Worthington Steel Files Q1 2025 10-Q

TL;DR

Worthington Steel's Q1 2025 10-Q is in. Check financials.

AI Summary

Worthington Steel, Inc. filed its 10-Q for the period ending August 31, 2024. The company reported financial results and provided updates on its operations. Key financial data and operational details are included in the filing, which covers the first quarter of fiscal year 2025.

Why It Matters

This filing provides investors with a detailed look at Worthington Steel's financial health and operational performance for the most recent quarter, influencing investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial or operational risks.

Key Numbers

• Q1 2025 — Fiscal Quarter (The period covered by the filing)
• 0531 — Fiscal Year End (The company's fiscal year concludes on May 31st)

Key Players & Entities

• Worthington Steel, Inc. (company) — Filer of the 10-Q
• 2024-08-31 (date) — End of reporting period
• 2024-10-15 (date) — Filing date
• COLUMBUS, OH (location) — Company headquarters and mailing address

FAQ

Filing Documents

• ws-20240831.htm (10-Q) — 2061KB
• ws-ex31_1.htm (EX-31.1) — 16KB
• ws-ex31_2.htm (EX-31.2) — 15KB
• ws-ex32_1.htm (EX-32.1) — 9KB
• ws-ex32_2.htm (EX-32.2) — 9KB
• img12585783_0.jpg (GRAPHIC) — 39KB
• 0000950170-24-114688.txt ( ) — 9270KB
• ws-20240831.xsd (EX-101.SCH) — 1340KB
• ws-20240831_htm.xml (XML) — 1658KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Balance Sheets – August 31, 2024 and May 31, 2024 1 Consolidated and Combined Statements of Earnings – Three months ended August 31, 2024 and August 31, 2023 2 Consolidated and Combined Statements of Comprehensive Income – Three months ended August 31, 2024 and August 31, 2023 3 Consolidated and Combined Statements of Cash Flows – Three months ended August 31, 2024 and August 31, 2023 4 Consolidated and Combined Statements of Equity – Three months ended August 31, 2024 and August 31, 2023 5 Condensed Notes to Consolidated and Combined 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 33 Item 6. Exhibits 33

Signatures

Signatures 34 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING StatementS Selected statements made by Worthington Steel, Inc. ("Worthington Steel" and, together with its consolidated subsidiaries, the "Company," "we," "us," or "our") contained in this Quarterly Report on Form 10-Q (this "Form 10-Q"), including, without limitation, in "PART I – Item 1. – Note 5 – Contingent Liabilities and Commitments" and 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, as amended (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; outlook, strategy or business plans; anticipated benefits of Worthington Enterprises, Inc.'s separation of its steel processing business into Worthington Steel as a stand-alone, publicly traded company on December 1, 2023 (the "Separation"); expected financial and operational performance, and future opportunities subsequent to the Separation; the tax treatment of the Separation; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and t

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

– Financ ial Statements

Item 1. – Financ ial Statements WORTHINGTON STEEL, INC. CONSOLIDATED B ALANCE SHEETS (In millions, except share amounts) (Unaudited) August 31, May 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 36.0 $ 40.2 Receivables, less allowances of $ 2.7 and $ 3.2 , respectively 443.4 472.6 Inventories: Raw materials 157.5 150.2 Work in process 150.2 176.8 Finished products 84.4 78.3 Total inventories 392.1 405.3 Income taxes receivable 7.6 4.2 Assets held for sale 2.9 2.9 Prepaid expenses and other current assets 73.5 76.6 Total current assets 955.5 1,001.8 Investment in unconsolidated affiliate 136.3 135.0 Operating lease assets 70.8 72.9 Goodwill 79.7 79.6 Other intangible assets, net of accumulated amortization of $ 46.8 and $ 45.3 , respectively 75.5 77.0 Deferred income taxes 8.5 8.5 Other assets 16.5 16.8 Property, plant and equipment: Land 38.0 37.9 Buildings and improvements 178.4 177.1 Machinery and equipment 902.3 893.8 Construction in progress 99.1 83.6 Total property, plant and equipment 1,217.8 1,192.4 Less: accumulated depreciation 731.2 717.6 Total property, plant and equipment, net 486.6 474.8 Total assets $ 1,829.4 $ 1,866.4 Liabilities and equity Current liabilities: Accounts payable $ 359.3 $ 380.4 Short-term borrowings 122.2 148.0 Accrued compensation, contributions to employee benefit plans and related taxes 39.6 52.8 Dividends payable 8.8 8.7 Other accrued items 13.3 15.7 Current operating lease liabilities 7.4 7.6 Income taxes payable 7.3 5.2 Total current liabilities 557.9 618.4 Other liabilities 34.8 34.3 Noncurrent operating lease liabilities 66.4 68.3 Deferred income taxes, net 27.1 27.9 Total liabilities 686.2 748.9 Preferred shares, without par value; authorized – 1,000,000 s

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View this 10-Q filing on SEC EDGAR