secwatch.observer — SEC 8-K summary
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Issuer:     WORTHINGTON ENTERPRISES, INC. (WOR)
CIK:        0000108516
Form:       8-K
Filed at:   2022-12-28T23:59:59+00:00
Accession:  0000950170-22-027063
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108516/000095017022027063/0000950170-22-027063-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108516/000095017022027063/wor-20221221.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-027063

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