secwatch / observer

8-K filed October 3, 2023, 7:59 PM ET ticker WOR CIK 0000108516

earnings confidence high sentiment positive materiality 0.75

Worthington Q1 EPS $1.93 beats prior year; Steel Processing spin-off targeted for Dec 2023

WORTHINGTON ENTERPRISES, INC.

2023-Q1 EPS reported $1.93 revenue$1,193,256,000

GAAP EPS $1.93 vs $1.30 prior year; adjusted EPS $2.06 vs $1.61.
Consolidated net sales $1.19B, down 15% YoY; adjusted EBITDA $165M vs $140M.
Steel Processing EBIT $78M; Consumer Products EBIT $9M (down from $21M); Building Products EBIT $54M (up from $53M).
Planned spin-off of Steel Processing targeted for early December 2023; separation costs $6M in Q1.
Board declared $0.32 quarterly dividend; debt reduced by $244M, leverage under 0.5x.

item 2.02 item 5.07 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 financial results for first quarter of fiscal 2024 ended August 31, 2023.

Period: first quarter of fiscal 2024 ended August 31, 2023
Result: reported results

Exact text from the filing

reporting Q1 earnings of $1.93 per share versus $1.30 a year ago.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2024 ended August 31, 2023.

Period: first quarter of fiscal 2024 ended August 31, 2023
Result: reported results

Exact text from the filing

we generated earnings of $2.06 per share in the current quarter compared to $1.61 per share in Q1 of last year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2024 ended August 31, 2023.

Period: first quarter of fiscal 2024 ended August 31, 2023
Result: reported results

Exact text from the filing

Consolidated net sales in the quarter of $1.2 billion decreased 15% from the prior year due to lower average selling prices in Steel Processing combined with lower volumes across most of our segments.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2024 ended August 31, 2023.

Period: first quarter of fiscal 2024 ended August 31, 2023
Result: reported results

Exact text from the filing

Net earnings attributable to controlling interest (1) $ 96,106 $ 129,903 $ 46,325 $ 16,218 $ 64,082

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2024 ended August 31, 2023.

Period: first quarter of fiscal 2024 ended August 31, 2023
Result: reported results

Exact text from the filing

Adjusted EBITDA in Q1 was $165 million, up from $140 million in Q1 of last year, and our trailing 12-month adjusted EBITDA is now $539 million.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2024 ended August 31, 2023.

Period: first quarter of fiscal 2024 ended August 31, 2023
Result: reported results

Exact text from the filing

Adjusted EBITDA $ 164,744 $ 211,402 $ 99,473 $ 63,654 $ 140,334

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2023 ended August 31, 2022.

Period: first quarter of fiscal 2023 ended August 31, 2022
Result: reported results

Exact text from the filing

we generated earnings of $2.06 per share in the current quarter compared to $1.61 per share in Q1 of last year.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2023 ended August 31, 2022.

Period: first quarter of fiscal 2023 ended August 31, 2022
Result: reported results

Exact text from the filing

Net earnings attributable to controlling interest (1) $ 96,106 $ 129,903 $ 46,325 $ 16,218 $ 64,082

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2023 ended August 31, 2022.

Period: first quarter of fiscal 2023 ended August 31, 2022
Result: reported results

Exact text from the filing

Adjusted EBITDA in Q1 was $165 million, up from $140 million in Q1 of last year, and our trailing 12-month adjusted EBITDA is now $539 million.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

WORTHINGTON ENTERPRISES, INC. reported financial results for first quarter of fiscal 2023 ended August 31, 2022.

Period: first quarter of fiscal 2023 ended August 31, 2022
Result: reported results

Exact text from the filing

Adjusted EBITDA $ 164,744 $ 211,402 $ 99,473 $ 63,654 $ 140,334

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.99

WORTHINGTON ENTERPRISES, INC. shareholders approved Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation at the 2023-09-27 meeting.

Proposal: say on pay frequency
Outcome: passed
Meeting: 2023-09-27

Exact text from the filing

Proposal 3 — Advisory Vote on the Frequency of Future Advisory Votes on Executive Compensation 1 Year 2 Years 3 Years Abstain Broker Non-Votes 37,758,490 42,286 2,933,371 54,398 3,528,189

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.99

WORTHINGTON ENTERPRISES, INC. shareholders approved Advisory Vote to Approve the Compensation of the NEOs at the 2023-09-27 meeting.

Proposal: say on pay
Outcome: passed
Meeting: 2023-09-27

Exact text from the filing

Proposal 2 — Advisory Vote to Approve the Compensation of the NEOs Votes For Votes Against Abstentions Broker Non-Votes 39,660,738 1,013,803 114,004 3,528,189

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.99

WORTHINGTON ENTERPRISES, INC. shareholders approved Ratification of the Selection of Independent Registered Public Accounting Firm at the 2023-09-27 meeting.

Proposal: auditor ratification
Outcome: passed
Meeting: 2023-09-27

Exact text from the filing

Proposal 4 — Ratification of the Selection of Independent Registered Public Accounting Firm Votes For Votes Against Abstentions 43,820,452 441,792 54,490

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.99

WORTHINGTON ENTERPRISES, INC. shareholders approved Election of Directors at the 2023-09-27 meeting.

Proposal: director election
Outcome: passed
Meeting: 2023-09-27

Exact text from the filing

Proposal 1 — Election of Directors Votes For Votes Against Abstentions Broker Non-Votes Michael J. Endres 38,559,625 2,172,280 56,640 3,528,189 Ozey K. Horton, Jr. 35,151,281 5,580,500 56,764 3,528,189 Carl A. Nelson, Jr. 25,427,364 15,191,771 169,410 3,528,189

View on SEC.gov

Browse all earnings releases →

WORTHINGTON ENTERPRISES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-051497

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.