Worthington Enterprises Files Q2 FY25 10-Q

TL;DR

Worthington Enterprises dropped its Q2 FY25 10-Q. Check financials.

AI Summary

Worthington Enterprises, Inc. filed its 10-Q for the period ending November 30, 2024. The company reported financial results for its second quarter and first half of fiscal year 2025. Key financial data and segment performance are detailed within the filing, providing insights into the company's operational and financial standing during this period.

Why It Matters

This filing provides investors with crucial financial performance data for Worthington Enterprises, including revenue, profitability, and segment-specific results, which are essential for evaluating the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information and operational updates that could impact the company's stock price, requiring careful analysis by investors.

Key Numbers

• 20241130 — Fiscal Year End (Reporting period for the 10-Q filing.)
• 20250110 — Filing Date (Date the 10-Q was submitted to the SEC.)

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
• 20241130 (date) — Reporting Period End Date
• 20250110 (date) — Filing Date

FAQ

Key Financial Figures

• $500,000,000 — mer Price Index Credit Facility Our $500,000,000 unsecured revolving credit facility wit
• $250,000,000 — il 15, 2014, in the principal amount of $250,000,000, which bore interest at a rate of 4.55%
• $2,665 — sure used by management. (2) Excludes $2,665 of stock-based compensation reported in

Filing Documents

• wor-20241130.htm (10-Q) — 4141KB
• wor-ex31_1.htm (EX-31.1) — 16KB
• wor-ex31_2.htm (EX-31.2) — 16KB
• wor-ex32_1.htm (EX-32.1) — 9KB
• wor-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-25-004028.txt ( ) — 16614KB
• wor-20241130.xsd (EX-101.SCH) — 1841KB
• wor-20241130_htm.xml (XML) — 3966KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets – November 30, 2024 and May 31, 2024 4 Consolidated Statements of Earnings – Three Months and Six Months Ended November 30, 2024 and 2023 5 Consolidated Statements of Comprehensive Income – Three Months and Six Months Ended November 30, 2024 and 2023 6 Consolidated Statements of Cash Flows – Three Months and Six Months Ended November 30, 2024 and 2023 7 Condensed Notes to Consolidated Financial Statements (Unaudited) 8 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 38

Signatures

Signatures 39 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) ASU Accounting Standards Update Board Board of Directors of Worthington Enterprises, Inc. CARES Act Coronavirus Aid, Relief and Economic Security Act CEO Chief Executive Officer 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 CPI U.S. Core Consumer Price Index Credit Facility Our $500,000,000 unsecured revolving credit facility with a group of lenders EBIT Earnings before interest and taxes EPS Earnings per common share equity income Equity in net income of unconsolidated affiliates ETR Effective income tax rate Exchange Act Securities Exchange Act of 1934, as amended FASB Financial Accounting Standards Board Form 10-Q Our Quarterly Report on Form 10-Q for the quarterly period ended November 30, 2024 fiscal 2024 Our fiscal year ended May 31, 2024 fiscal 2025 Our fiscal year ended May 31, 2025 second quarter of fiscal 2024 Our fiscal quarter ended November 30, 2023 second quarter of fiscal 2025 Our fiscal quarter ended November 30, 2024 GAAP U.S. generally accepted accounting principles GDP U.S. gross domestic product Halo WH Products, LLC HMI The National Association of Home Builders/Wells Fargo Housing Market Index LIRA Leading Indicator of Remodeling Activity 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 N.M. Not meaningful 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 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 Commitments," constitute "forward-looking statements," as that term is used in the PSLRA. We wish to take advantage of the safe harbor provisions included in the PSLRA. Forward-looking statements reflect our 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," and similar words or phrases. These forward-looking statements include, without limitation, statements re

– Financ ial Statements

Item 1. – Financ ial Statements WORTHINGTON ENTERPRISES, INC. CONSOLIDATED B ALANCE SHEETS (In thousands) (Unaudited) November 30, May 31, 2024 2024 Assets Current assets: Cash and cash equivalents 193,805 $ 244,225 Receivables, less allowances of $ 2,553 and $ 343 , respectively 184,925 199,798 Inventories: Raw materials 74,921 66,040 Work in process 10,577 11,668 Finished products 93,965 86,907 Total inventories 179,463 164,615 Income taxes receivable 9,417 17,319 Prepaid expenses and other current assets 35,389 47,936 Total current assets 602,999 673,893 Investments in unconsolidated affiliates 135,218 144,863 Operating lease assets 23,015 18,667 Goodwill 369,799 331,595 Other intangible assets, net of accumulated amortization of $ 89,638 and $ 83,242 , respectively 244,102 221,071 Other assets 22,309 21,342 Property, plant and equipment: Land 8,632 8,657 Buildings and improvements 129,684 123,478 Machinery and equipment 356,678 321,836 Construction in progress 27,330 24,504 Total property, plant and equipment 522,324 478,475 Less: accumulated depreciation 262,749 251,269 Total property, plant and equipment, net 259,575 227,206 Total assets $ 1,657,017 $ 1,638,637 Liabilities and equity Current liabilities: Accounts payable $ 83,262 $ 91,605 Accrued compensation, contributions to employee benefit plans and related taxes 28,499 41,974 Dividends payable 9,040 9,038 Other accrued items 42,357 29,061 Current operating lease liabilities 5,396 6,228 Income taxes payable 910 470 Total current liabilities 169,464 178,376 Other liabilities 60,305 62,243 Distributions in excess of investment in unconsolidated affiliate 110,763 111,905 Long-term debt 295,721 298,133 Noncurrent operating lease liabilities 18,090 12,818 Deferred income taxes,

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View this 10-Q filing on SEC EDGAR