Financial Performance - TTM adjusted EBITDA from continuing operations is $233,520, with a margin of 19.6%[2] - Net earnings before income taxes attributable to controlling interest for the first quarter 2025 is $31,035, compared to a loss of $26,535 in the fourth quarter 2024[6] - Free cash flow for the three months ended August 31, 2024, is $31,517, derived from net cash provided by operating activities of $41,146 after capital expenditures of $9,629[8] - The ratio of net debt to TTM adjusted EBITDA from continuing operations is 0.52, with net debt calculated at $121,462[9] - The company reported adjusted EBITDA from continuing operations of $48,437 for the first quarter 2025, down from $63,168 in the fourth quarter 2024[6] - The adjusted EBIT for the first quarter 2025 is $32,682, compared to $47,412 in the fourth quarter 2024[6] - The company’s TTM earnings before income taxes margin is 5.8%[2] - The company has a long-term debt of $300,009 as of August 31, 2024[9] Shareholder Approvals - The 2024 Long-Term Incentive Plan was approved by shareholders on September 24, 2024, allowing for the issuance of up to 8,000,000 common shares[10] - Shareholders approved the advisory resolution for the compensation of named executive officers with 35,785,258 votes for, representing approximately 84.5% of the total votes[15] - The proposal to approve the 2024 Long-Term Incentive Plan (LTIP) received 32,964,494 votes for, accounting for about 78.3% of the total votes[15] - KPMG LLP was ratified as the independent registered public accounting firm for the fiscal year ending May 31, 2025, with 45,047,320 votes for, which is approximately 99.4% of the total votes[15] Conference Calls - The company conducted a conference call on September 25, 2024, to discuss its unaudited financial results for the first quarter ended August 31, 2024[3] - The earnings conference call for the first quarter of fiscal 2025 was held on September 25, 2024, covering the fiscal quarter ended August 31, 2024[16] - The 2024 LTIP document is included as an exhibit in the Form 8-K filing[16]

Financial Performance - For fiscal 2024, the company reported net earnings before income taxes attributable to controlling interest of $74.270 million, a decrease of 53.7% from $160.286 million in fiscal 2023[115]. - Adjusted EBITDA from continuing operations for fiscal 2024 was $250.999 million, down 18.0% from $306.025 million in fiscal 2023[115]. - The company incurred impairment charges of $32.975 million in fiscal 2024, compared to only $484 thousand in fiscal 2023[115]. - The company’s adjusted EBIT for fiscal 2024 was $189.181 million, a decline of 23.0% from $245.484 million in fiscal 2023[115]. - The company reported a Non-GAAP net income of $143,463 million, with a diluted EPS of 2.84, reflecting a 23.5% increase[1]. - The effective tax rate for the period was 52.6%, with a net earnings from continuing operations of $35,243 million[1]. - The company reported a pre-tax loss of $16,059 million related to the sale of its 50% noncontrolling equity investment in ArtiFlex[2]. - The company experienced a restructuring and other expense of $29,327 million, with a net impact of $24,590 million on earnings[1]. - The company reported a gain of $2,780 million associated with the divestiture of Brazilian operations during the second quarter of fiscal 2024[2]. - Net earnings attributable to controlling interest were $110,624 thousand, down 56.9% from $256,528 thousand in fiscal 2023[524]. - Earnings per share from continuing operations (basic) decreased to $0.72, down 72.8% from $2.59 in the previous year[524]. Operational Highlights - Corporate costs eliminated at Separation amounted to $19.343 million in fiscal 2024, down from $41.479 million in fiscal 2023[115]. - The company emphasizes a disciplined approach to capital deployment and aims to grow earnings through optimizing operations and pursuing strategic investments[116]. - The company aims to drive continuous improvement through the Worthington Business System, focusing on cost reduction and operational efficiency[1]. - The company’s ability to attract and retain talented personnel is crucial for its operational success and growth strategies[121]. - The company employs approximately 3,800 individuals, with 14% represented by collective bargaining units[231]. - The company is committed to increasing diversity across its workforce, believing it drives innovation and better results[234]. Market and Economic Conditions - The company faces challenges from financial difficulties and bankruptcy filings by customers, which could negatively impact its business operations[122]. - The company monitors macroeconomic data such as GDP and office vacancy rates to assess opportunities in the non-residential construction market[119]. - The company faces risks from volatility in steel prices, which have significantly increased over the past three years due to various global factors[169]. - The company faces risks related to heavy concentration in consumer products and construction end markets, which could adversely impact sales and cash flows[203]. - The principal raw material is flat-rolled steel, with price fluctuations significantly affecting financial results[205]. Segment Performance - Adjusted EBITDA from continuing operations is used to evaluate segment performance, excluding public company and governance-related costs[130]. - The company’s Consumer Products business includes market-leading brands such as Balloon Time®, Bernzomatic®, and Coleman®, serving retail customers in various categories[159]. - Consumer Products generated approximately 40% of consolidated net sales in fiscal 2024, with sales to the top customer representing about 30% of net sales for this segment[216]. - Building Products accounted for approximately 50% of consolidated net sales in fiscal 2024, servicing around 1,650 customers[220]. - The Building Products segment operates eight facilities across multiple locations, including Kentucky, Maryland, Ohio, Rhode Island, Norway, and Portugal[135]. - The Building Products segment provides pressurized containment solutions, including refrigerant and LPG cylinders, primarily sold to gas producers and distributors[161]. Cash Flow and Capital Structure - Net cash provided by operating activities decreased to $290.0 million in fiscal 2024 from $625.4 million in fiscal 2023[478]. - Net cash used by investing activities increased to $(140.8) million in fiscal 2024 from $(71.8) million in fiscal 2023[478]. - Cash and cash equivalents at the end of fiscal 2024 were $244.2 million, down from $455.0 million at the end of fiscal 2023[478]. - The company redeemed its 2026 Notes for $243.6 million and the 2024 Notes for $150.0 million during fiscal 2024, enhancing its capital structure[480]. - The company maintains a $500.0 million Credit Facility, with no borrowings outstanding as of May 31, 2024[487]. Changes in Assets and Liabilities - Total current assets decreased to $673,893 thousand from $1,868,337 thousand, a decline of approximately 64.0% year-over-year[544]. - Total inventories decreased to $164,615 thousand from $194,499 thousand, representing a reduction of about 15.4%[544]. - Cash and cash equivalents decreased to $244,225 thousand from $422,268 thousand, a decrease of approximately 42.2%[544]. - Total assets decreased to $1,638,637 thousand from $3,650,918 thousand, reflecting a decline of about 55.2%[544]. - Goodwill decreased slightly to $331,595 thousand from $336,178 thousand, a decrease of approximately 1.7%[544]. - Total property, plant, and equipment, net decreased to $227,206 thousand from $256,415 thousand, a decline of about 11.4%[544]. - Accumulated depreciation increased to $251,269 thousand from $323,883 thousand, indicating a decrease in asset value[544]. - Investments in unconsolidated affiliates increased to $144,863 thousand from $138,041 thousand, an increase of approximately 4.0%[544]. - Income taxes receivable increased significantly to $17,319 thousand from $1,681 thousand, a rise of approximately 926.5%[544]. - Other assets increased to $21,342 thousand from $14,339 thousand, representing an increase of about 48.8%[544].

Financial Performance - Worthington Enterprises reported adjusted EBITDA of $67 million and adjusted earnings per share of $0.80 for Q3 2024[8]. - Consolidated net sales decreased by 8.5% to $317 million from $346 million in the prior year, driven by lower sales in Building Products[22]. - Gross profit for the quarter decreased to $73 million, while gross margin increased to 23.1% from 22.8%[23]. - Adjusted EBITDA margin for the trailing 12 months is 21.5%, with trailing 12 months adjusted EBITDA at $279 million[24]. - The Consumer Products segment saw net sales of $133 million, up from $131 million a year ago, with adjusted EBITDA of $26 million[28]. - Building Products generated net sales of $148 million, down 19% from $184 million a year ago, with adjusted EBITDA of $53 million[31]. - Sustainable Energy Solutions reported net sales of $35 million, an 11% increase, but incurred an adjusted EBITDA loss of $3 million[37]. Debt and Liquidity - Worthington Enterprises ended the quarter with $298 million in long-term funded debt and $227 million in cash, yielding around 5%[26]. - The company declared a dividend of $0.16 per share for the quarter, totaling approximately $8 million[27]. - The company maintains a robust balance sheet and liquidity, positioning itself for future M&A opportunities when suitable targets are identified[60]. Acquisitions and Growth Strategy - Worthington Enterprises acquired an 80% interest in HALO Products Group for approximately $9 million, enhancing its outdoor living product offerings[30]. - The HALO acquisition is expected to enhance product development and market presence, with a focus on margin-rich and asset-light opportunities in M&A[57][61]. - The company aims to drive its EBITDA margin up to 24% over the next three to five years through improved profitability and capital efficiency[71]. Market Trends and Consumer Sentiment - The company anticipates a potential increase in demand for its products as the spring and summer seasons approach, despite current cautious consumer sentiment[53]. - The overall market for commercial construction products remains steady, with expectations of a potential renovation renaissance driven by macro trends[65]. Segment Performance and Challenges - The gross margin for the quarter was 23.1%, with the Consumer products business achieving an EBITDA margin of 19.3%[66]. - The Building Products segment reported a gross margin of 6.2%, which is expected to normalize above this level as destocking issues resolve[68]. - The company is experiencing a destocking effect in large propane tanks, impacting sales, but overall volumes are only down 2%[76]. - The water business is showing solid progress, contributing positively to the overall performance despite challenges in other segments[69]. - Recent weather events have created temporary spikes in demand for camping gas cylinders, which may have shifted some demand from Q4 to Q3[47][50].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 29, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-08399 WORTHINGTON ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or ...

Financial Performance - Worthington Enterprises reported adjusted EBITDA of $67 million and adjusted earnings per share of $0.80 for Q3 2024[8]. - Consolidated net sales decreased by 8.5% to $317 million from $346 million in the prior year, driven by lower sales in Building Products[22]. - Gross profit for the quarter decreased to $73 million, while gross margin increased to 23.1% from 22.8%[23]. - Adjusted EBITDA margin for the trailing 12 months is 21.5%, with trailing 12 months adjusted EBITDA at $279 million[24]. - The Consumer Products segment saw net sales of $133 million, up from $131 million a year ago, with adjusted EBITDA of $26 million[28]. - Building Products generated net sales of $148 million, down 19% from $184 million a year ago, with adjusted EBITDA of $53 million[31]. - Sustainable Energy Solutions reported net sales of $35 million, an 11% increase, but incurred an adjusted EBITDA loss of $3 million[37]. - Worthington Enterprises ended the quarter with $298 million in long-term funded debt and $227 million in cash, yielding around 5%[26]. - The company declared a dividend of $0.16 per share for the quarter, totaling approximately $8 million[27]. Strategic Initiatives - Worthington acquired an 80% interest in HALO Products Group for approximately $9 million, enhancing its outdoor living product offerings[30]. - The HALO acquisition is expected to enhance product development and market presence, with a focus on margin-rich and asset-light opportunities[57][61]. - The company aims to drive its EBITDA margin up to 24% over the next three to five years through improved profitability and capital efficiency[71]. - The M&A pipeline is expected to pick up in 2024, with a focus on larger acquisitions that align with the company's strategic goals[59]. Market Trends and Outlook - The company anticipates a potential increase in demand as it approaches the spring and summer seasons, despite current cautious consumer sentiment[53]. - The company is experiencing destocking in large propane tanks, impacting sales, but overall volumes are only down 2%[76]. - The consumer business has seen a weather-related spike in demand for camping gas cylinders due to recent storms[48]. - The overall market for commercial construction products remains steady, with potential for a renovation renaissance driven by macro trends[65]. - The company has maintained its market share in key categories despite challenges in the current economic environment[55]. Segment Performance - The gross margin for the quarter was 23.1%, with the Consumer products business achieving an EBITDA margin of 19.3%[66]. - The Building Products segment reported a gross margin of 6.2%, which is expected to normalize above this level[68].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-08399 WORTHINGTON ENTERPRISES, INC. (Exact name of registrant as specified in its charter) (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-08399 WORTHINGTON INDUSTRIES, INC. (Exact name of registrant as specified in its charter) (State or oth ...

Business Separation and Strategy - The company plans to separate its Steel Processing business, Worthington Steel, from its other operations, with anticipated benefits and operational performance improvements for both entities post-separation[13]. - The proposed separation of the Steel Processing business is expected to create two independent publicly-traded companies, with the transaction anticipated to be completed by early 2024, subject to market conditions and regulatory approvals[300]. - The company expects to capture and maintain market share while developing new products and entering new markets as part of its growth strategy[13]. - The company anticipates improvements in operational efficiencies and cost management as part of its transformation and innovation efforts[13]. Financial Performance - Net sales for the fiscal year ended May 31, 2023, were $4,916,392 thousand, a decrease of 6.2% compared to $5,242,219 thousand in 2022[288]. - Gross margin for the fiscal year 2023 was $663,312 thousand, down from $714,816 thousand in 2022, reflecting a decline of approximately 7.2%[288]. - Operating income decreased to $212,367 thousand in 2023 from $329,268 thousand in 2022, representing a decline of 35.5%[288]. - Net earnings attributable to controlling interest for 2023 were $256,528 thousand, a decrease of 32.4% compared to $379,386 thousand in 2022[288]. - Earnings per common share attributable to controlling interest for 2023 were $5.28, down from $7.60 in 2022, reflecting a decline of 30.3%[288]. - Total comprehensive income for 2023 was $268,841,000, down from $331,027,000 in 2022, representing a decline of 18.7%[291]. Assets and Liabilities - Total current assets increased to $1,868,337 thousand in 2023 from $1,785,653 thousand in 2022, an increase of 4.6%[282]. - Total assets as of May 31, 2023, were $3,650,918 thousand, slightly up from $3,643,023 thousand in 2022[284]. - Total liabilities decreased to $1,829,290 thousand in 2023 from $2,029,061 thousand in 2022, a reduction of 9.8%[284]. - Shareholders' equity - controlling interest increased to $1,696,011 thousand in 2023 from $1,480,752 thousand in 2022, an increase of 14.5%[284]. Cash Flow and Investments - Net cash provided by operating activities significantly increased to $625,364,000 in 2023, compared to $70,112,000 in 2022[297]. - The company reported a net cash used by investing activities of $71,776,000 in 2023, a decrease from $438,188,000 in 2022[297]. - Cash and cash equivalents at the end of the fiscal year 2023 were $454,946,000, up from $34,485,000 in 2022[297]. - The company’s investment in property, plant, and equipment was $86,366,000 in 2023, a slight decrease from $94,600,000 in 2022[297]. Market Risks and Management - The company is exposed to fluctuations in commodity prices, particularly for steel, natural gas, copper, and zinc, and uses derivative financial instruments to manage this risk[263]. - The fair value of the company's commodity contracts was $(13.2) million as of May 31, 2023, compared to $3.9 million in 2022, indicating a significant change in market conditions[265]. - A 10% decline in the market prices of hedged commodities is not expected to materially impact the value of the company's hedges or reported results[264]. - The company has entered into forward contracts to manage foreign currency exchange risks, with no material impact expected from a 10% change in exchange rates[262]. - The company is actively monitoring market risks and developing strategies to mitigate exposure, including the use of financial and commodity-based derivative instruments[258]. Pension and Employee Benefits - The net periodic benefit cost for defined benefit pension plans in fiscal 2023 was $23.87 million, an increase from $18.09 million in fiscal 2022 and $17.55 million in fiscal 2021[416]. - The funded status of the defined benefit pension plans showed a deficit of $23.45 million in fiscal 2023, improving from a deficit of $30.17 million in fiscal 2022[419]. - The company incurred a non-cash settlement charge of $4.77 million in fiscal 2023 related to the Gerstenslager Plan, compared to $1.36 million in fiscal 2022[416]. - The aggregate intrinsic value of outstanding performance shares was $9.64 million at the end of fiscal 2023, up from $7.45 million in fiscal 2022[408]. Taxation - Earnings before income taxes for fiscal year 2023 were $345,368,000, down from $514,286,000 in 2022, reflecting a decrease of approximately 32.8%[427]. - The effective tax rate attributable to controlling interest for fiscal year 2023 was 22.9%, compared to 23.3% in 2022[428][429]. - Total unrecognized tax benefits as of May 31, 2023, were $4,663,000, a slight decrease from $4,706,000 in 2022[431][432]. - Deferred tax assets increased to $68,362,000 in 2023 from $62,608,000 in 2022, while net deferred tax liabilities decreased to $101,449,000 from $115,132,000[434].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-08399 WORTHINGTON INDUSTRIES, INC. (Exact name of registrant as specified in its charter) (State or o ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 30, 2022 or UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q 200 Old Wilson Bridge Road, Columbus, Ohio 43085 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-08399 WORTHINGTON INDUSTRIES, INC. (Exact name of re ...