$WOR (Worthington Industries, Inc.)

$WOR {{ '2016-01-19T12:58:01+0000' | timeago}} • Announcement

Diversified metals manufacturing company $WOR said it acquired NetBraze LLC, a manufacturer of silver brazing and solders. Terms of the transaction were not disclosed.

$WOR {{ '2017-06-29T18:07:55+0000' | timeago}} • Webcast

$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.

$WOR {{ '2017-06-29T18:01:54+0000' | timeago}} • Webcast

$WOR has been realigning its Pressure Cylinders business, and with the recent acquisition of Amtrol, two new divisions - Industrial Gas and Consumer Gas - were added to the segment. The company expects the stable price of natural gas, which stays stronger than oil, to continue to drive demand for its high margin products.

$WOR {{ '2017-06-29T17:53:00+0000' | timeago}} • Webcast

Metal manufacturer $WOR said it received dividends of about $18MM from joint ventures in 4Q17. The benefits of the company’s recent capacity expansion have started yielding benefits. $WOR sees a major improvement in the key areas of its operation in the near term, including supply chain and support function.

$WOR {{ '2017-06-29T10:55:41+0000' | timeago}} • Announcement

$WOR BoD declared a quarterly dividend of $0.21 per share, up $0.01 per share sequentially.  The dividend is payable on September 29, 2017, to shareholders of record September 15, 2017.

$WOR {{ '2017-06-28T22:38:44+0000' | timeago}} • Announcement

$WOR's BoD declared a quarterly dividend of $0.21 per share payable on September 29, 2017 to shareholders of record on September 15, 2017.

$WOR {{ '2017-06-28T22:37:58+0000' | timeago}} • Announcement

$WOR reported a decrease in 4Q17 earnings. Net income was $56.5MM or $0.87 per share compared to $58.5MM or $0.92 per share in 4Q16. Net sales were $845.3MM, up 18% over 4Q16. Steel Processing accounted for the majority of the increase, as average selling prices and overall volume were both up over the prior year quarter.

$WOR {{ '2017-06-02T14:06:18+0000' | timeago}} • Announcement

Metal manufacturing company $WOR has acquired Amtrol, a manufacturer of pressure cylinders and water system tanks, for around $283MM. The acquisition is expected to allow Worthington to immediately expand its footprint internationally. Amtrol had about $248MM in net sales and adjusted EBITDA of $38.5MM in calendar year 2016.

$WOR {{ '2017-03-30T15:17:44+0000' | timeago}} • Webcast

Since $WOR has not done any acquisitions recently and not buying back stocks, it has accumulated cash. Going forward, the company wants to invest the cash by doing acquisitions, investing in capital equipment and buying back stock.

$WOR {{ '2017-03-30T15:14:03+0000' | timeago}} • Webcast

$WOR stated that 3Q17 was its second best third quarter in the company's history. Oil and gas equipment market continues to be a drag on profitability. $WOR spent $21MM on capital projects, distributed $13.4MM in dividends and didn't repurchase any stock during the quarter.

$WOR {{ '2017-03-29T20:57:07+0000' | timeago}} • Announcement

With Lean Transformation efforts, $WOR accelerates deployment of more teams, expanding abilities and reaching deeper in the company. $WOR expects the economy continues to strengthen though unevenly, with certain markets not as robust as others. After a record 1Q and 2Q, and a strong 3Q, $WOR anticipates finishing its fiscal year well.

$WOR {{ '2017-03-29T20:53:40+0000' | timeago}} • Announcement

$WOR's net sales in Pressure Cylinders for 3Q17 slid 1% to $198.4MM from last year, due to declines in the industrial products and oil and gas equipment businesses. Engineered Cabs sales fell 8% to $23.5MM, due to declines in market demand. Sales in Other category grew $1.5MM to $3.3MM, on higher volume in the energy innovations business.

$WOR {{ '2017-03-29T20:52:59+0000' | timeago}} • Announcement

$WOR reported a rise in earnings for 3Q17 driven by Steel Processing sales growth, higher steel pricing and higher tolling volume due to consolidation of the Worthington Specialty Processing (WSP) joint venture. Net income rose to $35.9MM or $0.55 per share from $29.85MM or $0.47 per share last year. Net sales grew to $703.44MM from $647.1MM.

$WOR {{ '2017-03-29T18:23:44+0000' | timeago}} • Announcement

$WOR's BoD declared a quarterly dividend of $0.20 per share, payable on June 29, 2017, to shareholders of record on June 15, 2017.

$WOR {{ '2017-02-06T14:32:19+0000' | timeago}} • Announcement

$WOR announced the addition of a multiple element gas container (MEGC) to its alternative fuels storage and transportation portfolio. Designed for long-term storage and transportation of compressed natural gas (CNG), these containers make CNG accessible where it is not available by pipeline.

$WOR {{ '2016-12-21T19:39:37+0000' | timeago}} • Announcement

$WOR said it is changing the brand name of its cold chain storage and transportation products from CryoScience by Taylor-Wharton to Worthington Industries, effective Jan. 1, 2017.

$WOR {{ '2016-12-20T18:59:39+0000' | timeago}} • Announcement

The board of directors of $WOR has declared a quarterly dividend of $0.20 per share payable on March 29, 2017, to shareholders of record on March 15, 2017.

$WOR {{ '2016-09-28T19:27:16+0000' | timeago}} • Webcast

Seth Rosenfeld of Jefferies asks about demand in the US automotive sector. $WOR said automotive demand is strong. The future trend will depend on interest rates, gasoline prices and some other unspecified issues. The company's outlook is fairly steady at present on this area.

$WOR {{ '2016-09-28T19:20:05+0000' | timeago}} • Webcast

In Pressure Cylinders, $WOR's industrial products group saw revenue down 14% in 1Q17 on weak demand across the refillable propane cylinder product lines as well as a soft market for high pressure industrial cylinders in Europe. In consumer products, revenue was up 10%. Cryogenics revenue was down 12%.

$WOR {{ '2016-09-28T19:13:16+0000' | timeago}} • Webcast

$WOR said in Steel Processing, direct shipment volume was flat in 1Q17 compared to 1Q16. Total volume was down 6% excluding the WSP JV which was unconsolidated last year. Construction was the strongest major market segment with shipments up 29% this year. Agriculture was down 6% and Heavy Truck was the weakest segment, down 23%.

$WOR {{ '2016-09-28T19:07:37+0000' | timeago}} • Webcast

$WOR's cash from operations was $121MM for 1Q17. The company spent $16MM on capital projects and distributed $12MM in dividends but did not repurchase any stock during the quarter. Debt was $580MM, down $21MM YoverY. $WOR has consolidated cash of $182MM and about $600MM available under its revolving credit facilities.

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