Worthington Enterprises, Inc. (NYSE: WOR), a market-leading
designer and manufacturer of innovative products and solutions that
serve customers in the building products and consumer products end
markets, today reported results for its fiscal 2025 second quarter
ended November 30, 2024.
Second Quarter Highlights (all
comparisons to the second quarter of fiscal 2024):
- Net sales of $274.0 million, decreased 8% driven by the
deconsolidation of the former Sustainable Energy Solutions segment
(“SES”)
- Adjusted EPS of $0.60 from continuing operations (diluted), up
5% and adjusted EBITDA of $56.2 million, up 2%, despite lower net
sales
- Repurchased 200,000 shares of common stock for $8.1 million
leaving 5,715,000 shares remaining on the Company’s share
repurchase authorization
- Declared a quarterly dividend of $0.17 per share payable on
March 28, 2025, to shareholders of record at the close of business
on March 14, 2025
Financial highlights, on a continuing
operations basis, for the current year and prior year quarters are
as follows:
(U.S. dollars in millions, except per share amounts) |
|
2Q 2025 |
|
|
2Q 2024 |
|
|
|
|
|
|
|
|
Net sales |
|
$ |
274.0 |
|
|
$ |
298.2 |
|
Operating income (loss) |
|
|
3.5 |
|
|
|
(14.4 |
) |
Earnings before income taxes |
|
|
|
|
|
|
37.1 |
|
|
|
24.5 |
|
Net earnings from continuing operations |
|
|
28.3 |
|
|
|
17.9 |
|
Earnings per share (“EPS”) from continuing operations -
diluted |
|
|
0.56 |
|
|
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
Additional Non-GAAP Financial Measures
(1) |
|
|
|
|
|
|
Adjusted operating income |
|
$ |
6.1 |
|
|
$ |
2.4 |
|
Adjusted EBITDA from continuing operations |
|
|
56.2 |
|
|
|
55.0 |
|
Adjusted EPS from continuing operations - diluted |
|
|
0.60 |
|
|
|
0.57 |
|
____________________ |
(1) |
Refer to the “Use of Non-GAAP Financial Measures and Definitions”
for additional information regarding our use of non-GAAP measures,
including reconciliation to the most comparable GAAP measures. |
“We delivered solid financial results for the
quarter despite mild but persistent macro headwinds, achieving year
over year and sequential growth in adjusted EBITDA and adjusted
EPS,” said Worthington Enterprises President and CEO Joe Hayek.
“Consumer Products’ earnings growth was driven by increased volumes
and improved gross margins. Building Products generated higher
earnings driven by the inclusion of Ragasco and stronger
contributions from WAVE."
Consolidated Quarterly
Results
Net sales for the second quarter of fiscal 2025
were $274.0 million, a decrease of $24.2 million, or 8.1%, from the
prior year quarter, primarily driven by the deconsolidation of SES
during the fourth quarter of fiscal 2024. Net sales in the prior
year quarter include $27.5 million related to SES, which is now
operated as an unconsolidated joint venture and results are
reported within equity income on the consolidated statement of
earnings beginning June 1, 2024.
Operating income of $3.5 million was favorable
$17.9 million to the operating loss in the prior year quarter due
to certain nonrecurring effects of the separation of the former
Steel Processing business (“Separation”) in the prior year,
including one-time Separation costs and stranded corporate costs
eliminated post-Separation, partially offset by higher
restructuring and other expense in the current quarter. Excluding
these items, adjusted operating income was $6.1 million, an
increase of $3.8 million over the prior year quarter, primarily
driven by the inclusion of Ragasco, which was acquired on June 3,
2024, along with higher overall gross margin.
Equity income decreased $4.1 million from the
prior year quarter to $34.6 million, on lower contributions from
ClarkDietrich in the current year quarter and the $2.8 million gain
in the prior year quarter related to the divestiture of the
Brazilian operations of the engineered cabs joint venture. These
headwinds were partially offset by a $3.1 million increase in
equity earnings from WAVE. ClarkDietrich contributed equity
earnings of $9.7 million, down $4.0 million from the prior year
quarter, but up $1.0 million sequentially from the first quarter of
fiscal 2025.
Income tax expense was $9.1 million in the
second quarter of fiscal 2025 compared to $6.6 million in the prior
year quarter. The increase was driven by higher pre-tax earnings
from continuing operations, partially offset by a lower estimated
annual effective tax rate of 24.1%, down from 25.7% in the prior
year quarter.
Balance Sheet and Cash Flow
The Company ended the quarter with cash of
$193.8 million, down $50.4 million from May 31, 2024, primarily
driven by the acquisition of Ragasco. During the second quarter,
the Company generated operating cash flow of $49.1 million, of
which $15.2 million was invested in capital projects, including
approximately $4.9 million related to previously announced facility
modernization projects.
Total debt at quarter end consisted entirely of
long-term debt and was relatively unchanged from May 31, 2024, at
$295.7 million. The Company had no borrowings under its revolving
credit facility as of November 30, 2024, leaving $500.0 million
available for future use.
Quarterly Segment Results
Consumer Products generated net sales of $116.7
million during the second quarter of fiscal 2025, down $2.6
million, or 2.2%, from the prior year quarter, primarily driven by
a less favorable product mix that was partially offset by higher
volumes. Adjusted EBITDA was $15.5 million, up $2.8 million over
the prior year quarter, on the combined impact of higher volumes
and gross margin improvement partially offset by higher SG&A
expense.
Building Products generated net sales of $157.3
million during the second quarter of fiscal 2025, an increase of
$6.0 million, or 4.0%, over the prior year quarter on contributions
from Ragasco, partially offset by lower overall volumes. Adjusted
EBITDA of $47.2 million, was up $1.4 million over the prior year
quarter, as contributions from Ragasco and higher equity income
from WAVE were partially offset by the combined impact of lower
volumes and lower contributions of equity income from
ClarkDietrich.
Outlook
“Our team continues to navigate the current
environment effectively, maintaining a strong focus on delivering
value-added solutions and products for our customers,” Hayek said.
“While we are pleased with our performance, we continue to set our
sights higher. We have improved our value propositions in multiple
product lines over the last year, and we are very well positioned
as growth returns to our end markets. Led by our people-first,
performance-based culture, leveraging a solid balance sheet and a
commitment to transformation, innovation and M&A, we are
confident in our ability to optimize our business, drive
sustainable growth and deliver long-term value to our
shareholders.”
Conference Call
The Company will review fiscal 2025 second
quarter results during its quarterly conference call on December
18, 2024, at 8:30 a.m. Eastern Time. Details regarding the
conference call can be found on the Company website at
www.WorthingtonEnterprises.com.
About Worthington
Enterprises
Worthington Enterprises (NYSE: WOR) is a
designer and manufacturer of market-leading brands that help enable
people to live safer, healthier and more expressive lives. The
Company operates with two primary business segments: Building
Products and Consumer Products. The Building Products segment
includes cooking, heating, cooling and water solutions,
architectural and acoustical grid ceilings and metal framing and
accessories. The Consumer Products segment provides solutions for
the tools, outdoor living and celebrations categories. Product
brands within the Worthington Enterprises portfolio include Balloon
Time®, Bernzomatic®, Coleman® (propane cylinders), CoMet®, Garden
Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®, Mag Torch®,
NEXI™, Pactool International®, PowerCore™, Ragasco®, Well-X-Trol®
and XLite™, among others. The Company also serves the growing
global hydrogen ecosystem via a joint venture focused on on-board
fueling systems and gas containment solutions. Headquartered in
Columbus, Ohio, Worthington Enterprises and its joint ventures
employ approximately 6,000 people throughout North America and
Europe.
Founded in 1955 as Worthington Industries,
Worthington Enterprises follows a people-first Philosophy with
earning money for its shareholders as its first corporate goal.
Worthington Enterprises achieves this outcome by empowering its
employees to innovate, thrive and grow with leading brands in
attractive markets that improve everyday life. The Company engages
deeply with local communities where it has operations through
volunteer efforts and The Worthington Companies Foundation,
participates actively in workforce development programs and reports
annually on its corporate citizenship and sustainability efforts.
For more information, visit worthingtonenterprises.com.
Safe Harbor Statement
Selected statements contained in this release
constitute “forward-looking statements,” as that term is used in
the Private Securities Litigation Reform Act of 1995 (the “Act”).
The Company wishes to take advantage of the safe harbor provisions
included in the Act. Forward-looking statements reflect the
Company’s current expectations, estimates or projections concerning
future results or events. These statements are often identified by
the use of forward-looking words or phrases such as “believe,”
“expect,” “anticipate,” “may,” “could,” “should,” “would,”
“intend,” “plan,” “will,” “likely,” “estimate,” “project,”
“position,” “strategy,” “target,” “aim,” “seek,” “foresee” and
similar words or phrases. These forward-looking statements include,
without limitation, statements relating to: future or expected cash
positions, liquidity and ability to access financial markets and
capital; outlook, strategy or business plans; the anticipated
benefits of the separation of the Company’s Steel Processing
business (the “Separation); the expected financial and operational
performance of, and future opportunities for, the Company following
the Separation; the Company’s performance on a pro forma basis to
illustrate the estimated effects of the Separation on historical
periods; the tax treatment of the Separation transaction; future or
expected growth, growth potential, forward momentum, performance,
competitive position, sales, volumes, cash flows, earnings,
margins, balance sheet strengths, debt, financial condition or
other financial measures; pricing trends for raw materials and
finished goods and the impact of pricing changes; the ability to
improve or maintain margins; expected demand or demand trends for
the Company or its markets; additions to product lines and
opportunities to participate in new markets; expected benefits from
transformation and innovation efforts; the ability to improve
performance and competitive position at the Company’s operations;
anticipated working capital needs, capital expenditures and asset
sales; anticipated improvements and efficiencies in costs,
operations, sales, inventory management, sourcing and the supply
chain and the results thereof; projected profitability potential;
the ability to make acquisitions and the projected timing, results,
benefits, costs, charges and expenditures related to acquisitions,
joint ventures, headcount reductions and facility dispositions,
shutdowns and consolidations; projected capacity and the alignment
of operations with demand; the ability to operate profitably and
generate cash in down markets; the ability to capture and maintain
market share and to develop or take advantage of future
opportunities, customer initiatives, new businesses, new products
and new markets; expectations for Company and customer inventories,
jobs and orders; expectations for the economy and markets or
improvements therein; expectations for generating improving and
sustainable earnings, earnings potential, margins or shareholder
value; effects of judicial rulings; the ever-changing effects of
the novel coronavirus (“COVID-19”) pandemic and the various
responses of governmental and nongovernmental authorities thereto
on economies and markets, and on our customers, counterparties,
employees and third-party service providers; and other
non-historical matters.
Because they are based on beliefs, estimates and
assumptions, forward-looking statements are inherently subject to
risks and uncertainties that could cause actual results to differ
materially from those projected. Any number of factors could affect
actual results, including, without limitation, those that follow:
the uncertainty of obtaining regulatory approvals in connection
with the Separation, including rulings from the Internal Revenue
Service; the Company’s ability to successfully realize the
anticipated benefits of the Separation; the risks, uncertainties
and impacts related to the COVID-19 pandemic – the duration, extent
and severity of which are impossible to predict, including the
possibility of future resurgence in the spread of COVID-19 or
variants thereof – and the availability, effectiveness and
acceptance of vaccines, and other actual or potential public health
emergencies and actions taken by governmental authorities or others
in connection therewith; the effect of national, regional and
global economic conditions generally and within major product
markets, including significant economic disruptions from COVID-19,
the actions taken in connection therewith and the implementation of
related fiscal stimulus packages; the effect of conditions in
national and worldwide financial markets, including inflation,
increases in interest rates and economic recession, and with
respect to the ability of financial institutions to provide
capital; the impact of tariffs, the adoption of trade restrictions
affecting the Company’s products or suppliers, a United States
withdrawal from or significant renegotiation of trade agreements,
the occurrence of trade wars, the closing of border crossings, and
other changes in trade regulations or relationships; changing oil
prices and/or supply; product demand and pricing; changes in
product mix, product substitution and market acceptance of the
Company’s products; volatility or fluctuations in the pricing,
quality or availability of raw materials (particularly steel),
supplies, transportation, utilities, labor and other items required
by operations (especially in light of the COVID-19 pandemic and
Russia’s invasion of Ukraine); effects of sourcing and supply chain
constraints; the outcome of adverse claims experience with respect
to workers’ compensation, product recalls or product liability,
casualty events or other matters; effects of facility closures and
the consolidation of operations; the effect of financial
difficulties, consolidation and other changes within the steel,
automotive, construction and other industries in which the Company
participates; failure to maintain appropriate levels of
inventories; financial difficulties (including bankruptcy filings)
of original equipment manufacturers, end-users and customers,
suppliers, joint venture partners and others with whom the Company
does business; the ability to realize targeted expense reductions
from headcount reductions, facility closures and other cost
reduction efforts; the ability to realize cost savings and
operational, sales and sourcing improvements and efficiencies, and
other expected benefits from transformation initiatives, on a
timely basis; the overall success of, and the ability to integrate,
newly-acquired businesses and joint ventures, maintain and develop
their customers, and achieve synergies and other expected benefits
and cost savings therefrom; capacity levels and efficiencies,
within facilities, within major product markets and within the
industries in which the Company participates as a whole; the effect
of disruption in the business of suppliers, customers, facilities
and shipping operations due to adverse weather, casualty events,
equipment breakdowns, labor shortages, interruption in utility
services, civil unrest, international conflicts (especially in
light of Russia’s invasion of Ukraine), terrorist activities or
other causes; changes in customer demand, inventories, spending
patterns, product choices, and supplier choices; risks associated
with doing business internationally, including economic, political
and social instability (especially in light of Russia’s invasion of
Ukraine), foreign currency exchange rate exposure and the
acceptance of the Company’s products in global markets; the ability
to improve and maintain processes and business practices to keep
pace with the economic, competitive and technological environment;
the effect of inflation, interest rate increases and economic
recession, which may negatively impact the Company’s operations and
financial results; deviation of actual results from estimates
and/or assumptions used by the Company in the application of its
significant accounting policies; the level of imports and import
prices in the Company’s markets; the impact of environmental laws
and regulations or the actions of the United States Environmental
Protection Agency or similar regulators which increase costs or
limit the Company’s ability to use or sell certain products; the
impact of increasing environmental, greenhouse gas emission and
sustainability regulations and considerations; the impact of
judicial rulings and governmental regulations, both in the United
States and abroad, including those adopted by the United States
Securities and Exchange Commission and other governmental agencies
as contemplated by the Coronavirus Aid, Relief and Economic
Security (CARES) Act, the Consolidated Appropriations Act, 2021,
the American Rescue Plan Act of 2021, and the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010; the effect of
healthcare laws in the United States and potential changes for such
laws, especially in light of the COVID-19 pandemic, which may
increase the Company’s healthcare and other costs and negatively
impact the Company’s operations and financial results; the effects
of tax laws in the United States and potential changes for such
laws, which may increase the Company’s costs and negatively impact
the Company’s operations and financial results; cyber security
risks; the effects of privacy and information security laws and
standards; and other risks described from time to time in the
Company’s filings with the United States Securities and Exchange
Commission, including those described in “Part I – Item 1A. – Risk
Factors” of the Company’s Annual Report on Form 10-K for the fiscal
year ended May 31, 2024.
Forward-looking statements should be construed
in the light of such risks. The Company notes these factors for
investors as contemplated by the Act. It is impossible to predict
or identify all potential risk factors. Consequently, readers
should not consider the foregoing list to be a complete set of all
potential risks and uncertainties. Readers are cautioned not to
place undue reliance on any forward-looking statements, which speak
only as of the date made. The Company does not undertake, and
hereby disclaims, any obligation to update any forward-looking
statements, whether as a result of new information, future
developments or otherwise, except as required by applicable
law.
|
|
WORTHINGTON ENTERPRISES, INC. CONSOLIDATED
STATEMENTS OF EARNINGS (In thousands, except per
share amounts) |
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
November 30, |
|
|
November 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net sales |
|
$ |
274,046 |
|
|
$ |
298,229 |
|
|
$ |
531,354 |
|
|
$ |
610,147 |
|
Cost of goods sold |
|
|
199,987 |
|
|
|
234,951 |
|
|
|
394,800 |
|
|
|
477,239 |
|
Gross profit |
|
|
74,059 |
|
|
|
63,278 |
|
|
|
136,554 |
|
|
|
132,908 |
|
Selling, general and administrative expense |
|
|
67,918 |
|
|
|
70,583 |
|
|
|
133,954 |
|
|
|
145,128 |
|
Restructuring and other expense, net |
|
|
2,620 |
|
|
|
6 |
|
|
|
3,778 |
|
|
|
6 |
|
Separation costs |
|
|
- |
|
|
|
7,056 |
|
|
|
- |
|
|
|
9,466 |
|
Operating income (loss) |
|
|
3,521 |
|
|
|
(14,367 |
) |
|
|
(1,178 |
) |
|
|
(21,692 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous income, net |
|
|
65 |
|
|
|
714 |
|
|
|
551 |
|
|
|
1,013 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,534 |
) |
Interest expense, net |
|
|
(1,033 |
) |
|
|
(472 |
) |
|
|
(1,522 |
) |
|
|
(1,546 |
) |
Equity in net income of unconsolidated affiliates |
|
|
34,556 |
|
|
|
38,668 |
|
|
|
70,048 |
|
|
|
84,092 |
|
Earnings before income taxes |
|
|
37,109 |
|
|
|
24,543 |
|
|
|
67,899 |
|
|
|
60,333 |
|
Income tax expense |
|
|
9,100 |
|
|
|
6,609 |
|
|
|
15,882 |
|
|
|
15,569 |
|
Net earnings from continuing operations |
|
|
28,009 |
|
|
|
17,934 |
|
|
|
52,017 |
|
|
|
44,764 |
|
Net earnings from discontinued operations |
|
|
- |
|
|
|
10,233 |
|
|
|
- |
|
|
|
83,106 |
|
Net earnings |
|
|
28,009 |
|
|
|
28,167 |
|
|
|
52,017 |
|
|
|
127,870 |
|
Net earnings (loss) attributable to noncontrolling interests |
|
|
(251 |
) |
|
|
3,865 |
|
|
|
(496 |
) |
|
|
7,461 |
|
Net earnings attributable to controlling interest |
|
$ |
28,260 |
|
|
$ |
24,302 |
|
|
$ |
52,513 |
|
|
$ |
120,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to controlling interest: |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings from continuing operations |
|
$ |
28,260 |
|
|
$ |
17,934 |
|
|
$ |
52,513 |
|
|
$ |
44,764 |
|
Net earnings from discontinued operations |
|
|
- |
|
|
|
6,368 |
|
|
|
- |
|
|
|
75,645 |
|
Net earnings attributable to controlling interest |
|
$ |
28,260 |
|
|
$ |
24,302 |
|
|
$ |
52,513 |
|
|
$ |
120,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations - basic |
|
$ |
0.57 |
|
|
$ |
0.36 |
|
|
$ |
1.06 |
|
|
$ |
0.91 |
|
Earnings per share from discontinued operations - basic |
|
|
- |
|
|
|
0.13 |
|
|
|
- |
|
|
|
1.55 |
|
Net earnings per share attributable to controlling interest -
basic |
|
$ |
0.57 |
|
|
$ |
0.49 |
|
|
$ |
1.06 |
|
|
$ |
2.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations - diluted |
|
$ |
0.56 |
|
|
$ |
0.36 |
|
|
$ |
1.04 |
|
|
$ |
0.89 |
|
Earnings per share from discontinued operations - diluted |
|
|
- |
|
|
|
0.13 |
|
|
|
- |
|
|
|
1.51 |
|
Net earnings per share attributable to controlling interest -
diluted |
|
$ |
0.56 |
|
|
$ |
0.49 |
|
|
$ |
1.04 |
|
|
$ |
2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
|
|
49,464 |
|
|
|
49,186 |
|
|
|
49,475 |
|
|
|
49,013 |
|
Weighted average common shares outstanding - diluted |
|
|
50,138 |
|
|
|
50,042 |
|
|
|
50,264 |
|
|
|
50,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share |
|
$ |
0.17 |
|
|
$ |
0.32 |
|
|
$ |
0.34 |
|
|
$ |
0.64 |
|
|
|
CONSOLIDATED BALANCE SHEETS WORTHINGTON
ENTERPRISES, INC. (In thousands) |
|
|
|
|
|
November 30, |
|
|
May 31, |
|
|
|
2024 |
|
|
2024 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
193,805 |
|
|
$ |
244,225 |
|
Receivables, less allowances of $2,553 and $343, respectively |
|
|
184,925 |
|
|
|
199,798 |
|
Inventories |
|
|
|
|
|
|
Raw materials |
|
|
74,921 |
|
|
|
66,040 |
|
Work in process |
|
|
10,577 |
|
|
|
11,668 |
|
Finished products |
|
|
93,965 |
|
|
|
86,907 |
|
Total inventories |
|
|
179,463 |
|
|
|
164,615 |
|
Income taxes receivable |
|
|
9,417 |
|
|
|
17,319 |
|
Prepaid expenses and other current assets |
|
|
35,389 |
|
|
|
47,936 |
|
Total current assets |
|
|
602,999 |
|
|
|
673,893 |
|
Investment in unconsolidated affiliates |
|
|
135,218 |
|
|
|
144,863 |
|
Operating lease assets |
|
|
23,015 |
|
|
|
18,667 |
|
Goodwill |
|
|
369,799 |
|
|
|
331,595 |
|
Other intangibles, net of accumulated amortization of $89,638 and
$83,242, respectively |
|
|
244,102 |
|
|
|
221,071 |
|
Other assets |
|
|
22,309 |
|
|
|
21,342 |
|
Property, plant and equipment: |
|
|
|
|
|
|
Land |
|
|
8,632 |
|
|
|
8,657 |
|
Buildings and improvements |
|
|
129,684 |
|
|
|
123,478 |
|
Machinery and equipment |
|
|
356,678 |
|
|
|
321,836 |
|
Construction in progress |
|
|
27,330 |
|
|
|
24,504 |
|
Total property, plant and equipment |
|
|
522,324 |
|
|
|
478,475 |
|
Less: accumulated depreciation |
|
|
262,749 |
|
|
|
251,269 |
|
Total property, plant and equipment, net |
|
|
259,575 |
|
|
|
227,206 |
|
Total assets |
|
$ |
1,657,017 |
|
|
$ |
1,638,637 |
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
83,262 |
|
|
$ |
91,605 |
|
Accrued compensation, contributions to employee benefit plans and
related taxes |
|
|
28,499 |
|
|
|
41,974 |
|
Dividends payable |
|
|
9,040 |
|
|
|
9,038 |
|
Other accrued items |
|
|
42,357 |
|
|
|
29,061 |
|
Current operating lease liabilities |
|
|
5,396 |
|
|
|
6,228 |
|
Income taxes payable |
|
|
910 |
|
|
|
470 |
|
Total current liabilities |
|
|
169,464 |
|
|
|
178,376 |
|
Other liabilities |
|
|
60,305 |
|
|
|
62,243 |
|
Distributions in excess of investment in unconsolidated
affiliate |
|
|
110,763 |
|
|
|
111,905 |
|
Long-term debt |
|
|
295,721 |
|
|
|
298,133 |
|
Noncurrent operating lease liabilities |
|
|
18,090 |
|
|
|
12,818 |
|
Deferred income taxes |
|
|
89,716 |
|
|
|
84,150 |
|
Total liabilities |
|
|
744,059 |
|
|
|
747,625 |
|
Shareholders' equity - controlling interest |
|
|
911,321 |
|
|
|
888,879 |
|
Noncontrolling interests |
|
|
1,637 |
|
|
|
2,133 |
|
Total equity |
|
|
912,958 |
|
|
|
891,012 |
|
Total liabilities and equity |
|
$ |
1,657,017 |
|
|
$ |
1,638,637 |
|
|
|
WORTHINGTON ENTERPRISES, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS (In
thousands) |
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
November 30, |
|
|
November 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
28,009 |
|
|
$ |
28,167 |
|
|
$ |
52,017 |
|
|
$ |
127,870 |
|
Adjustments to reconcile net earnings to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
11,927 |
|
|
|
28,007 |
|
|
|
23,757 |
|
|
|
56,332 |
|
Impairment of long-lived assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,401 |
|
Provision for (benefit from) deferred income taxes |
|
|
2,682 |
|
|
|
1,968 |
|
|
|
(2,855 |
) |
|
|
(3,485 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,534 |
|
Bad debt expense (income) |
|
|
2,069 |
|
|
|
345 |
|
|
|
2,061 |
|
|
|
(454 |
) |
Equity in net income of unconsolidated affiliates, net of
distributions |
|
|
4,268 |
|
|
|
(4,129 |
) |
|
|
7,721 |
|
|
|
6,096 |
|
Net gain on sale of assets |
|
|
(508 |
) |
|
|
(439 |
) |
|
|
(526 |
) |
|
|
(334 |
) |
Stock-based compensation |
|
|
5,937 |
|
|
|
6,175 |
|
|
|
9,862 |
|
|
|
10,691 |
|
Changes in assets and liabilities, net of impact of
acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
|
(18,636 |
) |
|
|
76,704 |
|
|
|
9,530 |
|
|
|
67,861 |
|
Inventories |
|
|
7,836 |
|
|
|
103,150 |
|
|
|
1,430 |
|
|
|
38,823 |
|
Accounts payable |
|
|
447 |
|
|
|
(75,373 |
) |
|
|
(12,646 |
) |
|
|
(75,095 |
) |
Accrued compensation and employee benefits |
|
|
(2,021 |
) |
|
|
2,794 |
|
|
|
(13,466 |
) |
|
|
(9,220 |
) |
Other operating items, net |
|
|
7,043 |
|
|
|
(32,379 |
) |
|
|
13,314 |
|
|
|
(27,334 |
) |
Net cash provided by operating activities |
|
|
49,053 |
|
|
|
134,990 |
|
|
|
90,199 |
|
|
|
194,686 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment in property, plant and equipment |
|
|
(15,161 |
) |
|
|
(32,876 |
) |
|
|
(24,790 |
) |
|
|
(62,174 |
) |
Acquisitions, net of cash acquired |
|
|
731 |
|
|
|
(21,013 |
) |
|
|
(88,156 |
) |
|
|
(21,013 |
) |
Proceeds from sale of assets, net of selling costs |
|
|
1,616 |
|
|
|
751 |
|
|
|
13,385 |
|
|
|
802 |
|
Investment in non-marketable equity securities |
|
|
(40 |
) |
|
|
(1,500 |
) |
|
|
(2,040 |
) |
|
|
(1,540 |
) |
Investment in note receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(15,000 |
) |
Distribution from unconsolidated affiliate |
|
|
- |
|
|
|
1,085 |
|
|
|
- |
|
|
|
1,085 |
|
Net cash used by investing activities |
|
|
(12,854 |
) |
|
|
(53,553 |
) |
|
|
(101,601 |
) |
|
|
(97,840 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
(8,969 |
) |
|
|
(17,333 |
) |
|
|
(17,085 |
) |
|
|
(33,058 |
) |
Repurchase of common shares |
|
|
(8,079 |
) |
|
|
- |
|
|
|
(14,882 |
) |
|
|
- |
|
Proceeds from issuance of common shares, net of tax
withholdings |
|
|
(3,893 |
) |
|
|
(9,207 |
) |
|
|
(7,051 |
) |
|
|
(14,337 |
) |
Net proceeds from short-term borrowings (1) |
|
|
- |
|
|
|
175,000 |
|
|
|
- |
|
|
|
172,187 |
|
Principal payments on long-term obligations |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(243,757 |
) |
Payments to noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,921 |
) |
Net cash provided (used) by financing
activities |
|
|
(20,941 |
) |
|
|
148,460 |
|
|
|
(39,018 |
) |
|
|
(120,886 |
) |
Increase (decrease) in cash and cash equivalents |
|
|
15,258 |
|
|
|
229,897 |
|
|
|
(50,420 |
) |
|
|
(24,040 |
) |
Cash and cash equivalents at beginning of period |
|
|
178,547 |
|
|
|
201,009 |
|
|
|
244,225 |
|
|
|
454,946 |
|
Cash and cash equivalents at end of period
(2) |
|
$ |
193,805 |
|
|
$ |
430,906 |
|
|
$ |
193,805 |
|
|
$ |
430,906 |
|
____________________ |
(1) |
Net proceeds in fiscal 2024 consisted of borrowings under
Worthington Steel’s short-term credit facilities assumed by
Worthington Steel in conjunction with the Separation. |
(2) |
The cash flows related to discontinued operations have not been
segregated in the periods presented herein. Accordingly, the
consolidated statements of cash flows include the results from
continuing and discontinued operations. |
WORTHINGTON ENTERPRISES, INC.
NON-GAAP FINANCIAL MEASURES (In thousands,
except units and per share amounts
The following provides a reconciliation of
non-GAAP financial measures, including adjusted operating income,
adjusted earnings before income taxes, adjusted income tax expense
(benefit), adjusted net earnings from continuing operations
attributable to controlling interest, and adjusted earnings per
diluted share from continuing operations attributable to
controlling interest, from their most comparable GAAP measure for
the three and six months ended November 30, 2024 and 2023. Refer to
the Use of Non-GAAP Financial Measures and Definitions section
herein and non-GAAP footnotes below for further information on
these measures.
|
Three Months Ended November 30, 2024 |
|
|
|
|
Earnings |
|
|
Income |
|
|
Net Earnings |
|
|
Diluted |
|
|
|
|
|
Before |
|
|
Tax |
|
|
from |
|
|
EPS - |
|
|
Operating |
|
|
Income |
|
|
Expense |
|
|
Continuing |
|
|
Continuing |
|
|
Income |
|
|
Taxes |
|
|
(Benefit) |
|
|
Operations (1) |
|
|
Operations |
|
GAAP |
$ |
3,521 |
|
|
$ |
37,109 |
|
|
$ |
9,100 |
|
|
$ |
28,260 |
|
|
|
0.56 |
|
Restructuring and other expense, net |
|
2,620 |
|
|
|
2,620 |
|
|
|
(639 |
) |
|
|
1,981 |
|
|
|
0.04 |
|
Non-GAAP |
$ |
6,141 |
|
|
$ |
39,729 |
|
|
$ |
9,739 |
|
|
$ |
30,241 |
|
|
$ |
0.60 |
|
|
Three Months Ended November 30, 2023 |
|
|
|
|
Earnings |
|
|
Income |
|
|
Net Earnings |
|
|
Diluted |
|
|
Operating |
|
|
Before |
|
|
Tax |
|
|
from |
|
|
EPS - |
|
|
Income |
|
|
Income |
|
|
Expense |
|
|
Continuing |
|
|
Continuing |
|
|
(Loss) |
|
|
Taxes |
|
|
(Benefit) |
|
|
Operations (1) |
|
|
Operations |
|
GAAP |
$ |
(14,367 |
) |
|
$ |
24,543 |
|
|
$ |
6,609 |
|
|
$ |
17,934 |
|
|
$ |
0.36 |
|
Corporate costs eliminated at Separation |
|
9,671 |
|
|
|
9,671 |
|
|
|
(2,344 |
) |
|
|
7,327 |
|
|
|
0.14 |
|
Restructuring and other expense, net |
|
6 |
|
|
|
6 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
- |
|
Separation costs |
|
7,056 |
|
|
|
7,056 |
|
|
|
(1,690 |
) |
|
|
5,366 |
|
|
|
0.11 |
|
Gain on sale of assets in equity income |
|
- |
|
|
|
(2,780 |
) |
|
|
662 |
|
|
|
(2,118 |
) |
|
|
(0.04 |
) |
Non-GAAP |
$ |
2,366 |
|
|
$ |
38,496 |
|
|
$ |
9,982 |
|
|
$ |
28,514 |
|
|
$ |
0.57 |
|
|
Six Months Ended November 30, 2024 |
|
|
|
|
Earnings |
|
|
Income |
|
|
Net Earnings |
|
|
|
|
|
Operating |
|
|
Before |
|
|
Tax |
|
|
from |
|
|
Diluted EPS - |
|
|
Income |
|
|
Income |
|
|
Expense |
|
|
Continuing |
|
|
Continuing |
|
|
(Loss) |
|
|
Taxes |
|
|
(Benefit) |
|
|
Operations (1) |
|
|
Operations |
|
GAAP |
$ |
(1,178 |
) |
|
$ |
67,899 |
|
|
$ |
15,882 |
|
|
$ |
52,513 |
|
|
$ |
1.04 |
|
Restructuring and other expense, net |
|
3,778 |
|
|
|
3,778 |
|
|
|
(928 |
) |
|
|
2,850 |
|
|
|
0.06 |
|
Non-GAAP |
$ |
2,600 |
|
|
$ |
71,677 |
|
|
$ |
16,810 |
|
|
$ |
55,363 |
|
|
$ |
1.10 |
|
|
Six Months Ended November 30, 2023 |
|
OperatingIncome(Loss) |
|
|
Earnings Before IncomeTaxes |
|
|
IncomeTaxExpense (Benefit) |
|
|
Net EarningsfromContinuingOperations (1) |
|
|
Diluted EPS - ContinuingOperations |
|
GAAP |
$ |
(21,692 |
) |
|
$ |
60,333 |
|
|
$ |
15,569 |
|
|
$ |
44,764 |
|
|
|
0.89 |
|
Corporate costs eliminated at Separation |
|
19,343 |
|
|
|
19,343 |
|
|
|
(4,609 |
) |
|
|
14,734 |
|
|
|
0.29 |
|
Restructuring and other expense, net |
|
6 |
|
|
|
6 |
|
|
|
(1 |
) |
|
|
5 |
|
|
|
- |
|
Separation costs |
|
9,466 |
|
|
|
9,466 |
|
|
|
(2,256 |
) |
|
|
7,210 |
|
|
|
0.15 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
1,534 |
|
|
|
(366 |
) |
|
|
1,168 |
|
|
|
0.02 |
|
Gain on sale of assets in equity income |
|
- |
|
|
|
(2,780 |
) |
|
|
662 |
|
|
|
(2,118 |
) |
|
|
(0.04 |
) |
Non-GAAP |
$ |
7,123 |
|
|
$ |
87,902 |
|
|
$ |
22,139 |
|
|
$ |
65,763 |
|
|
$ |
1.31 |
|
____________________ |
(1) |
Excludes the impact of noncontrolling interest |
To further assist in the analysis of segment
results for the three and six months ended November 30, 2024 and
2023 the following supplemental information has been provided.
Reconciliations of adjusted EBITDA from continuing operations and
adjusted EBITDA margin from continuing operations to the most
comparable GAAP measures are provided below.
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
November 30, |
|
|
November 30, |
|
(in thousands) |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Volume |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products |
|
|
16,420 |
|
|
|
15,931 |
|
|
|
32,591 |
|
|
|
31,963 |
|
Building Products |
|
|
3,329 |
|
|
|
3,347 |
|
|
|
6,423 |
|
|
|
7,156 |
|
Total reportable segments |
|
|
19,749 |
|
|
|
19,278 |
|
|
|
39,014 |
|
|
|
39,119 |
|
Other |
|
|
- |
|
|
|
114 |
|
|
|
- |
|
|
|
220 |
|
Consolidated |
|
|
19,749 |
|
|
|
19,392 |
|
|
|
39,014 |
|
|
|
39,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products |
|
$ |
116,748 |
|
|
$ |
119,389 |
|
|
$ |
234,343 |
|
|
$ |
236,742 |
|
Building Products |
|
|
157,298 |
|
|
|
151,303 |
|
|
|
297,011 |
|
|
|
317,231 |
|
Total reportable segments |
|
|
274,046 |
|
|
|
270,692 |
|
|
|
531,354 |
|
|
|
553,973 |
|
Other |
|
|
- |
|
|
|
27,537 |
|
|
|
- |
|
|
|
56,174 |
|
Consolidated |
|
$ |
274,046 |
|
|
$ |
298,229 |
|
|
$ |
531,354 |
|
|
$ |
610,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products |
|
$ |
15,484 |
|
|
$ |
12,674 |
|
|
$ |
33,259 |
|
|
$ |
26,889 |
|
Building Products |
|
|
47,185 |
|
|
|
45,809 |
|
|
|
86,914 |
|
|
|
105,442 |
|
Total reportable segments |
|
|
62,669 |
|
|
|
58,483 |
|
|
|
120,173 |
|
|
|
132,331 |
|
Unallocated Corporate and Other |
|
|
(6,456 |
) |
|
|
(3,439 |
) |
|
|
(15,524 |
) |
|
|
(11,373 |
) |
Consolidated |
|
$ |
56,213 |
|
|
$ |
55,044 |
|
|
$ |
104,649 |
|
|
$ |
120,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin from continuing
operations |
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Products |
|
|
13.3 |
% |
|
|
10.6 |
% |
|
|
14.2 |
% |
|
|
11.4 |
% |
Building Products |
|
|
30.0 |
% |
|
|
30.3 |
% |
|
|
29.3 |
% |
|
|
33.2 |
% |
Consolidated |
|
|
20.5 |
% |
|
|
18.5 |
% |
|
|
19.7 |
% |
|
|
19.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity income by unconsolidated affiliate |
|
|
|
|
|
|
|
|
|
|
|
|
WAVE (1) |
|
$ |
24,564 |
|
|
$ |
21,428 |
|
|
$ |
52,466 |
|
|
$ |
49,743 |
|
ClarkDietrich (1) |
|
|
9,730 |
|
|
|
13,748 |
|
|
|
18,474 |
|
|
|
30,476 |
|
Other (2) |
|
|
262 |
|
|
|
3,492 |
|
|
|
(892 |
) |
|
|
3,873 |
|
Consolidated |
|
$ |
34,556 |
|
|
$ |
38,668 |
|
|
$ |
70,048 |
|
|
$ |
84,092 |
|
____________________ |
(1) |
Equity income contributed by Worthington Armstrong Venture (“WAVE”)
and Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich) is
associated with our Building Products reportable segment |
(2) |
Other includes the Company’s share of the equity earnings of Taxi
Workhorse, LLC and the SES joint venture. |
A reconciliation from earnings before income taxes from
continuing operations to the non-GAAP financial measure of adjusted
EBITDA from continuing operations for the each of the periods
presented is provided below.
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
November 30, |
|
|
November 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Earnings before income taxes (GAAP) |
|
$ |
37,109 |
|
|
$ |
24,543 |
|
|
$ |
67,899 |
|
|
$ |
60,333 |
|
Plus: Net loss attributable to noncontrolling interest |
|
|
251 |
|
|
|
- |
|
|
|
496 |
|
|
|
- |
|
Net earnings before income taxes attributable to controlling
interest |
|
|
37,360 |
|
|
|
24,543 |
|
|
|
68,395 |
|
|
|
60,333 |
|
Interest expense, net |
|
|
1,033 |
|
|
|
472 |
|
|
|
1,522 |
|
|
|
1,546 |
|
EBIT (1) |
|
|
38,393 |
|
|
|
25,015 |
|
|
|
69,917 |
|
|
|
61,879 |
|
Corporate costs eliminated at Separation |
|
|
- |
|
|
|
9,671 |
|
|
|
- |
|
|
|
19,343 |
|
Restructuring and other expense, net |
|
|
2,620 |
|
|
|
6 |
|
|
|
3,778 |
|
|
|
6 |
|
Separation costs |
|
|
- |
|
|
|
7,056 |
|
|
|
- |
|
|
|
9,466 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,534 |
|
Gain on sale of assets in equity income |
|
|
- |
|
|
|
(2,780 |
) |
|
|
- |
|
|
|
(2,780 |
) |
Adjusted EBIT (1) |
|
|
41,013 |
|
|
|
38,968 |
|
|
|
73,695 |
|
|
|
89,448 |
|
Depreciation and amortization |
|
|
11,927 |
|
|
|
12,215 |
|
|
|
23,757 |
|
|
|
24,290 |
|
Stock-based compensation (2) |
|
|
3,273 |
|
|
|
3,861 |
|
|
|
7,197 |
|
|
|
7,220 |
|
Adjusted EBITDA from continuing operations
(non-GAAP) |
|
$ |
56,213 |
|
|
$ |
55,044 |
|
|
$ |
104,649 |
|
|
$ |
120,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes margin (GAAP) |
|
|
13.5 |
% |
|
|
8.2 |
% |
|
|
12.8 |
% |
|
|
9.9 |
% |
Adjusted EBITDA margin from continuing operations
(non-GAAP) |
|
|
20.5 |
% |
|
|
18.5 |
% |
|
|
19.7 |
% |
|
|
19.8 |
% |
____________________ |
(1) |
EBIT and adjusted EBIT are non-GAAP financial measures. However,
these measures are not used by management to evaluate the Company's
performance, engage in financial and operational planning, or to
determine incentive compensation. Instead, they are included as
subtotals in the reconciliation of earnings (loss) before income
taxes to adjusted EBITDA from continuing operations, which is a
non-GAAP financial measure used by management. |
(2) |
Excludes $2.7 million of stock-based compensation reported in
restructuring and other expense, net in the Company’s consolidated
statement of earnings for the three months ended November 30, 2024
related to the accelerated vesting of certain outstanding equity
awards upon retirement of a key employee. |
WORTHINGTON ENTERPRISES, INC.
USE OF NON-GAAP FINANCIAL MEASURES AND
DEFINITIONS
NON-GAAP FINANCIAL
MEASURES. These materials include certain financial
measures that are not calculated and presented in accordance with
accounting principles generally accepted in the United States
(“GAAP”). The non-GAAP financial measures typically exclude
items that management believes are not reflective of, and thus
should not be included when evaluating the performance of the
Company’s ongoing operations. Management uses the non-GAAP
financial measures to evaluate the Company’s performance, engage in
financial and operational planning, and determine incentive
compensation. Management believes these non-GAAP financial measures
provide useful supplemental information and additional perspective
on the performance of the Company’s ongoing operations and should
not be considered as an alternative to the comparable GAAP measure.
Additionally, management believes these non-GAAP financial measures
allow for meaningful comparisons and analysis of trends in the
Company’s businesses and enable investors to evaluate operations
and future prospects in the same manner as management.
The following provides an explanation of each
non-GAAP financial measure presented in these materials:
Adjusted operating income (loss) is defined as
operating income (loss) excluding the items listed below, to the
extent naturally included in operating income (loss).
Adjusted net earnings from continuing operations
is defined as net earnings from continuing operations attributable
to controlling interest (“net earnings from continuing operations”)
excluding the after-tax effect of the excluded items outlined
below.
Adjusted earnings per diluted share from
continuing operations (“Adjusted EPS from continuing operations”)
is defined as adjusted net earnings from continuing operations
divided by diluted weighted-average shares outstanding).
Adjusted EBITDA is defined as adjusted earnings
before interest, taxes, depreciation, and amortization.
EBITDA is calculated by adding or subtracting, as appropriate,
interest expense, net, income tax expense, depreciation, and
amortization to/from net earnings from continuing operations
attributable to controlling interest, which is further adjusted to
exclude impairment and restructuring charges (gains) as well as
other items that management believes are not reflective of, and
thus should not be included when evaluating the performance of its
ongoing operations, as outlined below. Adjusted EBITDA also
excludes stock-based compensation due to its non-cash nature, which
is consistent with how management assesses operating
performance. At the segment level, adjusted EBITDA includes
expense allocations for centralized corporate back-office functions
that exist to support the day-to-day business operations. Public
company and other governance costs are held at the corporate-level.
Adjusted EBITDA margin is calculated by dividing
adjusted EBITDA by net sales.
Exclusions from Non-GAAP Financial
Measures
Management believes it is useful to exclude the
following items from the non-GAAP financial measures presented in
this report for its own and investors’ assessment of the business
for the reasons identified below. Additionally, management may
exclude other items from the Non-GAAP financial measures that do
not occur in the ordinary course of our ongoing business operations
and note them in the reconciliation from earnings before income
taxes from continuing operations to the non-GAAP financial measure
of adjusted EBITDA from continuing operations.
- Impairment charges are excluded because they do not occur in
the ordinary course of our ongoing business operations, are
inherently unpredictable in timing and amount, and are non-cash,
which we believe facilitates the comparison of historical, current
and forecasted financial results.
- Restructuring activities, which can result in both discrete
gains and/or losses, consist of established programs that are not
part of our ongoing operations, such as divestitures, closing or
consolidating facilities, employee severance (including
rationalizing headcount or other significant changes in personnel),
and realignment of existing operations (including changes to
management structure in response to underlying performance and/or
changing market conditions). These items are excluded because
they are not part of the ongoing operations of our underlying
business.
- Separation costs, which consist of direct and incremental costs
incurred in connection with the completed Separation are excluded
as they are one-time in nature and are not expected to occur in
period following the Separation. These costs include fees paid
to third-party advisors, such as investment banking, audit and
other advisory services as well as direct and incremental costs
associated with the Separation of shared corporate functions.
Results in the current fiscal year also include incremental
compensation expense associated with the modification of unvested
short and long-term incentive compensation awards, as required
under the employee matters agreement executed in conjunction with
the Separation.
- Loss on early extinguishment of debt is excluded because it
does not occur in the normal course of business and may obscure
analysis of trends and financial performance. Additionally, the
amount and frequency of this type of charge is not consistent and
is significantly impacted by the timing and size of debt
extinguishment transactions.
- Corporate costs eliminated at Separation are those costs that
were related to corporate resources that, post-Separation, no
longer exist to support the Company’s continuing operations, but
were not clearly identifiable to the former Steel Processing
segment.
Sonya L. HigginbothamSenior Vice PresidentChief
of Corporate Affairs, Communications and
Sustainability614.438.7391sonya.higginbotham@wthg.com
Marcus A. RogierTreasurer and Investor
Relations Officer614.840.4663marcus.rogier@wthg.com
200 West Old Wilson Bridge Rd.Columbus, Ohio
43085WorthingtonEnterprises.com
Grafico Azioni Worthington Enterprises (NYSE:WOR)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Worthington Enterprises (NYSE:WOR)
Storico
Da Dic 2023 a Dic 2024