Worthington Enterprises Q1 FY25 10-Q Filed

TL;DR

**WOR Q1 FY25 10-Q is IN!** Financials and segment details out.

AI Summary

Worthington Enterprises, Inc. filed its 10-Q for the period ending August 31, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial data and segment information are presented, including details on cash flow hedging and other comprehensive income adjustments.

Why It Matters

This filing provides investors with the latest financial results and operational insights for Worthington Enterprises, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• FY25 — Fiscal Year (Reporting period is Q1 of Fiscal Year 2025.)
• 2024-08-31 — Period End Date (The 10-Q covers financial activities up to this date.)
• 2024-06-01 — Quarter Start Date (The first quarter of FY25 began on this date.)

Key Players & Entities

• WORTHINGTON ENTERPRISES, INC. (company) — Filer
• 200 W. OLD WILSON BRIDGE ROAD (address) — Business and Mail Address
• COLUMBUS, OH (location) — Business and Mail City/State
• 20240831 (date) — Reporting Period End Date
• 20241007 (date) — Filing Date

FAQ

Key Financial Figures

• $500,000,000 — n December 2019 Credit Facility Our $500,000,000 unsecured revolving credit facility wit
• $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-20240831.htm (10-Q) — 2272KB
• wor-ex31_1.htm (EX-31.1) — 16KB
• wor-ex31_2.htm (EX-31.2) — 15KB
• wor-ex32_1.htm (EX-32.1) — 8KB
• wor-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-113225.txt ( ) — 11390KB
• wor-20240831.xsd (EX-101.SCH) — 1928KB
• wor-20240831_htm.xml (XML) — 2211KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets – August 31, 2024 and May 31, 2024 3 Consolidated Statements of Earnings – Three months ended August 31, 2024 and 2023 4 Consolidated Statements of Comprehensive Income – Three months ended August 31, 2024 and 2023 5 Consolidated Statements of Cash Flows – Three months ended August 31, 2024 and 2023 6 Condensed Notes to Consolidated Financial Statements 7 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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 31

Signatures

Signatures 32 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) 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 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 August 31, 2024 fiscal 2024 Our fiscal year ended May 31, 2024 fiscal 2025 Our fiscal year ended May 31, 2025 first quarter of fiscal 2024 Our fiscal quarter ended August 31, 2023 first quarter of fiscal 2025 Our fiscal quarter ended August 31, 2024 GAAP U.S. generally accepted accounting principles GDP Gross domestic product Halo WH Products, 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 New Senior Notes Collectively, the senior unsecured note issued by Worthington Enterprises on August 23, 2019, in the principal amount of 36,700,000 that bears interest at a rate of 2.06% and is scheduled to be repaid on August 23, 2031, and the senior unsecured notes issued by Worthington Enterprises on August 23, 2019, in the principal amount of 55,000,000 that bear interest at a rate of 2.40% and are scheduled to be repaid on August 23, 2034. OCI Other comprehensive income (loss) PSLRA Private Securities Litigation Reform Act of 1995, as amended Ragasco Hexagon Ragasco AS SEC Securities and Exchange Commission Separation The separation of our former steel processing business, effective December 1, 2023 SG&A Selling, general and administrative expenses SOFR Secured Overnight Financing Rate U.S. United States of America WAVE Worthington Armstrong Venture Workhorse Taxi Workhorse Holdings, LLC Worthington Enterprises Worthington Enterprises, Inc. (formerly known as Worthington Industries, Inc.) Worthington Steel Worthington Steel, Inc. 2024 Form 10-K Our Annual Report on Form 10-K for fiscal 2024 as filed with the SEC on July 30, 2024 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%, were set to mature on August 10, 2024, and were paid in full on December 6, 2023. 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%, were scheduled to mature on April 15, 2026, and were paid in full on July 28, 2023. ii Table of Contents C AUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Selected statements contained in this Form 10-Q, including, without limitation, in MD&A and in "Note E – Contingent Liabilities and Commitmen

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) August 31, May 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 178,547 $ 244,225 Receivables, less allowances of $ 508 and $ 343 , respectively 168,497 199,798 Inventories: Raw materials 77,577 66,040 Work in process 10,053 11,668 Finished products 99,669 86,907 Total inventories 187,299 164,615 Income taxes receivable 4,711 17,319 Prepaid expenses and other current assets 37,383 47,936 Total current assets 576,437 673,893 Investments in unconsolidated affiliates 140,467 144,863 Operating lease assets 27,109 18,667 Goodwill 373,375 331,595 Other intangible assets, net of accumulated amortization of $ 87,024 and $ 83,242 , respectively 250,376 221,071 Other assets 21,611 21,342 Property, plant and equipment: Land 8,676 8,657 Buildings and improvements 129,254 123,478 Machinery and equipment 344,250 321,836 Construction in progress 33,841 24,504 Total property, plant and equipment 516,021 478,475 Less: accumulated depreciation 260,125 251,269 Total property, plant and equipment, net 255,896 227,206 Total assets $ 1,645,271 $ 1,638,637 Liabilities and equity Current liabilities: Accounts payable $ 82,768 $ 91,605 Accrued compensation, contributions to employee benefit plans and related taxes 30,536 41,974 Dividends payable 9,443 9,038 Other accrued items 34,486 29,061 Current operating lease liabilities 7,353 6,228 Income taxes payable 1,652 470 Total current liabilities 166,238 178,376 Other liabilities 57,918 62,243 Distributions in excess of investment in unconsolidated affiliate 110,522 111,905 Long-term debt 300,009 298,133 Noncurrent operating lease liabilities 20,166 12,818 Deferred income taxe

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