|Over a week ago|
Chart acquires Worthington's cryogenic trailer, hydrogen trailer business » 11:3210/1310/13/20
Chart Industries (GTLS)…
Chart Industries (GTLS) completed the acquisition of the Theodore, Alabama cryogenic trailer and hydrogen trailer assets of Worthington Industries (WOR). This acquisition includes ownership of the Theodore, Alabama manufacturing site, all trailer-related intellectual property, manufacturing capabilities, equipment and repair backlog. The facility has approximately 300,000 square feet under roof adjacent to the Port of Mobile, and the associated employees will join the Chart team. This acquisition will produce strong synergies by combining Chart's deep knowledge of cryogenics and liquid hydrogen storage and handling with the Theodore operation's expertise and experience in the packaging and assembly of liquid hydrogen trailers. The addition of the trailer business to Chart's hydrogen equipment and solution offering expands our mobile equipment to larger sized transports and brings another location already certified by significant hydrogen customers. Expected Chart hydrogen-related revenue from this facility in 2021 is $15M to $20M with upside potential to $30M in 2021.
|Over a month ago|
Worthington reports Q1 EPS $11.22 with items, one estimate 44c » 06:5009/2309/23/20
Q1 EPS includes a net…
Q1 EPS includes a net pre-tax gain of $10.74 per diluted share related to the company's investment in Nikola Corporation. Reports Q1 revenue $702.9M, one estimate $594.4M. "We are pleased with our Q1 results and with how our teams have continued to operate safely and effectively despite the challenging environment," said CEO Andy Rose. "We saw improvement in many of our end markets during the quarter, most notably automotive in Steel Processing, along with consumer products in Pressure Cylinders."
|Over a quarter ago|
Worthington reports Q4 EPS 29c with items, consensus 25c » 06:5706/2506/25/20
Reports Q4 revenue…
Reports Q4 revenue $611.6M, consensus $669.7M. Q4 EPS was adversely impacted due to COVID-19 related shutdowns, and included net pre-tax restructuring and impairment charges of $15.7M which reduced EPS by 20c.
Worthington names Andy Rose CEO, succeeding John McConnell » 16:3506/2406/24/20
The Board of Directors of…
The Board of Directors of Worthington Industries announced that B. Andrew Rose, the company's President, will become President and CEO, effective September 1, succeeding long-time Chairman and CEO John McConnell who will remain with the company as Executive Chairman. Rose was named president of Worthington in 2018. He joined the company in 2008 as vice president and CFO when the company and the country were deep in the Great Recession. Before joining Worthington, Rose was a senior investment professional of a public investment company and partner and co-founder of Peachtree Equity Partners, a private equity fund backed by Goldman Sachs.
KeyBanc says Nikola IPO offers potential liquidity for Worthington » 12:4506/0406/04/20
KeyBanc analyst Philip…
KeyBanc analyst Philip Gibbs noted that Nikola Motors recently completed its IPO, with shares trading around $36. The analyst added that Worthington owns 19M shares of Nikola stock, which gives the company an "unorthodox source of potential liquidity." Gibbs keeps a Sector Weight rating on Worthington,
Worthington reports Q3 EPS 27c, consensus 67c » 06:5703/2603/26/20
Reports Q3 revenue…
Reports Q3 revenue $764.0M, consensus $775.5M.
Worthington Specialty Processing announces consolidation of operations » 09:1303/1903/19/20
Worthington Specialty Processing, a joint venture between Worthington Industries, Inc. (WOR) and United States Steel Corporation (X), announced a plan to consolidate its operations. Under the consolidation plan, WSP will close its Canton, Mich., facility. Its two remaining facilities in Jackson and Taylor, Mich. will continue to operate. The closure of the Canton operation is expected to be complete by May 29, 2020. WSP processes wide-sheet steel primarily for the auto industry. "Closing the Canton facility and consolidating operations is a move to bolster the ongoing competitiveness of WSP," said Jeff Klingler, president of Worthington's Steel Processing business. "We understand this can be a difficult time for employees and do not make these decisions lightly. Employees are encouraged to apply for open positions at Worthington facilities in the area. We will work with all employees to provide transitional services." WSP Canton has 91 employees. Approximately 66 positions will be impacted by the closure. The remaining positions provide centralized support services for WSP and will be moved to either Jackson or Taylor. WSP intends to sell the 195,000-square-foot processing center and the 250,000-square-foot distribution center located on Canton's 30-acre property, as well as most of Canton's fixed assets.
Worthington to consolidate oil, gas operations in Ohio » 08:2902/1202/12/20
Worthington Industries announced a plan to consolidate its oil and gas equipment manufacturing operation in Wooster, Ohio into its existing facility in Bremen, Ohio. The consolidation will help utilize available capacity at Bremen which manufactures similar products. The closure of the Wooster operation is expected to be complete by May 31, 2020. The Bremen facility, which primarily serves customers in the Eastern U.S., recently added capabilities with the purchase of a paint and blast facility. The Company also operates a plant in Tulsa, Okla., serving oil and gas producers in the West. Worthington acquired the Wooster and Bremen operations when it purchased the Westerman Companies in September 2012.
Worthington acquires majority ownership of Samuel Steel Pickling Company » 09:0501/0601/06/20
Worthington Industries announced it has acquired a majority ownership of the Samuel Steel Pickling Company, a joint venture Worthington has had with Samuel, Son & Co. since 2010. The transaction includes adding Worthington's recently acquired Heidtman Cleveland facility to the joint venture, which also has facilities in Cleveland and Twinsburg, Ohio. The joint venture will now be called Worthington Samuel Coil Processing, LLC and its earnings will be consolidated into Worthington's Steel Processing business unit. Worthington now has a 63 percent interest in the joint venture, and Samuel, Son & Co. holds a 37 percent interest. The new venture will include approximately 170 employees working at three facilities in northern Ohio, including one in Twinsburg and two located in Cleveland.
Worthington rises 8.8% » 10:0012/1712/17/19
Worthington is up 8.8%,…
Worthington is up 8.8%, or $3.51 to $43.48.