Worthington Enterprises, Inc. Files 10-Q for Period Ending February 29, 2024

TL;DR

<b>Worthington Enterprises, Inc. has filed its quarterly report (10-Q) for the period ending February 29, 2024.</b>

AI Summary

WORTHINGTON ENTERPRISES, INC. (WOR) filed a Quarterly Report (10-Q) with the SEC on April 9, 2024. Filing is a 10-Q for Worthington Enterprises, Inc. for the period ending February 29, 2024. The company's fiscal year end is May 31. Previous company names include Worthington Industries Inc. and Worthington Steel Co. The filing references various financial instruments and segments including Level 5 Tools LLC, ClarkDietrich, and ArtiFlex. Key dates mentioned include February 29, 2024, May 31, 2023, and February 28, 2023.

Why It Matters

For investors and stakeholders tracking WORTHINGTON ENTERPRISES, INC., this filing contains several important signals. This 10-Q filing provides an update on Worthington Enterprises' financial performance and operational status for the third quarter of its fiscal year. Investors and analysts can use this report to assess the company's financial health, identify trends, and make informed investment decisions.

Risk Assessment

Risk Level: low — WORTHINGTON ENTERPRISES, INC. shows low risk based on this filing. The filing is a standard 10-Q report, which is routine for publicly traded companies and does not inherently indicate significant new risks.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance and outlook.

Key Numbers

• 2024-02-29 — Period End Date (Conformed period of report)
• 2024-04-09 — Filing Date (Filed as of date)
• 0531 — Fiscal Year End (Fiscal year end)
• 311189815 — IRS Number (IRS Number)

Key Players & Entities

• WORTHINGTON ENTERPRISES, INC. (company) — Filer name
• WOR (company) — Ticker symbol
• 2024-02-29 (date) — Period of report
• 2024-04-09 (date) — Filing date
• 200 W. OLD WILSON BRIDGE ROAD (address) — Business address
• COLUMBUS (location) — Business address city
• OH (location) — Business address state
• 3310 (industry) — Standard Industrial Classification

FAQ

Industry Context

Worthington Enterprises, Inc. operates in the steel processing and manufacturing industry.

Regulatory Implications

This filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to submit quarterly reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and segment information.
2. Analyze the company's performance against previous periods and industry benchmarks.
3. Monitor future SEC filings for updated financial results and strategic developments.

Key Dates

• 2024-02-29: Period End Date — End of the reporting period for the 10-Q filing.
• 2024-04-09: Filing Date — Date the 10-Q filing was submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending February 29, 2024, following the previous fiscal year-end reporting.

Key Financial Figures

• $500,000,000 — n December 2019 Credit Facility Our $500,000,000 unsecured revolving credit facility wit
• $550,000,000 — l Credit Facility Worthington Steel's $550,000,000 senior secured revolving credit facilit
• $150,000,000 — st 10, 2012, in the principal amount of $150,000,000, which bore interest at a rate of 4.60%
• $250,000,000 — il 15, 2014, in the principal amount of $250,000,000, which bore interest at a rate of 4.55%

Filing Documents

• wor-20240229.htm (10-Q) — 3583KB
• wor-ex31_1.htm (EX-31.1) — 15KB
• wor-ex31_2.htm (EX-31.2) — 15KB
• wor-ex32_1.htm (EX-32.1) — 9KB
• wor-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-042963.txt (&nbsp;) — 16663KB
• wor-20240229.xsd (EX-101.SCH) — 1917KB
• wor-20240229_htm.xml (XML) — 4144KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets – February 29, 2024 and May 31, 2023 2 Consolidated Statements of Earnings – Three and Nine Months Ended February 29, 2024 and February 28, 2023 3 Consolidated Statements of Comprehensive Income – Three and Nine Months Ended February 29, 2024 and February 28, 2023 4 Consolidated Statements of Cash Flows – Three and Nine Months Ended February 29, 2024 and February 28, 2023 5 Condensed Notes to Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 38

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41

Signatures

Signatures 43 i Table of Contents COMMONLY USED OR DEFINED TERMS References in this Form 10-Q to "we," "our," "us" or the "Company" are collectively to Worthington Enterprises and its consolidated subsidiaries. In addition, the following terms, when used in this Form 10-Q, have the meanings set forth below: Term Definition ABI Architecture Billings Index AOCI Accumulated other comprehensive income (loss) ArtiFlex ArtiFlex Manufacturing, LLC AR Facility Our former revolving trade accounts receivable securitization facility Board Board of Directors of Worthington Enterprises, Inc. CARES Act Coronavirus Aid, Relief and Economic Security Act ClarkDietrich Clarkwestern Dietrich Building Systems LLC CODM Chief Operating Decision Maker common shares The common shares, no par value, of Worthington Enterprises COVID-19 The novel coronavirus disease first known to originate in December 2019 Credit Facility Our $500,000,000 unsecured revolving credit facility with a group of lenders Distribution The pro-rata distribution of all outstanding shares of Worthington Steel whereby each holder of record of Worthington Enterprises common shares received one common share of Worthington Steel for every one common share of Worthington Enterprises held as of the Record Date. EPS Earnings per common share Equity Income Equity in net income of unconsolidated affiliates Exchange Act Securities Exchange Act of 1934, as amended Form 10-Q Our Quarterly Report on Form 10-Q for the quarterly period ended February 29, 2024 fiscal 2023 Our fiscal year ended May 31, 2023 fiscal 2024 Our fiscal year ending May 31, 2024 GAAP U.S. generally accepted accounting principles GDP Gross domestic product HPG Halo Products Group, LLC HMI The National Association of Home Builders/Wells Fargo Housing Market Index MD&A

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations NYSE New York Stock Exchange OCI Other comprehensive income (loss) PSLRA Private Securities Litigation Reform Act of 1995, as amended Record Date Close of business on November 21, 2023 Samuel Worthington Samuel Coil Processing LLC SEC Securities and Exchange Commission Separation The separation of our Steel Processing business, effective December 1, 2023 Serviacero Serviacero Planos, S. de R. L. de C.V. SG&A Selling, general and administrative expenses SOFR Secured Overnight Financing Rate Spartan Spartan Steel Coating, L.L.C. TWB TWB Company, L.L.C. U.S. United States of America Voestalpine Voestalpine Automotive Components Nagold GmbH & Co. KG WAVE Worthington Armstrong Venture Halo WH Products, LLC Worthington Enterprises Worthington Enterprises, Inc. (formerly known as Worthington Industries, Inc.) Workhorse Taxi Workhorse Holdings, LLC Worthington Steel Worthington Steel, Inc. Worthington Steel Credit Facility Worthington Steel's $550,000,000 senior secured revolving credit facility with a group of lenders WSP Worthington Specialty Processing 2023 Form 10-K Our Annual Report on Form 10-K for fiscal 2023 as filed with the SEC on July 31, 2023 2024 Notes The senior unsecured notes that we issued on August 10, 2012, in the principal amount of $150,000,000, which bore interest at a rate of 4.60% and were set to mature on August 10, 2024 2026 Notes The senior unsecured notes that we issued on April 15, 2014, in the principal amount of $250,000,000, which bore interest at a rate of 4.55% and were scheduled to mature on April 15, 2026 ii Table of Contents Safe Harbor Statement Selected statements contained in this Form 10-Q, including, without limitation, in MD&A, constitute "forward-looking statements," as that term is used in the PSLRA. The Company wishes to take advantage of the

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) February 29, May 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 227,310 $ 422,268 Receivables, less allowances of $ 750 and $ 803 at February 29, 2024 and May 31, 2023, respectively 219,389 224,863 Inventories: Raw materials 74,929 91,988 Work in process 18,234 19,189 Finished products 98,553 83,322 Total inventories 191,716 194,499 Income taxes receivable 2,398 1,681 Prepaid expenses and other current assets 50,298 46,301 Current assets of discontinued operations - 978,725 Total current assets 691,111 1,868,337 Investments in unconsolidated affiliates 120,707 138,041 Operating lease assets 21,285 24,686 Goodwill 345,445 336,178 Other intangible assets, net of accumulated amortization of $ 82,190 and $ 73,308 at February 29, 2024 and May 31, 2023, respectively 226,859 230,851 Other assets 30,900 14,339 Property, plant and equipment: Land 12,203 12,120 Buildings and improvements 142,522 139,514 Machinery and equipment 417,777 403,885 Construction in progress 39,260 24,779 Total property, plant and equipment 611,762 580,298 Less: accumulated depreciation 343,380 323,883 Total property, plant and equipment, net 268,382 256,415 Non-current assets of discontinued operations - 782,071 Total assets $ 1,704,689 $ 3,650,918 Liabilities and equity Current liabilities: Accounts payable $ 108,660 $ 126,743 Accrued compensation, contributions to employee benefit plans and related taxes 47,657 46,782 Dividends payable 8,916 18,330 Other accrued items 29,697 37,801 Current operating lease liabilities 6,555 6,682 Income taxes payable 536 8,918 Current maturities of long-term debt 267 264 Current liabilities of discontinued o

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