secwatch.observer — SEC 8-K summary
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Issuer:     WORTHINGTON ENTERPRISES, INC. (WOR)
CIK:        0000108516
Form:       8-K
Filed at:   2023-10-03T23:59:59+00:00
Accession:  0000950170-23-051497
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/0000950170-23-051497-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108516/000095017023051497/wor-20230927.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-051497

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer