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home / articles / worthington enterprises reports third quarter fiscal mwn benzinga


WOR - Worthington Enterprises Reports Third Quarter Fiscal 2024 Results | Benzinga

  • COLUMBUS, Ohio, March 20, 2024 (GLOBE NEWSWIRE) -- Worthington Enterprises, Inc. (NYSE:WOR) reported net sales of $316.8 million and net earnings from continuing operations of $22.0 million, or $0.44 per diluted share, for its fiscal 2024 third quarter ended February 29, 2024. This compares to net sales of $346.3 million and net earnings from continuing operations of $29.8 million, or $0.60 per diluted share, in the third quarter of fiscal 2023. On an adjusted basis, the Company reported net earnings from continuing operations of $40.2 million, or $0.80 per diluted share, for the current year quarter compared to adjusted net earnings from continuing operations of $39.9 million, or $0.81 per share, in the prior year quarter.

    As previously disclosed, the separation of the Company's former Steel Processing business into an independent publicly traded company, Worthington Steel, Inc. ("Worthington Steel"), was completed on December 1, 2023 (the "Separation"). Accordingly, the results of Worthington Steel are presented as discontinued operations separate from the Company's continuing operations in periods prior to the Separation. Earnings from discontinued operations include operating expenses only to the extent directly attributable to Worthington Steel. Indirect corporate overhead costs are included in continuing operations, and, to the extent eliminated post-Separation, have been included as an adjustment to earnings from continuing operations in periods prior to the Separation in the table below. The third quarter of fiscal 2024 was negatively impacted by the final Separation costs, as well as a one-time charge to income tax expense primarily related to non-deductible transaction costs. In addition, the current year quarter was negatively impacted by a non-cash charge to settle, in full, the unfunded benefit obligation of our last remaining pension plan. Results in both the current year quarter and the prior year quarter were impacted by certain other items that have been excluded from net earnings from continuing operations, as summarized in the table below.

    (U.S. dollars in millions, except per share amounts)
    3Q 2024
     
     
    3Q 2023
     
     
     
    After-Tax
     
     
    Per Share
     
     
    After-Tax
     
     
    Per Share
     
    Net earnings from continuing operations
     
    $
    22.0
     
     
    $
    0.44
     
     
    $
    29.8
     
     
    $
    0.60
     
    Corporate costs eliminated at Separation
     
     
    -
     
     
     
    -
     
     
     
    7.9
     
     
     
    0.16
     
    True-up of Level5 earnout accrual
     
     
    -
     
     
     
    -
     
     
     
    (0.8
    )
     
     
    (0.02
    )
    Impairment and restructuring charges
     
     
    0.5
     
     
     
    0.01
     
     
     
    0.9
     
     
     
    0.03
     
    Separation costs
     
     
    2.3
     
     
     
    0.05
     
     
     
    1.8
     
     
     
    0.04
     
    Pension settlement charge
     
     
    6.2
     
     
     
    0.12
     
     
     
    -
     
     
     
    -
     
    Loss on sale of investment in ArtiFlex
     
     
    -
     
     
     
    -
     
     
     
    0.3
     
     
     
    -
     
    One-time tax effects of Separation
     
     
    9.2
     
     
     
    0.18
     
     
     
    -
     
     
     
    -
     
    Adjusted net earnings from continuing operations
     
    $
    40.2
     
     
    $
    0.80
     
     
    $
    39.9
     
     
    $
    0.81
     


    "We are off to a good start with our first full quarter as Worthington Enterprises reporting adjusted earnings of $0.80 per share," said Worthington Enterprises President and CEO Andy Rose. "Higher volume and margins in our Consumer Products business combined with healthy contributions from our Building Products segment drove results, offset by continued softness in Europe from our Sustainable Energy Solutions business. We appreciate our employees' continued dedication to delivering value-added products for our customers every day."

    Financial highlights for the current year periods and prior year comparative periods are as follows:

    (U.S. dollars in millions, except per share amounts)

     
     
    3Q 2024
     
     
    3Q 2023
     
     
    9M 2024
     
     
    9M 2023
     
    Net sales
     
    $
    316.8
     
     
    $
    346.3
     
     
    $
    926.9
     
     
    $
    1,049.7
     
    Operating income (loss)
     
     
    4.3
     
     
     
    4.0
     
     
     
    (17.4
    )
     
     
    14.5
     
    Adjusted operating income
     
     
    8.0
     
     
     
    16.9
     
     
     
    15.1
     
     
     
    49.3
     
    Net earnings from continuing operations
     
     
    22.0
     
     
     
    29.8
     
     
     
    66.8
     
     
     
    75.6
     
    Adjusted EBITDA
     
     
    66.9
     
     
     
    70.2
     
     
     
    187.8
     
     
     
    212.3
     
    EPS from continuing operations - diluted
     
     
    0.44
     
     
     
    0.60
     
     
     
    1.33
     
     
     
    1.53
     
    Adjusted EPS from continuing operations - diluted
     
    $
    0.80
     
     
    $
    0.81
     
     
    $
    2.11
     
     
    $
    2.39
     


    Consolidated Quarterly Results

    Net sales for the third quarter of fiscal 2024 were $316.8 million, a decrease of $29.6 million, or 8.5%, from the prior year quarter, as unfavorable mix combined with slightly lower volumes led to a $35.6 million decrease in net sales within Building Products.

    Operating income of $4.3 million was up slightly from $4.0 million in the prior year quarter. On an adjusted basis, operating income of $8.0 million was down $8.9 million from the prior year quarter, on the combined impact of lower gross profit, which was down $5.9 million due to lower contributions from Building Products and Sustainable Energy Solutions, partially offset by improvements within Consumer Products, and higher overall SG&A expense, up $3 million, excluding the impact of corporate costs in the prior year quarter that were eliminated post-Separation.

    Miscellaneous expense increased $7.2 million from the prior year quarter primarily due to a pension lift-out transaction to transfer, in full, the remaining projected benefit obligation of the inactive Gerstenslager pension plan to a third-party insurance company, which resulted in an $8.1 million pre-tax non-cash charge.

    Net interest expense was nominal in the current year quarter compared to $4.2 million in the prior year quarter due to higher interest income and, to a lesser extent, lower average debt levels driven by the July 28, 2023, redemption of the Company's senior unsecured notes that were set to mature in April 2026 ("2026 Notes").

    Equity income increased $6.1 million over the prior year quarter to $43.2 million, primarily due to higher contributions from WAVE.

    Income tax expense was $18.5 million in the current year quarter compared to $7.4 million in the prior year quarter. The increase was driven by discrete tax adjustments primarily related to the Separation. Current quarter income tax expense reflects an estimated annual effective rate of 30.8%, up from 22.6% in the prior year quarter, due to the impact of discrete tax items, including one-time charges triggered by the Separation consisting primarily of non-deductible transaction costs. On an adjusted basis, the effective tax rate was 23.1% in the current year quarter compared to 20.9% in the prior year quarter.

    Balance Sheet

    Total debt was $298.0 million at the end of the third quarter of fiscal 2024, down approximately $390 million from May 31, 2023, due to the early redemption of senior unsecured notes of an equal amount in fiscal 2024, including $150.0 million in December 2023 that was funded by a cash distribution received from Worthington Steel immediately prior to the Separation.  The Company ended the third quarter of fiscal 2024 with cash of $227.3 million.

    Quarterly Segment Results

    Effective December 1, 2023, management responsibilities at the propane tank manufacturing facility in Westerville, Ohio, were realigned under Building Products from Consumer Products. Additionally, during the third quarter, management began evaluating segment results on the basis of adjusted EBITDA, as defined and further described in the Use of Non-GAAP Measures and Definitions section below. Financial results below, including historical data, reflect these changes.

    Consumer Products generated net sales of $133.2 million during the current year quarter, up $2.5 million, or 1.9%, over the prior year quarter on higher volume, partially offset by lower average selling prices. Adjusted EBITDA was up $4.5 million in the quarter to $25.6 million, driven by the impact of higher volume.

    Building Products generated net sales of $148.2 million during the current year quarter, down 19%, or $35.6 million, from the prior year quarter primarily due to an unfavorable shift in product mix. Adjusted EBITDA decreased $5.0 million from the prior year quarter to $53.1 million, as unfavorable mix compressed gross profit. Higher contributions of equity income, driven by a $7.1 million increase at WAVE, partially offset the impact of lower gross profit.   

    Sustainable Energy Solutions generated net sales of $35.4 million during the current year quarter, up $3.6 million, or 11.3%, over the prior year quarter, on higher volume. Adjusted EBITDA was a loss of $2.7 million, unfavorable by $2.9 million from the prior year quarter, as volumes remained too low to absorb the fixed costs in the business.

    Recent Developments

    • In connection with the Separation, the Company received a cash distribution of $150.0 million from Worthington Steel, which was used to redeem, in full, the unsecured senior notes that were set to mature in August 2024.
    • On February 1, 2024, the Company acquired an 80 percent ownership stake in an affiliate of HALO Products Group, LLC. Halo is an asset-light business with technology-enabled solutions in the outdoor cooking space with products that include HALO™ branded pizza ovens, pellet grills, griddles and other accessories. The total purchase price was approximately $9.4 million.
    • On March 20, 2024, the Company's Board of Directors declared a quarterly dividend of $0.16 per common share payable on June 28, 2024, to shareholders of record at the close of business on June 14, 2024.

    Outlook

    "Worthington Enterprises is operating well as we head into our fourth quarter," Rose said. "We have well vetted strategies and strong teams with high expectations for delivering on our promise of increasing shareholder value. We are not without our challenges, but our strategic positioning is solid, and we have a strong balance sheet and significant capital available to take advantage of opportunities as they arise. Our Worthington Business System of transformation, innovation and acquisitions is well entrenched and will enable our success."

    Upcoming Investor Events

    • Oppenheimer 19th Annual Industrial Growth Conference, May 8, 2024
    • KeyBanc Industrials & Basic Materials Conference, May 30, 2024

    Conference Call

    The Company will review fiscal 2024 third quarter results during its quarterly conference call on March 21, 2024, at 8:30 a.m. Eastern Time. Details regarding the conference call can be found on the Company website at https://www.worthingtonenterprises.com/.

    About Worthington Enterprises

    Worthington Enterprises (NYSE:WOR) is a designer and manufacturer of market-leading brands that help enable people to live safer, healthier and more expressive lives. The Company operates with three segments: Building Products, Consumer Products and Sustainable Energy Solutions. Worthington's emphasis on innovation and transformation extends to building products including heating and cooling solutions, water systems, architectural and acoustical grid ceilings and metal framing and accessories, and consumer products in tools, outdoor living and celebrations categories sold under brand names Coleman®, Bernzomatic®, Balloon Time®, Level5 Tools®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International®, HALO™ and Hawkeye™. The Company serves the growing global hydrogen ecosystem through on-board fueling systems and gas containment solutions.

    Headquartered in Columbus, Ohio, Worthington Enterprises employs approximately 5,000 people throughout North America and Europe.

    Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The Company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.

    Safe Harbor Statement

    Selected statements contained in this release constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company wishes to take advantage of the safe harbor provisions included in the Act. 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" and 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; the anticipated benefits of the separation of the Company's Steel Processing business (the "Separation); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the Company's performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; the tax treatment of the Separation transaction; 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 the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at the Company's operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; the ever-changing effects of the novel coronavirus ("COVID-19") pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, employees and third-party service providers; and other non-historical matters.

    Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the uncertainty of obtaining regulatory approvals in connection with the Separation, including rulings from the Internal Revenue Service; the Company's ability to successfully realize the anticipated benefits of the Separation; the risks, uncertainties and impacts related to the COVID-19 pandemic – the duration, extent and severity of which are impossible to predict, including the possibility of future resurgence in the spread of COVID-19 or variants thereof – and the availability, effectiveness and acceptance of vaccines, and other actual or potential public health emergencies and actions taken by governmental authorities or others in connection therewith; the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19, the actions taken in connection therewith and the implementation of related fiscal stimulus packages; the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company's products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company's products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations (especially in light of the COVID-19 pandemic and Russia's invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers' compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts (especially in light of Russia's invasion of Ukraine), terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability (especially in light of Russia's invasion of Ukraine), foreign currency exchange rate exposure and the acceptance of the Company's products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the Company's operations and financial results; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company's markets; the impact of environmental laws and regulations or the actions of the United States Environmental Protection Agency or similar regulators which increase costs or limit the Company's ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase the Company's healthcare and other costs and negatively impact the Company's operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the Company's costs and negatively impact the Company's operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company's filings with the United States Securities and Exchange Commission, including those described in "Part I – Item 1A. – Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2023.

    Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

     
     
    WORTHINGTON ENTERPRISES, INC.
    CONSOLIDATED STATEMENTS OF EARNINGS
    (In thousands, except per share amounts)
     
     
     
     
     
    Three Months Ended
     
     
    Nine Months Ended
     
     
     
    February 29,
     
     
    February 28,
     
     
    February 29,
     
     
    February 28,
     
     
     
    2024
     
     
    2023
     
     
    2024
     
     
    2023
     
    Net sales
     
    $
    316,755
     
     
    $
    346,315
     
     
    $
    926,902
     
     
    $
    1,049,694
     
    Cost of goods sold
     
     
    243,643
     
     
     
    267,344
     
     
     
    720,882
     
     
     
    820,266
     
    Gross profit
     
     
    73,112
     
     
     
    78,971
     
     
     
    206,020
     
     
     
    229,428
     
    Selling, general and administrative expense
     
     
    65,134
     
     
     
    71,359
     
     
     
    210,262
     
     
     
    211,208
     
    Impairment of long-lived assets
     
     
    -
     
     
     
    484
     
     
     
    -
     
     
     
    484
     
    Restructuring and other expense (income), net
     
     
    698
     
     
     
    823
     
     
     
    704
     
     
     
    (354
    )
    Separation costs
     
     
    2,999
     
     
     
    2,305
     
     
     
    12,465
     
     
     
    3,572
     
    Operating income (loss)
     
     
    4,281
     
     
     
    4,000
     
     
     
    (17,411
    )
     
     
    14,518
     
    Other income (expense):
     
     
     
     
     
     
     
     
     
     
     
     
    Miscellaneous income (expense)
     
     
    (6,995
    )
     
     
    217
     
     
     
    (5,983
    )
     
     
    (4,499
    )
    Loss on extinguishment of debt
     
     
    -
     
     
     
    -
     
     
     
    (1,534
    )
     
     
    -
     
    Interest expense, net
     
     
    (50
    )
     
     
    (4,186
    )
     
     
    (1,596
    )
     
     
    (15,689
    )
    Equity in net income of unconsolidated affiliates
     
     
    43,235
     
     
     
    37,111
     
     
     
    127,328
     
     
     
    102,004
     
    Earnings before income taxes
     
     
    40,471
     
     
     
    37,142
     
     
     
    100,804
     
     
     
    96,334
     
    Income tax expense
     
     
    18,471
     
     
     
    7,391
     
     
     
    34,041
     
     
     
    20,709
     
    Net earnings from continuing operations
     
     
    22,000
     
     
     
    29,751
     
     
     
    66,763
     
     
     
    75,625
     
    Net earnings from discontinued operations
     
     
    -
     
     
     
    20,507
     
     
     
    83,106
     
     
     
    59,382
     
    Net earnings
     
     
    22,000
     
     
     
    50,258
     
     
     
    149,869
     
     
     
    135,007
     
    Net earnings attributable to noncontrolling interests
     
     
    -
     
     
     
    3,933
     
     
     
    7,460
     
     
     
    8,382
     
    Net earnings attributable to controlling interest
     
    $
    22,000
     
     
    $
    46,325
     
     
    $
    142,409
     
     
    $
    126,625
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Amounts attributable to controlling interest:
     
     
     
     
     
     
     
     
     
     
     
     
    Net earnings from continuing operations
     
    $
    22,000
     
     
    $
    29,751
     
     
    $
    66,763
     
     
    $
    75,625
     
    Net earnings from discontinued operations
     
     
    -
     
     
     
    16,574
     
     
     
    75,646
     
     
     
    51,000
     
    Net earnings attributable to controlling interest
     
    $
    22,000
     
     
    $
    46,325
     
     
    $
    142,409
     
     
    $
    126,625
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Earnings per share from continuing operations - basic
     
    $
    0.45
     
     
    $
    0.61
     
     
    $
    1.36
     
     
    $
    1.56
     
    Earnings per share from discontinued operations - basic
     
     
    -
     
     
     
    0.34
     
     
     
    1.54
     
     
     
    1.05
     
    Net earnings per share attributable to controlling interest - basic
     
    $
    0.45
     
     
    $
    0.95
     
     
    $
    2.90
     
     
    $
    2.61
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Earnings per share from continuing operations - diluted
     
    $
    0.44
     
     
    $
    0.60
     
     
    $
    1.33
     
     
    $
    1.53
     
    Earnings per share from discontinued operations - diluted
     
     
    -
     
     
     
    0.34
     
     
     
    1.50
     
     
     
    1.04
     
    Net earnings per share attributable to controlling interest - diluted
     
    $
    0.44
     
     
    $
    0.94
     
     
    $
    2.83
     
     
    $
    2.57
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Weighted average common shares outstanding - basic
     
     
    49,315
     
     
     
    48,587
     
     
     
    49,113
     
     
     
    48,541
     
    Weighted average common shares outstanding - diluted
     
     
    50,417
     
     
     
    49,493
     
     
     
    50,271
     
     
     
    49,356
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Cash dividends declared per share
     
    $
    0.16
     
     
    $
    0.31
     
     
    $
    0.80
     
     
    $
    0.93
     


     
     
    CONSOLIDATED BALANCE SHEETS
    WORTHINGTON ENTERPRISES, INC.
    (In thousands)
     
     
     
     
     
    February 29,
     
     
    May 31,
     
     
     
    2024
     
     
    2023
     
    Assets
     
     
     
     
     
     
    Current assets:
     
     
     
     
     
     
    Cash and cash equivalents
     
    $
    227,310
     
     
    $
    422,268
     
    Receivables, less allowances of $750 and $803 at February 29, 2024
     
     
     
     
     
     
    and May 31, 2023, respectively
     
     
    219,389
     
     
     
    224,863
     
    Inventories
     
     
     
     
     
     
    Raw materials
     
     
    74,929
     
     
     
    91,988
     
    Work in process
     
     
    18,234
     
     
     
    19,189
     
    Finished products
     
     
    98,553
     
     
     
    83,322
     
    Total inventories
     
     
    191,716
     
     
     
    194,499
     
    Income taxes receivable
     
     
    2,398
     
     
     
    1,681
     
    Prepaid expenses and other current assets
     
     
    50,298
     
     
     
    46,301
     
    Current assets of discontinued operations
     
     
    -
     
     
     
    978,725
     
    Total current assets
     
     
    691,111
     
     
     
    1,868,337
     
    Investment in unconsolidated affiliates
     
     
    120,707
     
     
     
    138,041
     
    Operating lease assets
     
     
    21,285
     
     
     
    24,686
     
    Goodwill
     
     
    345,445
     
     
     
    336,178
     
    Other intangibles, net of accumulated amortization of
     
     
     
     
     
     
    $82,190 and $73,308 at February 29, 2024 and May 31, 2023, respectively
     
     
    226,859
     
     
     
    230,851
     
    Other assets
     
     
    30,900
     
     
     
    14,339
     
    Property, plant and equipment:
     
     
     
     
     
     
    Land
     
     
    12,203
     
     
     
    12,120
     
    Buildings and improvements
     
     
    142,522
     
     
     
    139,514
     
    Machinery and equipment
     
     
    417,777
     
     
     
    403,885
     
    Construction in progress
     
     
    39,260
     
     
     
    24,779
     
    Total property, plant and equipment
     
     
    611,762
     
     
     
    580,298
     
    Less: accumulated depreciation
     
     
    343,380
     
     
     
    323,883
     
    Total property, plant and equipment, net
     
     
    268,382
     
     
     
    256,415
     
    Non-current assets of discontinued operations
     
     
    -
     
     
     
    782,071
     
    Total assets
     
    $
    1,704,689
     
     
    $
    3,650,918
     
     
     
     
     
     
     
     
    Liabilities and equity
     
     
     
     
     
     
    Current liabilities:
     
     
     
     
     
     
    Accounts payable
     
    $
    108,660
     
     
    $
    126,743
     
    Accrued compensation, contributions to employee benefit plans and related taxes
     
     

    Full story available on Benzinga.com

  • Stock Information

    Company Name: Worthington Industries Inc.
    Stock Symbol: WOR
    Market: NYSE
    Website: worthingtonindustries.com

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