Seeking Alpha

Worthington Industries, Inc. (WOR)

  • Thu, Sep. 24, 12:40 PM
    | Thu, Sep. 24, 12:40 PM | Comment!
  • Fri, Jun. 26, 11:46 AM
    • U.S. authorities are investigating whether an executive at Worthington's (WOR +3.1%) Westerman unit bribed Russian energy officials to win his company millions of dollars in contracts to supply shipping containers for uranium, WSJ reports.
    • Westerman is the only U.S. producer of big cylindrical steel containers used to safely ship uranium, but it competes with manufacturers in Europe; as the company sought to win business from Russia, it reportedly caught the attention of DoJ officials who were already investigating Russian nuclear officials.
    • Authorities suspect the Westerman executive, who became part of a long-running criminal probe, paid Russian officials tens of thousands of dollars in bribes during 2011-13, court documents say.
    | Fri, Jun. 26, 11:46 AM | Comment!
  • Thu, Apr. 23, 3:49 PM
    • Steel companies are higher after Nucor (NUE +3.5%) reported Q1 earnings that exceeded analyst estimates and came in above the company's own earlier guidance of $0.10-$0.15.
    • NUE says overall Q1 operating performance at its steel mills segment fell significantly Q/Q, as expected, primarily due to lower selling prices and margins resulting from the high level of steel imports flooding the domestic market, which the company says accounted for 33% of the finished steel market in the quarter.
    • NUE reports shipments to outside customers declined 9% and average selling prices dropped 5% during the quarter.
    • NUE says its automotive markets remained strong in Q1, and continues to see improving demand in non-residential construction markets; it expects Q2 earnings will improve Q/Q with steel mill margins likely to increase but remaining under pressure because selling prices have not fully stabilized and imports remain high.
    • Related tickers: X +4.5%, AKS +6.7%, MT +4.9%, RS +9.5%, STLD +3.5%, WOR +2%, CMC +2.7%.
    | Thu, Apr. 23, 3:49 PM | Comment!
  • Tue, Mar. 31, 10:16 AM
    • J.P. Morgan tells clients to short U.S. Steel (X -2.7%), expecting the company to operate at a loss this year.
    • JPM cuts its estimated FY 2015 EPS for the company to a loss of $0.25 from its earlier outlook for a $1.57 gain, and sees FY 2016 EPS of $1.42 vs. its earlier view for $3.00.
    • The firm believes a strong dollar, weak oil prices and slowing growth in China will weigh on metals demand.
    • Also: AKS -3.6%, NUE -1.3%, STLD -2.1%, WOR -3%, CLF -3.9%, CMC -1.8%, TMST -3.9%, SCHN -1.9%.
    • Earlier: U.S. Steel to idle Minnesota plant
    | Tue, Mar. 31, 10:16 AM | 11 Comments
  • Fri, Mar. 20, 2:39 PM
    • AK Steel (AKS -5.2%) is sharply lower after reporting downside Q1 guidance, citing lower than expected carbon steel spot market shipments and prices due to high levels of what it sees as unfairly traded imports, but most other steel names sport nice gains: X +4.3%, MT +2.9%, NUE +2.8%, STLD +1.9%, WOR +2.5%, CMC +2.3%.
    • Various factors but especially the strong dollar are sparking a surge in steel imports, resulting in a tough Q1 for all U.S. steel producers, but most of the companies also say Q2 and H2 2015 should be a bit better as demand is fairly strong in many end markets (
    • NUE said this week that steel mill margins for all products should improve in Q2 as it begins to realize the benefits of lower raw materials costs and selling prices begin to stabilize, while STLD said continued strength in domestic steel consumption from the auto, manufacturing and construction sectors should support a stronger Q2 and H2.
    • Credit Suisse analysts prefer US Steel in the group "with the caveat that this is a 1-3 year view."
    | Fri, Mar. 20, 2:39 PM | 3 Comments
  • Tue, Feb. 24, 12:45 PM
    | Tue, Feb. 24, 12:45 PM | 1 Comment
  • Mon, Feb. 23, 4:59 PM
    • Worthington Industries (NYSE:WOR) -2% AH after warning that it expects weaker Q3 and Q4 results.
    • WOR says falling steel prices combined with softening demand in some key end-markets, including oil and gas and agriculture, will mean Q3 earnings will come in "significantly below" last year's Q3 and Q4 also will be hurt.
    • WOR says it did not anticipate the amount and speed of the decline in steel prices, which have fallen by over $100 a ton since mid December.
    | Mon, Feb. 23, 4:59 PM | Comment!
  • Dec. 18, 2014, 12:47 PM
    | Dec. 18, 2014, 12:47 PM | Comment!
  • Dec. 18, 2014, 12:26 PM
    • Worthington Industries (WOR -11.2%) plunges to 52-week lows after reporting higher FQ2 earnings and sales but misses expectations due to higher manufacturing costs and a product miss.
    • Gross margins declined $3M Y/Y as higher manufacturing expenses across all business segments combined with the unfavorable impact of inventory holding losses in steel processing more than offset the impact of higher volume.
    • Oil and gas equipment and engineered cab operations suffered elevated manufacturing costs, and the oil and gas equipment business facility had a product miss on the commercial side, WOR says, adding that they are "isolated issues."
    • In its Q2 earnings conference call, WOR said it is not seeing any demand decrease in oil and gas equipment due to declining oil prices.
    | Dec. 18, 2014, 12:26 PM | Comment!
  • Aug. 27, 2014, 2:58 PM
    • The U.S. will not go ahead with planned import duties on specialized steel from Japan, Germany and Poland after the U.S. International Trade Commission found the imports were not harming local industry.
    • The U.S.-based public affairs lobby of the Japanese steel industry welcomes the decision, which came after a complaint lodged by AK Steel (AKS -2.9%) and others.
    • The decision affects companies including Nippon Steel & Sumitomo Metal (OTC:NISTF) and Germany's ThyssenKrupp (OTC:TYEKY, OTCPK:TYEKF), which had been named in the dispute.
    • Also: X -1.1%, STLD -0.4%, WOR -0.6%.
    • ETF: SLX
    | Aug. 27, 2014, 2:58 PM | Comment!
  • Mar. 27, 2014, 2:57 PM
    • Diversified metal manufacturer Worthington Industries (WOR -3.5%) is sharply lower after reported a 9% Y/Y increase in its FQ3 profit on higher sales that reflected increased volume and the positive impact of acquisitions, but results missed analysts' expectations.
    • Gross margin rose 26% Y/Y, primarily the result of an increase in volumes and to a lesser extent an improved spread between average selling prices and material costs.
    • Steel Processing net sales gained 35% to $478M, on higher volumes resulting primarily from the consolidation of TWB and increased sales in the automotive, construction and agriculture markets; Pressure Cylinders net sales added 14% to $233M, driven by the recently acquired oilfield equipment and strong retail product volumes.
    | Mar. 27, 2014, 2:57 PM | Comment!
  • Dec. 19, 2013, 11:01 AM
    • Worthington Industries (WOR +12.2%) trades at all-time highs following better than expected FQ2 results, even as profit fell 28% through sales and acquisitions relating to its costly rebranding plan.
    • As total revenue rose 24% to nearly $770M, revenue from the steel processing business, WOR's biggest top-line contributor, rose 43% to $492M, on the consolidation of its TWB welded-blank joint venture and increased sales in the automotive, construction and agriculture markets.
    • WOR plans to discontinue the use of most non-Worthington trade names, which contributed a $30.7M writeoff charge in the quarter; combined with a $2.5M gain from an insurance claim, the items would increase earnings by $0.25/share.
    | Dec. 19, 2013, 11:01 AM | Comment!
  • Dec. 11, 2013, 2:19 PM
    • Worthington (WOR -2.5%) discloses that its Baltimore steel facility will close by the end of its 2014 fiscal year ending May 31, concluding it can more efficiently service its Mid-Atlantic customers from other company facilities and partners.
    • With the consolidation of the steel industry, many of the mills that previously supplied the Baltimore plant have closed, negatively impacting the supply chain there, WOR says.
    | Dec. 11, 2013, 2:19 PM | Comment!
  • Jun. 24, 2013, 10:58 AM
    Worthington Industries (WOR -4.2%) said Friday it will close its BernzOmatic hand-torch manufacturing operation in New York and consolidate it with an existing facility in Wisconsin to cut expenses and maximize available production capacity. WOR had acquired the operation in 2011 from a subsidiary of Newell Rubbermaid; the facility originally opened in 1969.
    | Jun. 24, 2013, 10:58 AM | Comment!
  • Mar. 26, 2013, 3:10 PM
    Worthington Industries (WOR +3%) rises after Macquarie ups its rating on the company to Outperform and hikes its target price to $35. The firm sees higher earnings, better product mix, and greater cash flow generation from dividends in the equity investment portfolio as solid drivers for growth. It also likes WOR's M&A driven growth strategy focusing on higher-margin LPG/CNG tanks for alternative fuel markets and other high-value products.
    | Mar. 26, 2013, 3:10 PM | 1 Comment
  • Nov. 19, 2012, 3:31 PM
    Credit Suisse thinks that U.S. steel sector valuations are already pricing in "fiscal cliff" uncertainty, and thinks there's a trading opportunity in the sector over the next 3-6 months as demand and pricing improve. The firm reiterates an Outperform on: Reliance Steel (RS +3%), Metals USA (MUSA +0.5%), Nucor (NUE +2.6%), and AK Steel (AKS +2.8%).
    | Nov. 19, 2012, 3:31 PM | Comment!
WOR vs. ETF Alternatives
Company Description
Worthington Industries Inc is a metal manufacturing company. It is engaged in steel processing including design & manufacturing steel custom platforms, racks & pallets and pressure cylinders including CNG & LPG.
Industry: Steel & Iron
Country: United States