Worthington Enterprises, Inc. Files 10-Q for Period Ending November 30, 2023
Ticker: WOR · Form: 10-Q · Filed: Jan 9, 2024 · CIK: 108516
| Field | Detail |
|---|---|
| Company | Worthington Enterprises, Inc. (WOR) |
| Form Type | 10-Q |
| Filed Date | Jan 9, 2024 |
| Risk Level | low |
| Pages | 13 |
| Reading Time | 16 min |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: 10-Q, Worthington Enterprises, Financial Report, SEC Filing, Quarterly Results
TL;DR
<b>Worthington Enterprises, Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>
AI Summary
WORTHINGTON ENTERPRISES, INC. (WOR) filed a Quarterly Report (10-Q) with the SEC on January 9, 2024. Filing is a 10-Q for Worthington Enterprises, Inc. for the period ending November 30, 2023. The company's fiscal year ends on May 31. Previous company names include Worthington Industries Inc. and Worthington Steel Co. The filing includes data related to various financial instruments and accounts, such as standby letters of credit, corporate joint ventures, and accounts receivable securitization facilities. Specific dates mentioned range from 2022-05-19 to 2024-12-31, indicating a review of historical and future periods.
Why It Matters
For investors and stakeholders tracking WORTHINGTON ENTERPRISES, INC., this filing contains several important signals. This filing provides an update on the company's financial performance and position for the second quarter of its fiscal year. It contains detailed financial information and disclosures relevant to investors and stakeholders for the specified reporting period.
Risk Assessment
Risk Level: low — WORTHINGTON ENTERPRISES, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain significant new risks beyond those typically disclosed by public companies.
Analyst Insight
Review the detailed financial statements and disclosures within the 10-Q to understand Worthington Enterprises' current financial health and operational performance.
Key Numbers
- 20231130 — Period End Date (Conformed period of report)
- 20240109 — Filing Date (Filed as of date)
- 0531 — Fiscal Year End (Company fiscal year end)
- 2023-06-01 — Reporting Period Start (Start date for reporting period)
- 2022-06-01 — Prior Period Start (Start date for prior period)
- 2022-05-19 — Accounts Receivable Securitization Facility Date (Date related to a financial facility)
- 19920703 — Name Change Date (Date of previous company name change)
- 19720123 — Name Change Date (Date of earlier company name change)
Key Players & Entities
- WORTHINGTON ENTERPRISES, INC. (company) — Filer name
- WOR (company) — Ticker symbol
- 10-Q (filing) — Form type
- 20231130 (date) — Period of report
- 20240109 (date) — Filing date
- Worthington Industries Inc. (company) — Former company name
- Worthington Steel Co. (company) — Former company name
- OH (location) — State of incorporation
FAQ
When did WORTHINGTON ENTERPRISES, INC. file this 10-Q?
WORTHINGTON ENTERPRISES, INC. filed this Quarterly Report (10-Q) with the SEC on January 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by WORTHINGTON ENTERPRISES, INC. (WOR).
Where can I read the original 10-Q filing from WORTHINGTON ENTERPRISES, INC.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by WORTHINGTON ENTERPRISES, INC..
What are the key takeaways from WORTHINGTON ENTERPRISES, INC.'s 10-Q?
WORTHINGTON ENTERPRISES, INC. filed this 10-Q on January 9, 2024. Key takeaways: Filing is a 10-Q for Worthington Enterprises, Inc. for the period ending November 30, 2023.. The company's fiscal year ends on May 31.. Previous company names include Worthington Industries Inc. and Worthington Steel Co..
Is WORTHINGTON ENTERPRISES, INC. a risky investment based on this filing?
Based on this 10-Q, WORTHINGTON ENTERPRISES, INC. presents a relatively low-risk profile. The filing is a standard 10-Q, which is a routine periodic report and does not inherently contain significant new risks beyond those typically disclosed by public companies.
What should investors do after reading WORTHINGTON ENTERPRISES, INC.'s 10-Q?
Review the detailed financial statements and disclosures within the 10-Q to understand Worthington Enterprises' current financial health and operational performance. The overall sentiment from this filing is neutral.
How does WORTHINGTON ENTERPRISES, INC. compare to its industry peers?
Worthington Enterprises operates in the steel processing and manufacturing industry.
Are there regulatory concerns for WORTHINGTON ENTERPRISES, INC.?
The filing is a standard 10-Q report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.
Industry Context
Worthington Enterprises operates in the steel processing and manufacturing industry.
Regulatory Implications
The filing is a standard 10-Q report required by the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.
What Investors Should Do
- Analyze the financial statements for the three and six months ended November 30, 2023, and compare them to the prior year.
- Review any disclosed risk factors or management's discussion and analysis for insights into operational challenges or opportunities.
- Examine details on debt, equity, and cash flow to assess the company's financial stability.
Year-Over-Year Comparison
This filing represents the quarterly update for the period ending November 30, 2023, following previous filings such as the 10-K for the fiscal year ended May 31, 2023.
Filing Stats: 4,040 words · 16 min read · ~13 pages · Grade level 18.8 · Accepted 2024-01-09 15:21:06
Filing Documents
- wor-20231130.htm (10-Q) — 3290KB
- wor-ex3_1.htm (EX-3.1) — 59KB
- wor-ex31_1.htm (EX-31.1) — 15KB
- wor-ex31_2.htm (EX-31.2) — 14KB
- wor-ex32_1.htm (EX-32.1) — 9KB
- wor-ex32_2.htm (EX-32.2) — 9KB
- img148317647_0.jpg (GRAPHIC) — 185KB
- 0000950170-24-003302.txt ( ) — 14581KB
- wor-20231130.xsd (EX-101.SCH) — 1446KB
- wor-20231130_htm.xml (XML) — 3508KB
Financial Information
Part I. Financial Information Item 1.
Financial Statements
Financial Statements Consolidated Balance Sheets – November 30, 2023 and May 31, 2023 2 Consolidated Statements of Earnings – Three Months and Six Months Ended November 30, 2023 and 2022 3 Consolidated Statements of Comprehensive Income – Three Months and Six Months Ended November 30, 2023 and 2022 4 Consolidated Statements of Cash Flows – Three Months and Six Months Ended November 30, 2023 and 2022 5 Condensed Notes to Consolidated Financial Statements 6 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.
Controls and Procedures
Controls and Procedures 37
Other Information
Part II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 38 Item 1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40
Signatures
Signatures 42 i Table of Contents Safe Harbor Statement Selected statements contained in this Quarterly Report on Form 10-Q (this “Form 10-Q”), including, without limitation, in “PART I – Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of Operations,” constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Forward-looking statements reflect the Company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee,” or other similar words or phrases. These forward-looking statements include, without limitation, statements relating to: • future or expected cash positions, liquidity and ability to access financial markets and capital; • outlooks, strategies or business plans; • anticipated benefits of the separation of the Company’s former Steel Processing business (the “Separation”); • expected financial and operational performance of, and future opportunities for, the Company following the Separation; • the Company’s performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; • the tax treatment of the Separation transaction; • future or expected growth, growth potenti
FINANC IAL INFORMATION
PART I. FINANC IAL INFORMATION
– Financ ial Statements
Item 1. – Financ ial Statements WORTHINGTON ENTERPRISES, INC. CONSOLIDATED B ALANCE SHEETS (In thousands) (Unaudited) November 30, May 31, 2023 2023 Assets Current assets: Cash and cash equivalents $ 430,906 $ 454,946 Receivables, less allowances of $ 2,944 and $ 3,383 at November 30, 2023 and May 31, 2023, respectively 640,826 692,887 Inventories: Raw materials 245,166 264,568 Work in process 156,361 183,248 Finished products 174,884 160,152 Total inventories 576,411 607,968 Income taxes receivable 5,511 4,198 Assets held for sale 1,789 3,381 Prepaid expenses and other current assets 117,160 104,957 Total current assets 1,772,603 1,868,337 Investments in unconsolidated affiliates 247,421 252,591 Operating lease assets 94,677 99,967 Goodwill 416,857 414,820 Other intangible assets, net of accumulated amortization of $ 121,478 and $ 112,202 at November 30, 2023 and May 31, 2023, respectively 305,649 314,226 Other assets 42,916 25,323 Property, plant and equipment: Land 50,920 49,697 Buildings and improvements 312,830 308,669 Machinery and equipment 1,293,628 1,263,962 Construction in progress 78,536 45,165 Total property, plant and equipment 1,735,914 1,667,493 Less: accumulated depreciation 1,031,900 991,839 Total property, plant and equipment, net 704,014 675,654 Total assets $ 3,584,137 $ 3,650,918 Liabilities and equity Current liabilities: Accounts payable $ 447,119 $ 528,920 Short-term borrowings 175,000 2,813 Accrued compensation, contributions to employee benefit plans and related taxes 80,461 93,810 Dividends payable 17,245 18,330 Other accrued items 62,270 53,362 Current operating lease liabilities 12,493 12,608 Income taxes payable 485 7,451 Current maturities of long-term debt 150,269 264 Total current liabilities 945,342