Worthington Q2 EPS $0.33; inventory losses $53M; sees Q2 as trough

WORTHINGTON ENTERPRISES, INC.

2022-Q2 EPS reported $1.63 revenue$2,584,206,000

GAAP EPS $0.33 vs $2.15 prior year; adjusted EPS $0.44 vs $2.12; revenue $1.18B down 5%.
Inventory holding losses of $53M ($0.81/sh) vs gains of $42M last year, a $95M unfavorable swing.
Steel Processing posted adjusted EBIT loss of $17M vs gain of $72M; volumes down 13% YoY.
Consumer Products EBIT $13M (8.8% margin) and Building Products EBIT $41M (29.1% margin); both impacted by customer destocking.
Management expects moderate Q3 inventory losses, believes Q2 is trough; separation of Steel business on track for early 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported second quarter of fiscal 2023 (the fiscal quarter ended November 30, 2022) results: revenue $1.2 billion, net income $16,218 thousand, EPS $0.33.

Period: second quarter of fiscal 2023 (the fiscal quarter ended November 30, 2022)
Revenue: $1.2 billion
Net income: $16,218 thousand
EPS: $0.33
Result: reported results

Exact text from the filing

holding gains of $42 million or $0.61 a share in the prior year quarter, an unfavorable swing of $95 million, which is $1.42 a share. Consolidated net sales in the quarter of $1.2 billion decreased 5% from the prior year, primarily due to the lower average selling prices in Steel Processing, combined with lower volumes, partially offset by the inclusion of Temple

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Source: SEC EDGAR

accession 0000950170-22-027063

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