Worthington Steel Files 10-Q for Q2 FY25

TL;DR

Worthington Steel's Q2 FY25 10-Q is in. Check financials.

AI Summary

Worthington Steel, Inc. filed its 10-Q for the period ending November 30, 2024. The filing details financial performance and operational updates for the second quarter of fiscal year 2025. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides investors with a detailed look at Worthington Steel's financial health and operational performance during the second quarter of fiscal year 2025, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial and operational information that can significantly impact stock price.

Key Numbers

• 2024-11-30 — Fiscal Year End (Reporting period for the 10-Q)
• 2025-01-13 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• Worthington Steel, Inc. (company) — Filer of the 10-Q
• 2024-11-30 (date) — End of the reporting period
• 2025-01-13 (date) — Filing date
• COLUMBUS, OH (location) — Company headquarters and mailing address

FAQ

Filing Documents

• ws-20241130.htm (10-Q) — 3252KB
• ws-ex31_1.htm (EX-31.1) — 16KB
• ws-ex31_2.htm (EX-31.2) — 16KB
• ws-ex32_1.htm (EX-32.1) — 10KB
• ws-ex32_2.htm (EX-32.2) — 10KB
• img12608846_0.jpg (GRAPHIC) — 39KB
• 0000950170-25-004864.txt ( ) — 12152KB
• ws-20241130.xsd (EX-101.SCH) — 1360KB
• ws-20241130_htm.xml (XML) — 2467KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets – November 30, 2024 and May 31, 2024 1 Consolidated and Combined Statements of Earnings – Three Months and Six Months Ended November 30, 2024, and November 30, 2023 2 Consolidated and Combined Statements of Comprehensive Income – Three Months and Six Months Ended November 30, 2024, and November 30, 2023 3 Consolidated and Combined Statements of Cash Flows – Six Months Ended November 30, 2024, and November 30, 2023 4 Consolidated and Combined Statements of Equity – Six Months Ended November 30, 2024, and November 30, 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 35 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 37 Item 6. Exhibits 37

Signatures

Signatures 38 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) November 30, May 31, 2024 2024 Assets Current assets: Cash and cash equivalents $ 52.0 $ 40.2 Receivables, less allowances of $ 4.9 and $ 3.2 , respectively 372.9 472.6 Inventories: Raw materials 135.9 150.2 Work in process 127.5 176.8 Finished products 79.6 78.3 Total inventories 343.0 405.3 Income taxes receivable 9.2 4.2 Assets held for sale 1.8 2.9 Prepaid expenses and other current assets 78.5 76.6 Total current assets 857.4 1,001.8 Investment in unconsolidated affiliate 130.4 135.0 Operating lease assets 68.8 72.9 Goodwill 79.5 79.6 Other intangible assets, net of accumulated amortization of $ 48.4 and $ 45.3 , respectively 73.9 77.0 Deferred income taxes 8.5 8.5 Other assets 15.6 16.8 Property, plant and equipment: Land 37.7 37.9 Buildings and improvements 178.3 177.1 Machinery and equipment 924.0 893.8 Construction in progress 110.0 83.6 Total property, plant and equipment 1,250.0 1,192.4 Less: accumulated depreciation 744.8 717.6 Total property, plant and equipment, net 505.2 474.8 Total assets $ 1,739.3 $ 1,866.4 Liabilities and equity Current liabilities: Accounts payable $ 285.5 $ 380.4 Short-term borrowings 115.0 148.0 Accrued compensation, contributions to employee benefit plans and related taxes 34.1 52.8 Dividends payable 9.0 8.7 Other accrued items 15.5 15.7 Current operating lease liabilities 7.4 7.6 Income taxes payable 1.2 5.2 Total current liabilities 467.7 618.4 Other liabilities 35.3 34.3 Noncurrent operating lease liabilities 64.6 68.3 Deferred income taxes, net 26.6 27.9 Total liabilities 594.2 748.9 Preferred shares, without par value; authorized – 1,000,00

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View this 10-Q filing on SEC EDGAR