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During 2Q18, $WOR's Steel Processing's net sales was $538.4MM, up 6% helped by higher average direct selling prices. Pressure Cylinders' net sales rose 55% YoY to $300.9MM, due to contributions from the Amtrol acquisition and Engineered Cabs' net sales were $30.4MM, up 35%.
$WOR reported 20% jump in its 2Q18 net sales to $871.3MM, helped by higher average direct selling prices in Steel Processing, higher volumes in Pressure Cylinders and contributions from Amtrol acquisition. However, net income fell to $39.4MM, or $0.62 per share, from $46.6MM, or $0.72 per share in 2Q17, due to pre-tax impairment charges of $8.3MM.
Global specialty chemicals industry leader $ALB said it has signed a definitive agreement to sell its polyolefin catalysts and components business to $GRA in cash for approx. $416MM. The organometallics and curatives portions of the Performance Catalysts Solutions business will remain with $ALB. The deal is expected to close during 1Q18.
$SRCL reported lower earnings in 3Q17. Impacting the results were lower manufacturing and industrial services, cost pressure and the recent hurricanes. Net income attributable to common shareholders fell 42% to $35.4MM, or $0.41 per share, from $61.5MM, or $0.72 per share in 3Q16. Adj. EPS fell 11% to $1.10. Revenue was down 1% to $882.8MM.
$WOR said its 1Q18 earnings were impacted by one-time costs related to the acquisition of Amtrol and restructuring charges. The integration of Amtrol is progressing as expected, and the company is looking to unlock $6-$8 of annual synergies. Depreciation and amortization expenses of $17MM per year is expected in connection with the acquisition.
$WOR's BoD declared a quarterly dividend of $0.21 per share, payable on Dec. 29, 2017 to shareholders of record on Dec. 15, 2017. In addition, the board authorized the repurchase of up to an additional 6.83MM of its common shares, lifting the total number of common shares available for repurchase to 10MM.
$WOR reported net sales of $848.2MM in 1Q18, up 15%, driven by higher average selling prices in Steel Processing and contributions from Amtrol acquisition. However, net income fell to $45.5MM, or $0.70 per share from $65.6MM, or $1.02 per share a year ago, due to higher SG&A expenses during the quarter.
$STLD commenced a cash tender offer for any and all of the $350MM aggregate principal amount of its 6.375% Senior Notes due 2022. Holders must validly tender their notes prior to Sept. 12, 2017, unless extended, in order to be eligible to receive the purchase price. The company expects the settlement date to occur on Sept. 13, 2017.
$WOR has priced its $200MM aggregate principal amount of senior notes due 2032. The notes bearing 4.3% interest are sold to the public at 99.901% of the principal amount. Worthington will use the proceeds from the offering mainly to repay loan and the amounts outstanding under its revolving trade accounts receivable securitization facility.
$WOR has decided to offer $200MM aggregate principal amount of senior notes due 2032. Worthington intends to use the net proceeds from the offering to repay outstanding borrowings and to repay amounts outstanding under its revolving trade accounts receivable securitization facility. The remaining amount will be added to working capital.
$STLD remains optimistic that macroeconomic and market conditions are in place to benefit domestic steel consumption in the coming years. The company also believes that North American automotive steel consumption will be steady and that there will be additional growth in the energy and construction sectors.
Steel producer and metal recycler $STLD reported higher 2Q17 earnings, driven by steady steel demand from the automotive sector and surge in revenue. Net income increased 7.73% to $152.94MM or $0.63 per share from $141.96MM or $0.58 per share a year ago. Revenue for the quarter jumped 18.12% to $2.39Bil.
$STLD announced the expansion of its Structural and Rail Division located in Columbia City, Indiana. The $75MM expansion will utilize excess melting and casting capability and further diversify its product portfolio and market sector exposure. The project is scheduled to be completed during 4Q18.
$WOR is seeing stronger demand from the Northeast in the coming quarters, where various energy infrastructure projects such as drilling and pipe-laying are nearing completion. Going ahead, the company will continue with its strategy to grow through mergers and acquisitions, and estimates capital expenditure of $80-85MM this year.