prices and a slowing economy, resulting in an operating loss of $7.0 million. Steel Processing saw net sales drop 5% year-over-year. Despite these challenges, Worthington remains optimistic about future demand and plans to separate its Steel Processing business by 2024.
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