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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 (NYSE:WOR) will announce its fourth quarter results on June 22, 2022, after market close. A live webcast discussing these results is scheduled for June 23, 2022, at 8:30 a.m. ET, accessible at www.WorthingtonIndustries.com. With over six decades of experience, the company serves diverse industries, including automotive and energy, and is a leader in value-added steel processing. Worthington employs approximately 9,500 people across 58 facilities globally and focuses on innovation and community impact.
Worthington Industries has announced the acquisition of Level5 Tools for approximately $55 million, with a potential earn-out of up to $25 million based on performance through 2024. This strategic move strengthens Worthington's consumer product offerings in the tools category, particularly in the drywall tools market, where Level5 leads in online sales. Level5 generated net revenue of $32.7 million and EBITDA of $6.2 million over the past year. The Level5 team, led by CEO Scott Murray, will remain in place to drive future growth.
Worthington Industries, Inc. (NYSE: WOR) has welcomed a new law in Connecticut that establishes an industry-led recycling program for residential gas cylinders. The initiative aims to save the state up to $200,000 annually while improving environmental sustainability by removing recyclable cylinders from landfills. The program, which will be implemented by October 2025, includes consumer education and logistical coordination among producers for proper disposal. Legislation received bipartisan support and represents a significant step toward extended producer responsibility for flammable gas cylinder management.
Worthington Industries (NYSE:WOR) has been awarded the GM Supplier of the Year for the second consecutive year at GM's 30th annual awards event. This recognition highlights the company's performance amidst global supply challenges in 2021. GM praised the resilience and commitment of its suppliers, emphasizing innovation and sustainability. Worthington supplies hot-rolled and hot-rolled galvanized steel coils for GM vehicles across North America, showcasing its integral role in the automotive supply chain.
Worthington Industries reported net sales of $1.4 billion and net earnings of $56.3 million, or $1.11 per diluted share, for Q3 fiscal 2022, reflecting an 82% increase in sales year-over-year. Earnings per share fell from $1.27 to $1.11 due to restructuring charges and inventory holding losses. Operating income decreased by $12.2 million to $37.6 million. Despite higher sales driven by acquisitions, steel price volatility and increased SG&A expenses affected margins. The company declared a quarterly dividend of $0.28 per share and repurchased 1 million shares for $54.2 million.
The board of directors of Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.28 per share, payable on June 29, 2022, to shareholders of record on June 15, 2022. Worthington has consistently paid quarterly dividends since becoming public in 1968. The company aims to be a transformative partner in various sectors, including automotive and energy, and operates 58 facilities across 16 states and nine countries.
Worthington Industries (NYSE: WOR) was recognized as a Partner-level supplier and inducted into John Deere's 10-year Supplier Hall of Fame for 2021. This accolade reflects Worthington's consistent high performance in quality, service, and continuous improvement, particularly during a challenging steel market. Worthington Industries supports John Deere's manufacturing efforts for various agricultural and garden equipment. The Achieving Excellence Program emphasizes supplier evaluation and improvement, further underlining Worthington’s commitment to excellence.
Worthington Industries (NYSE:WOR) plans to disclose its third quarter results on March 22, 2022, after market closure. A live webcast discussing these results will occur on March 23, 2022, at 8:30 a.m. ET. Interested parties can access the webcast on Worthington's website where it will be archived for one year.
Worthington is a leading manufacturing company serving diverse industries.
The board of directors of Worthington Industries (NYSE:WOR) has declared a quarterly dividend of $0.28 per share, payable on March 29, 2022, to shareholders of record on March 15, 2022. Worthington has consistently paid quarterly dividends since becoming public in 1968. The company, based in Columbus, Ohio, operates 58 facilities across 16 states and nine countries, focusing on industrial manufacturing across various sectors including automotive and energy.
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