Worthington Steel Declares Dividend, Reports Q3 Results

TL;DR

WS declares $0.31 dividend, Q3 sales $1.1B, adj. EBITDA $130.5M.

AI Summary

Worthington Steel, Inc. announced on March 20, 2024, that its Board of Directors has declared a quarterly cash dividend of $0.31 per share, payable on April 15, 2024, to shareholders of record as of April 1, 2024. The company also reported its financial results for the third quarter of fiscal year 2024, highlighting net sales of $1.1 billion and adjusted EBITDA of $130.5 million.

Why It Matters

The declaration of a dividend indicates the company's financial health and commitment to returning value to shareholders, while the Q3 results provide insight into its operational performance and market position.

Risk Assessment

Risk Level: low — This filing is primarily an announcement of a routine dividend payment and financial results, with no significant negative events or changes reported.

Key Numbers

• $0.31 — Quarterly Dividend (Amount per share to be paid to shareholders.)
• $1.1 billion — Q3 Net Sales (Total revenue for the third quarter of fiscal year 2024.)
• $130.5 million — Q3 Adjusted EBITDA (Profitability metric for the third quarter of fiscal year 2024.)

Key Players & Entities

• Worthington Steel, Inc. (company) — Registrant
• $0.31 (dollar_amount) — Quarterly cash dividend per share
• April 15, 2024 (date) — Dividend payment date
• April 1, 2024 (date) — Record date for dividend
• March 20, 2024 (date) — Date of report
• $1.1 billion (dollar_amount) — Third quarter fiscal year 2024 net sales
• $130.5 million (dollar_amount) — Third quarter fiscal year 2024 adjusted EBITDA

FAQ

Key Financial Figures

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• $0.16 — s declared a quarterly cash dividend of $0.16 per common share. The dividend was decl

Filing Documents

• ws-20240320.htm (8-K) — 53KB
• ws-ex10_1.htm (EX-10.1) — 52KB
• ws-ex99_1.htm (EX-99.1) — 859KB
• ws-ex99_2.htm (EX-99.2) — 164KB
• ws-ex99_3.htm (EX-99.3) — 12KB
• img239203593_0.jpg (GRAPHIC) — 28KB
• img241050635_0.jpg (GRAPHIC) — 28KB
• 0000950170-24-036589.txt ( ) — 1402KB
• ws-20240320.xsd (EX-101.SCH) — 23KB
• ws-20240320_htm.xml (XML) — 4KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On March 21, 2024, Worthington Steel, Inc. ("we," "us," "our," "the Company" and "the registrant") issued a news release (the "Financial News Release") reporting results for the three months ended February 29, 2024 (the third quarter of fiscal 2024) and the nine months ended February 29, 2024. A copy of the Financial News Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. We conducted a conference call on March 22, 2024, to discuss our unaudited financial results for the third quarter of fiscal 2024 and addressed certain matters related to our outlook for the fourth quarter of fiscal 2024. A copy of the transcript of the conference call is included herewith as Exhibit 99.2 and is incorporated herein by reference. We have included both financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and non-GAAP financial measures in the Financial News Release and the conference call to provide investors with additional information that we believe allows for increased comparability of the performance of our ongoing operations from period to period. Please see the Financial News Release for further explanations of why we use the non-GAAP financial measures and the reconciliations to the most comparable GAAP financial measures. The information contained in this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered "filed" under the Exchange Act or incorporate the information by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended. Item 5.02 Departure of Directors or Certain Officers

01 Other Events

Item 8.01 Other Events. On March 21, 2024, we issued a news release (the "Dividend Release") reporting that our Board of Directors declared a quarterly cash dividend of $0.16 per common share. The dividend was declared on March 21, 2024, and is payable on June 28, 2024, to our shareholders of record at the close of business on June 14, 2024. A copy of the Dividend Release is filed herewith as Exhibit 99.3.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Description 10.1 Form of Special Performance Share Retention Award Agreement under the Worthington Steel, Inc. 2023 Long-Term Incentive Plan 99.1 News Release of Worthington Steel, Inc. issued on March 21, 2024 (Financial News Release) 99.2 Transcript of Worthington Steel, Inc. Earnings Conference Call for Third Quarter of Fiscal 2024 held on March 22, 2024 99.3 News Release of Worthington Steel, Inc. issued on March 21, 2024 (Dividend Release) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WORTHINGTON STEEL, INC. Date: March 26, 2024 By: /s/ Joseph Y. Heuer Joseph Y. Heuer Vice President - General Counsel and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR