Worthington Industries Slips To Loss In Q2 – Quick Facts
Industrial manufacturing company Worthington Industries, Inc. (WOR) reported Thursday a net loss for the second quarter of $74.04 million or $1.40 per share, compared to net earnings $52.09 million or $0.93 per share in the prior-year quarter.
Net earnings for the current quarter include a combined pre-tax loss of $148.4 million or $2.18 per share, related to the Company’s investment in Nikola Corp. Excluding the loss, adjusted net earnings for the quarter would have been $0.78 per share.
Net sales for the quarter declined 12 percent to $731.09 million from $827.64 million in the same quarter last year, primarily due to lower average selling prices in Steel Processing, lower volumes in the oil and gas equipment business in Pressure Cylinders, and the divestiture of the engineered cabs business in the prior year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share on net sales of $688.3 million for the quarter. Analysts’ estimates typically exclude special items.
“We had an outstanding second quarter, despite some noise in the numbers, due to continued great work by our teams as we navigate the challenges of the ongoing COVID-19 pandemic,” said President & CEO Andy Rose.
Looking ahead, Rose added, “The tight steel market, while challenging, is an opportunity to differentiate ourselves from our competitors. As we enter 2021, we are well positioned, and will look to drive growth through innovation, transformation and strategic acquisitions.”
Camp Chef Recalls Portable Gas Stoves
Camp Chef called back about 20,600 units of Camp Chef portable stoves for potential fire hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed.
The company said that an internal part of the gas regulator component of the stoves can have a sharp edge that can wear or tear a hole in the seal causing gas to leak out of the top of the regulator, posing a fire hazard.
The recall involves Camp Chef portable stoves with model numbers MS40A, MSHP, or MSGG, with component gas regulators date coded 1923 through 2030 inclusive.
The MS40A stove is aluminum with the Mountaineer name printed on the front, the MSHP is black and red with EVEREST 2X printed on the front and the MSGG is black and red with the Rainer 2X logo printed on the front.
The company has received 26 reports of gas leaking from regulators. However, there have been no injuries reported till date involving the stoves.
The company said customers should immediately stop using the recalled Camp Chef Stoves and contact Camp Chef to obtain a free gas regulator replacement kit.
The Camp Chef Stoves were made in China and imported in to the U.S. by Hyde Park, Utah-based Logan Outdoor Products LLC, d/b/a Camp Chef.
They were sold at sporting goods stores and Walmart stores across the U.S. from August 2019 through September 2020 for a price ranging between $150 and $300, depending on the model.
Nucor Sees Higher Q4 Profit – Quick Facts
Nucor Corp. (NUE) said it expects earnings for the fourth quarter of 2020 to be in the range of $1.15 to $1.20 per share. Third quarter of 2020 earnings were $0.63 per share and fourth quarter of 2019 earnings were $0.35 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $1.06 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.
Expected fourth quarter of 2020 earnings include a net benefit totaling $39.7 million or $0.13 per share, related to state tax credits.
Earnings in the fourth quarter of 2020 are improving compared to the third quarter of 2020 primarily due to higher pricing at sheet and plate mills.
The steel products segment’s earnings in the fourth quarter of 2020 are expected to decrease modestly from the third quarter of 2020 consistent with typical seasonality.
The profitability of the raw materials segment is expected to increase in the fourth quarter of 2020 as compared to the third quarter of 2020 due to the improved financial performance of DRI facilities that are benefitting from higher prices for raw materials.
The company said that the ongoing COVID-19 pandemic continues to cause uncertainty, making it difficult to forecast future market conditions and demand trends. However, the beneficial impact of recent price increases on sheet mills’ performance, as well as the strength of our backlogs and overall lead times, indicates that the current quarter’s momentum will continue into the first quarter of 2021.
‘Industry’ Star Marisa Abela Signs With WME
EXCLUSIVE: WME has signed Industry actress Marisa Abela and will represent the actress in all areas.
Abela stars as Yasmin in the HBO Max banking drama from Mickey Down and Konrad Kay, executive produced by Lena Dunham. The actress appears alongside Myha’la Herrold, Harry Lawtey, David Jonsson, Nabhaan Rizwam, Freya Mavor, Will Tudor, Conor Macneil and Ken Leung. The series, which follows a group of young graduates competing for a limited number of permanent positions at a leading international bank in London, was recently renewed for a second season.
A graduate of the Royal Academy of Dramatic Arts in London, Abela also starred in Cobra alongside Robert Carlyle, Richard Dormer and Victoria Hamilton.
Abela continues to be represented by Saskia Mulder of The Artists Partnership.
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Kuwait Says Gulf Arab Summit to Be Held Jan. 5 in Saudi Arabia
Follow us@middleeast for more news on the region.
The next Gulf Arab summit will be held in Saudi Arabia on Jan. 5, Kuwait’s foreign minister said in a statement Thursday.
Officials of the six-member Gulf Cooperation Council meet regularly but the next heads of state gathering has taken on particular significance following recent progress in Kuwaiti and U.S. efforts to mediate an end to a more than three year rift that has divided the energy-exporting region.
Talk of a potential breakthrough began to circulate earlier this month following a visit from President Donald Trump’s son-in-law Jared Kushner to the region.
Several people with knowledge of the talks said that Saudi Arabia and Qatar are close to a preliminary rapprochement that may not initially include the United Arab Emirates, Bahrain and Egypt — the other three countries that severed diplomatic and trade ties with Qatar in June 2017.
Qatar, Saudi Arabia Say They’re Closer to Ending Gulf Rift (2)