--- schema_version: "secwatch.filing_event.v1" accession: "0000950170-23-051497" form_type: "8-K" ticker: "WOR" cik: "0000108516" company_name: "WORTHINGTON ENTERPRISES, INC." filed_at: "2023-10-03T23:59:59+00:00" generated_at: "2026-06-10T05:10:35.909063+00:00" event_type: "earnings" sentiment: "positive" materiality_score: 0.75 calibrated_materiality_score: 0.75 confidence: "high" source: SEC EDGAR --- # Worthington Q1 EPS $1.93 beats prior year; Steel Processing spin-off targeted for Dec 2023 ## Summary - 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. ## SEC filing metadata - accession: 0000950170-23-051497 - form_type: 8-K - ticker: WOR - cik: 0000108516 - company_name: WORTHINGTON ENTERPRISES, INC. - filed_at: 2023-10-03T23:59:59+00:00 - event_type: earnings - sentiment: positive - materiality_score: 0.75 - calibrated_materiality_score: 0.75 - confidence: high - sec_items: 2.02, 5.07, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/wor-20230927.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000950170-23-051497 - JSON: https://secwatch.observer/filing/0000950170-23-051497.json - Plain text: https://secwatch.observer/filing/0000950170-23-051497.txt ## Key facts - Earnings Releases 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 source text: reporting Q1 earnings of $1.93 per share versus $1.30 a year ago. evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: we generated earnings of $2.06 per share in the current quarter compared to $1.61 per share in Q1 of last year. evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: Net earnings attributable to controlling interest (1) $ 96,106 $ 129,903 $ 46,325 $ 16,218 $ 64,082 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: Adjusted EBITDA $ 164,744 $ 211,402 $ 99,473 $ 63,654 $ 140,334 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: we generated earnings of $2.06 per share in the current quarter compared to $1.61 per share in Q1 of last year. evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: Net earnings attributable to controlling interest (1) $ 96,106 $ 129,903 $ 46,325 $ 16,218 $ 64,082 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: 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. evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Earnings Releases 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 source text: Adjusted EBITDA $ 164,744 $ 211,402 $ 99,473 $ 63,654 $ 140,334 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Shareholder Votes 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 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Shareholder Votes 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 source text: Proposal 4 — Ratification of the Selection of Independent Registered Public Accounting Firm Votes For Votes Against Abstentions 43,820,452 441,792 54,490 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm - Shareholder Votes WORTHINGTON ENTERPRISES, INC. shareholders approved Election of Directors at the 2023-09-27 meeting. - Proposal: director election - Outcome: passed - Meeting: 2023-09-27 source text: 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 evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.