Worthington Industries, Inc. (NYSE: WOR) today reported net sales
of $1.2 billion and net earnings of $110.3 million, or $2.15 per
diluted share, for its fiscal 2022 second quarter ended Nov. 30,
2021. In the second quarter of fiscal 2021, the Company reported
net sales of $731.1 million and a net loss of $74.0 million, or
$(1.40) per diluted share. Results in both the current and prior
year quarter were impacted by certain unique items, as summarized
in the table below.
(U.S. dollars in millions, except per share amounts)
|
|
2Q 2022 |
|
|
2Q 2021 |
|
|
|
After-Tax |
|
|
Per Share |
|
|
After-Tax |
|
|
Per Share |
|
Net earnings (loss) |
|
$ |
110.3 |
|
|
$ |
2.15 |
|
|
$ |
(74.0 |
) |
|
$ |
(1.40 |
) |
Impairment and restructuring
(gains) charges |
|
|
(1.5 |
) |
|
|
(0.03 |
) |
|
|
8.6 |
|
|
|
0.17 |
|
Incremental expenses related
to Nikola gains |
|
|
- |
|
|
|
- |
|
|
|
3.5 |
|
|
|
0.07 |
|
Loss on investment in
Nikola |
|
|
- |
|
|
|
- |
|
|
|
113.0 |
|
|
|
2.11 |
|
Adjusted net earnings |
|
$ |
108.8 |
|
|
$ |
2.12 |
|
|
$ |
51.1 |
|
|
$ |
0.95 |
|
Financial highlights for the current and comparative periods are
as follows:
(U.S. dollars in millions, except per share amounts)
|
2Q 2022 |
|
|
2Q 2021 |
|
|
6M 2022 |
|
|
6M 2021 |
|
Net sales |
$ |
1,232.9 |
|
|
$ |
731.1 |
|
|
$ |
2,343.7 |
|
|
$ |
1,434.0 |
|
Operating income |
|
90.5 |
|
|
|
37.4 |
|
|
|
226.3 |
|
|
7.2 |
|
Equity income |
|
60.2 |
|
|
|
25.6 |
|
|
|
113.1 |
|
|
49.3 |
|
Net earnings (loss) |
|
110.3 |
|
|
|
(74.0 |
) |
|
|
242.8 |
|
|
542.6 |
|
Earnings (loss) per diluted
share |
$ |
2.15 |
|
|
$ |
(1.40 |
) |
|
$ |
4.71 |
|
|
$ |
9.97 |
|
“We had a record second quarter led by strong
results from our Steel Processing and Building Products segments,”
said President and CEO Andy Rose. “Steel Processing continued to
benefit from inventory holding gains and Building Products saw
significant contributions from both ClarkDietrich and WAVE and
solid growth in our wholly owned businesses. While Consumer
Products continued to feel the impact of higher input costs, our
teams made good progress toward recovering margin as the quarter
progressed and we believe we are well positioned heading into the
new calendar year.”
Consolidated Quarterly
Results
Net sales for the second quarter of fiscal 2022
were $1.2 billion compared to $731.1 million, an increase of $501.8
million, or 69%, over the comparable quarter in the prior year. The
increase was primarily driven by higher average direct selling
prices in Steel Processing.
Gross margin increased $49.1 million over the
prior year quarter to $184.6 million, primarily due to improved
direct spreads in Steel Processing and, to a lesser extent, higher
overall volume.
Operating income for the current quarter was
$90.5 million, an increase of $53.1 million over the prior year
quarter. Excluding impairment and restructuring items in both
quarters and the impact of the Company’s investment in Nikola in
the prior year quarter, adjusted operating income was $88.5 million
for the current quarter, an increase of $35.1 million over the
prior year quarter, as the impact of higher gross margin was
partially offset by higher SG&A expense, up $14.0 million, on
higher profit sharing and bonus expense.
Interest expense of $7.3 million for the current
quarter was down slightly, compared to $7.5 million in the prior
year quarter.
Equity income from unconsolidated joint ventures
increased $34.6 million over the prior year quarter to $60.2
million, driven by higher contributions from ClarkDietrich, WAVE
and Serviacero, where results benefited significantly from higher
average selling prices. The Company received cash dividends of
$28.9 million from unconsolidated joint ventures during the
quarter.
Income tax expense was $31.2 million in the
current quarter compared to an income tax benefit of $19.4 million
in the prior year quarter. The change was driven by higher pre-tax
earnings in the current quarter and the impact of the unrealized
mark-to-market loss related to the Company’s investment in Nikola
in the prior year quarter. Tax expense in the current
quarter reflected an estimated annual effective rate of 22.8%
compared to 21.5% for the prior year quarter.
Balance Sheet
At quarter-end, total debt of $702.2 million was
down slightly compared to debt at May 31, 2021, and the Company had
$225.2 million of cash, a decrease of $415.1 million from year-end
primarily due to an increase in working capital associated with
higher steel prices and the acquisition of the Shiloh Industries
U.S. BlankLight® business on June 8, 2021.
Quarterly Segment Results
Steel Processing’s net sales totaled $937.8
million, up $469.1 million over the comparable prior year quarter.
The increase in net sales was driven by higher average selling
prices and, to a lesser extent, contributions from the acquisition
of the Shiloh business. Adjusted EBIT was up $37.4 million over the
prior year quarter to $71.9 million on improved operating
results and a higher contribution of equity income from Serviacero,
which was up $7.0 million benefiting from higher steel prices.
Operating income was up $28.2 million over the prior year quarter
on higher direct spreads, partially offset by higher conversion and
distribution costs. Direct spreads in the current quarter benefited
from significant inventory holding gains, estimated to be $42.1
million in the current quarter, compared to immaterial inventory
holding gains in the prior year quarter, partially offset by a
higher gap between the cost of steel and scrap prices. The mix of
direct versus toll tons processed was 47% to 53% in the current
quarter, compared to 48% to 52% in the prior year quarter.
Consumer Products’ net sales totaled $140.8
million, up 20%, or $23.3 million, from the comparable prior year
quarter, primarily due to the inclusion of General Tools &
Instruments which was acquired in the third quarter of fiscal 2021,
and to a lesser extent, higher average selling prices. Adjusted
EBIT was up slightly over the prior year quarter to $17.6 million
as higher material and conversion costs largely offset the impact
of higher net sales.
Building Products’ net sales totaled $121.1
million, up 29%, or $27.1 million, from the comparable prior year
quarter due to higher volume and higher average selling prices.
Adjusted EBIT of $54.7 million was $28.7 million more than the
prior year quarter, due primarily to higher equity earnings at
ClarkDietrich and WAVE, up $27.2 million on strong volume and the
favorable impact of higher steel prices. Operating income was up
$1.4 million on the combined impact of higher volume and higher
average selling prices, partially offset by an increase in labor
and material costs. Volume in the prior year quarter was at
depressed levels due to the impact of the COVID-19 pandemic.
Sustainable Energy Solutions’ net sales totaled
$33.1 million, down 3%, or $0.9 million, from the comparable prior
year quarter on lower volume. Adjusted EBIT was $0.8 million
compared to $1.5 million in the prior year quarter, on the combined
impact of lower volume and an unfavorable product mix. Both volume
and mix in the current quarter were negatively impacted by the
ongoing semi-conductor chip shortage. Volume in the current quarter
was also negatively impacted by the May 31, 2021, divestiture of
the Liquified Petroleum Gas business in Poland. This business
continues to evolve as it transitions to serve the global hydrogen
ecosystem and adjacent sustainable energies.
Recent Developments
- On Dec. 1, 2021, the Company’s
Steel Processing segment completed the acquisition of Tempel Steel
Company (“Tempel”) for approximately $255 million plus the
assumption of certain long-term liabilities. Tempel is already a
global leader in the electrical steel market, which supplies steel
laminations to the manufacturers of transformers, electric motors
and electric vehicle motors, employing approximately 1,500 people
across five manufacturing facilities located in Chicago, Canada,
China, India, and Mexico.
- During the second quarter of fiscal
2022, the Company repurchased a total of 235,000 of its common
shares for $12.7 million, at an average purchase price of
$54.03.
Outlook
“We are optimistic that we will continue to see
healthy demand across our key end markets, and we are very excited
to have recently closed on our largest acquisition to date with the
purchase of Tempel Steel,” Rose said. “The addition of Tempel makes
us a global leader in the electrical steel market complementing our
existing sustainable mobility offerings in lightweighting and
hydrogen and positioning us to more widely serve rapidly growing
global markets for electric vehicles and electricity
infrastructure.”
Conference Call
Worthington will review fiscal 2022 second
quarter results during its quarterly conference call on Dec. 16,
2021, at 2:00 p.m., Eastern Time. Details regarding the conference
call can be found on the Company website at
www.WorthingtonIndustries.com.
About Worthington
Industries
Worthington Industries (NYSE:WOR) is a leading
industrial manufacturing company pursuing its vision to be the
transformative partner to its customers, a positive force for its
communities and earn exceptional returns for its shareholders. For
over six decades, the Company has been delivering innovative
solutions to customers spanning industries such as automotive,
energy, retail and construction. Worthington is North America’s
premier value-added steel processor and producer of laser welded
solutions and electrical steel laminations that provide
lightweighting, safety critical and emission reducing components to
the mobility market. Through on-board fueling systems and gas
containment solutions, Worthington serves the growing global
hydrogen ecosystem. The Company’s focus on innovation and
manufacturing expertise extends to market-leading consumer products
in tools, outdoor living and celebrations categories, sold under
brand names, Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®,
Well-X-Trol®, General®, Garden-Weasel®, Pactool
International® and Hawkeye™; as well as market leading
building products, including water systems, heating & cooling
solutions, architectural and acoustical grid ceilings and metal
framing and accessories.Headquartered in Columbus, Ohio,
Worthington operates 58 facilities in 16 states and nine countries,
sells into over 90 countries and employs approximately 9,500
people. Founded in 1955, the Company follows a people-first
philosophy with earning money for its shareholders as its first
corporate goal. Relentlessly finding new ways to drive progress and
transform, Worthington is committed to providing better solutions
for customers and bettering the communities where it operates by
reducing waste, supporting community-based non-profits and
developing the next generations of makers.
Safe Harbor Statement
The Company wishes to take advantage of the Safe Harbor
provisions included in the Private Securities Litigation Reform Act
of 1995 (the “Act”). Statements by the Company relating to the
ever-changing effects of the novel coronavirus (“COVID-19”)
pandemic and the various responses of governmental and
nongovernmental authorities thereto (such as fiscal stimulus
packages, quarantines, shut downs and other restrictions on travel
and commercial, social or other activities) on economies (local,
national and international) and markets, and on our customers,
counterparties, employees and third party service providers; future
or expected cash positions, liquidity and ability to access
financial markets and capital; outlook, strategy or business plans;
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; and other non-historical
matters constitute “forward-looking statements” within the meaning
of the Act. 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, the risks,
uncertainties and impacts related to the COVID-19 pandemic – the
duration, extent and severity of which is 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 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; product
demand and pricing; changes in product mix, product substitution
and market acceptance of the Company’s products; fluctuations in
the pricing, quality or availability of raw materials (particularly
steel), supplies, transportation, utilities and other items
required by operations; 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, interruption in utility services, civil
unrest, international conflicts, 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, 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;
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 sell certain products; 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 Act
of 2021, and the Dodd-Frank Wall Street Reform and the 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; cyber security risks; the effects of privacy and
information security laws and standards; and other risks described
from time to time in the filings of Worthington Industries, Inc.
with the United States Securities and Exchange Commission,
including those described in “Part I – Item 1A. – Risk Factors” of
the Annual Report on Form 10-K of Worthington Industries, Inc. for
the fiscal year ended May 31, 2021.
Contacts:SONYA L. HIGGINBOTHAMVP,
CORPORATE COMMUNICATIONS AND BRAND
MANAGEMENT614.438.7391 | sonya.higginbotham@worthingtonindustries.com
MARCUS A. ROGIERTREASURER AND
INVESTOR RELATIONS OFFICER614.840.4663 |
marcus.rogier@worthingtonindustries.com
200 Old Wilson Bridge Rd. | Columbus, Ohio 43085WorthingtonIndustries.com
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF EARNINGS
(LOSS)(In thousands, except per share
amounts)
|
Three Months Ended |
|
|
Six Months Ended |
|
|
November 30, |
|
|
November 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net sales |
$ |
1,232,861 |
|
|
$ |
731,092 |
|
|
$ |
2,343,679 |
|
|
$ |
1,434,001 |
|
Cost of goods sold |
|
1,048,270 |
|
|
|
595,618 |
|
|
|
1,939,714 |
|
|
|
1,185,169 |
|
Gross margin |
|
184,591 |
|
|
|
135,474 |
|
|
|
403,965 |
|
|
|
248,832 |
|
Selling, general and
administrative expense |
|
96,130 |
|
|
|
82,129 |
|
|
|
191,981 |
|
|
|
164,325 |
|
Impairment of long-lived
assets |
|
- |
|
|
|
3,815 |
|
|
|
- |
|
|
|
13,739 |
|
Restructuring and other
(income) expense, net |
|
(2,004 |
) |
|
|
7,596 |
|
|
|
(14,278 |
) |
|
|
9,444 |
|
Incremental expenses related
to Nikola gains |
|
- |
|
|
|
4,570 |
|
|
|
- |
|
|
|
54,081 |
|
Operating income |
|
90,465 |
|
|
|
37,364 |
|
|
|
226,262 |
|
|
|
7,243 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Miscellaneous income, net |
|
1,040 |
|
|
|
376 |
|
|
|
1,670 |
|
|
|
827 |
|
Interest expense |
|
(7,312 |
) |
|
|
(7,548 |
) |
|
|
(15,030 |
) |
|
|
(15,138 |
) |
Equity in net income of unconsolidated affiliates |
|
60,218 |
|
|
|
25,631 |
|
|
|
113,134 |
|
|
|
49,265 |
|
Gains (loss) on investment in Nikola |
|
- |
|
|
|
(143,780 |
) |
|
|
- |
|
|
|
652,362 |
|
Earnings (loss) before income taxes |
|
144,411 |
|
|
|
(87,957 |
) |
|
|
326,036 |
|
|
|
694,559 |
|
Income tax expense
(benefit) |
|
31,226 |
|
|
|
(19,445 |
) |
|
|
71,376 |
|
|
|
144,333 |
|
Net earnings (loss) |
|
113,185 |
|
|
|
(68,512 |
) |
|
|
254,660 |
|
|
|
550,226 |
|
Net earnings attributable to
noncontrolling interests |
|
2,884 |
|
|
|
5,532 |
|
|
|
11,868 |
|
|
|
7,595 |
|
Net earnings (loss)
attributable to controlling interest |
$ |
110,301 |
|
|
$ |
(74,044 |
) |
|
$ |
242,792 |
|
|
$ |
542,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
50,381 |
|
|
|
52,988 |
|
|
|
50,618 |
|
|
|
53,532 |
|
Earnings (loss) per
share attributable to controlling interest |
$ |
2.19 |
|
|
$ |
(1.40 |
) |
|
$ |
4.80 |
|
|
$ |
10.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding |
|
51,214 |
|
|
|
52,988 |
|
|
|
51,532 |
|
|
|
54,439 |
|
Earnings (loss) per
share attributable to controlling interest |
$ |
2.15 |
|
|
$ |
(1.40 |
) |
|
$ |
4.71 |
|
|
$ |
9.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding at
end of period |
|
50,334 |
|
|
|
52,754 |
|
|
|
50,334 |
|
|
|
52,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per
share |
$ |
0.28 |
|
|
$ |
0.25 |
|
|
$ |
0.56 |
|
|
$ |
0.50 |
|
CONSOLIDATED BALANCE
SHEETSWORTHINGTON INDUSTRIES,
INC.(In thousands)
|
November 30, |
|
|
May 31, |
|
|
2021 |
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
225,194 |
|
|
$ |
640,311 |
|
Receivables, less allowances of $790 and $608 at November 30,
2021 |
|
|
|
|
|
|
|
and May 31, 2021, respectively |
|
736,738 |
|
|
|
639,964 |
|
Inventories: |
|
|
|
|
|
|
|
Raw materials |
|
420,511 |
|
|
|
266,208 |
|
Work in process |
|
247,772 |
|
|
|
183,413 |
|
Finished products |
|
171,305 |
|
|
|
115,133 |
|
Total inventories |
|
839,588 |
|
|
|
564,754 |
|
Income taxes receivable |
|
1,574 |
|
|
|
1,958 |
|
Assets held for sale |
|
34,721 |
|
|
|
51,956 |
|
Prepaid expenses and other current assets |
|
72,952 |
|
|
|
69,049 |
|
Total current assets |
|
1,910,767 |
|
|
|
1,967,992 |
|
Investments in unconsolidated
affiliates |
|
291,397 |
|
|
|
233,126 |
|
Operating lease assets |
|
93,628 |
|
|
|
35,101 |
|
Goodwill |
|
370,191 |
|
|
|
351,056 |
|
Other intangible assets, net
of accumulated amortization of $86,459 and |
|
|
|
|
|
|
|
$80,513 at November 30, 2021 and May 31, 2021, respectively |
|
267,564 |
|
|
|
240,387 |
|
Other assets |
|
32,451 |
|
|
|
30,566 |
|
Property, plant and
equipment: |
|
|
|
|
|
|
|
Land |
|
21,319 |
|
|
|
21,744 |
|
Buildings and improvements |
|
273,483 |
|
|
|
271,196 |
|
Machinery and equipment |
|
1,086,453 |
|
|
|
1,046,065 |
|
Construction in progress |
|
68,423 |
|
|
|
53,903 |
|
Total property, plant and equipment |
|
1,449,678 |
|
|
|
1,392,908 |
|
Less: accumulated depreciation |
|
898,044 |
|
|
|
877,891 |
|
Total property, plant and equipment, net |
|
551,634 |
|
|
|
515,017 |
|
Total
assets |
$ |
3,517,632 |
|
|
$ |
3,373,245 |
|
|
|
|
|
|
|
|
|
Liabilities and
equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
610,278 |
|
|
$ |
567,392 |
|
Accrued compensation, contributions to employee benefit plans
and |
|
|
|
|
|
|
|
related taxes |
|
105,879 |
|
|
|
137,698 |
|
Dividends payable |
|
15,794 |
|
|
|
16,536 |
|
Other accrued items |
|
60,484 |
|
|
|
52,250 |
|
Current operating lease liabilities |
|
10,888 |
|
|
|
9,947 |
|
Income taxes payable |
|
16,555 |
|
|
|
3,620 |
|
Current maturities of long-term debt |
|
280 |
|
|
|
458 |
|
Total current liabilities |
|
820,158 |
|
|
|
787,901 |
|
Other liabilities |
|
78,789 |
|
|
|
82,824 |
|
Distributions in excess of
investment in unconsolidated affiliate |
|
97,833 |
|
|
|
99,669 |
|
Long-term debt |
|
701,892 |
|
|
|
710,031 |
|
Noncurrent operating lease
liabilities |
|
83,887 |
|
|
|
27,374 |
|
Deferred income taxes,
net |
|
101,982 |
|
|
|
113,751 |
|
Total liabilities |
|
1,884,541 |
|
|
|
1,821,550 |
|
Shareholders' equity -
controlling interest |
|
1,479,797 |
|
|
|
1,398,193 |
|
Noncontrolling interests |
|
153,294 |
|
|
|
153,502 |
|
Total equity |
|
1,633,091 |
|
|
|
1,551,695 |
|
Total liabilities and
equity |
$ |
3,517,632 |
|
|
$ |
3,373,245 |
|
WORTHINGTON INDUSTRIES,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(In thousands)
|
Three Months Ended |
|
|
Six Months Ended |
|
|
November 30, |
|
|
November 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
$ |
113,185 |
|
|
$ |
(68,512 |
) |
|
$ |
254,660 |
|
|
$ |
550,226 |
|
Adjustments to reconcile net
earnings (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
21,090 |
|
|
|
21,560 |
|
|
|
43,154 |
|
|
|
43,771 |
|
Impairment of long-lived assets |
|
- |
|
|
|
3,815 |
|
|
|
- |
|
|
|
13,739 |
|
Provision for (benefit from) deferred income taxes |
|
1,309 |
|
|
|
(31,776 |
) |
|
|
2,675 |
|
|
|
39,255 |
|
Bad debt expense (income) |
|
335 |
|
|
|
(159 |
) |
|
|
514 |
|
|
|
(65 |
) |
Equity in net income of unconsolidated affiliates, net of
distributions |
|
(31,274 |
) |
|
|
4,608 |
|
|
|
(64,492 |
) |
|
|
(2,149 |
) |
Net (gain) loss on sale of assets |
|
(496 |
) |
|
|
7,271 |
|
|
|
(13,202 |
) |
|
|
7,673 |
|
Stock-based compensation |
|
4,248 |
|
|
|
4,854 |
|
|
|
7,551 |
|
|
|
9,710 |
|
(Gains) loss on investment in Nikola |
|
- |
|
|
|
143,779 |
|
|
|
- |
|
|
|
(652,362 |
) |
Charitable contribution of Nikola shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
20,653 |
|
Changes in assets and
liabilities, net of impact of acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables |
|
(89,817 |
) |
|
|
3,580 |
|
|
|
(121,685 |
) |
|
|
(78,614 |
) |
Inventories |
|
(97,182 |
) |
|
|
4,623 |
|
|
|
(260,864 |
) |
|
|
90,245 |
|
Accounts payable |
|
(47,594 |
) |
|
|
48,176 |
|
|
|
(926 |
) |
|
|
95,330 |
|
Accrued compensation and employee benefits |
|
14,358 |
|
|
|
13,960 |
|
|
|
(31,819 |
) |
|
|
37,812 |
|
Income taxes payable |
|
(22,922 |
) |
|
|
(44,623 |
) |
|
|
12,935 |
|
|
|
39,041 |
|
Other operating items, net |
|
15,656 |
|
|
|
(3,728 |
) |
|
|
2,583 |
|
|
|
10,551 |
|
Net cash (used)
provided by operating activities |
|
(119,104 |
) |
|
|
107,428 |
|
|
|
(168,916 |
) |
|
|
224,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in property, plant and equipment |
|
(24,234 |
) |
|
|
(16,073 |
) |
|
|
(48,159 |
) |
|
|
(48,944 |
) |
Acquisitions, net of cash acquired |
|
(3,000 |
) |
|
|
(75 |
) |
|
|
(107,750 |
) |
|
|
(75 |
) |
Proceeds from sale of assets |
|
5,136 |
|
|
|
21,580 |
|
|
|
31,821 |
|
|
|
21,580 |
|
Proceeds from sale of Nikola shares |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
487,859 |
|
Net cash (used)
provided by investing activities |
|
(22,098 |
) |
|
|
5,432 |
|
|
|
(124,088 |
) |
|
|
460,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal payments on long-term obligations |
|
(10 |
) |
|
|
(96 |
) |
|
|
(402 |
) |
|
|
(193 |
) |
Proceeds from issuance of common shares, net of tax
withholdings |
|
(2,694 |
) |
|
|
2,294 |
|
|
|
(6,785 |
) |
|
|
1,144 |
|
Payments to noncontrolling interests |
|
(2,879 |
) |
|
|
- |
|
|
|
(12,076 |
) |
|
|
(560 |
) |
Repurchase of common shares |
|
(12,702 |
) |
|
|
(38,563 |
) |
|
|
(73,587 |
) |
|
|
(92,883 |
) |
Dividends paid |
|
(14,565 |
) |
|
|
(13,433 |
) |
|
|
(29,263 |
) |
|
|
(26,812 |
) |
Net cash used by
financing activities |
|
(32,850 |
) |
|
|
(49,798 |
) |
|
|
(122,113 |
) |
|
|
(119,304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash
and cash equivalents |
|
(174,052 |
) |
|
|
63,062 |
|
|
|
(415,117 |
) |
|
|
565,932 |
|
Cash and cash equivalents at
beginning of period |
|
399,246 |
|
|
|
650,068 |
|
|
|
640,311 |
|
|
|
147,198 |
|
Cash and cash
equivalents at end of period |
$ |
225,194 |
|
|
$ |
713,130 |
|
|
$ |
225,194 |
|
|
$ |
713,130 |
|
WORTHINGTON INDUSTRIES,
INC.NON-GAAP FINANCIAL MEASURES / SUPPLEMENTAL
DATA(In thousands, except volume and per share
amounts)
The Company reports its financial results in
accordance with accounting principles generally accepted in the
United States (GAAP). The Company also presents adjusted operating
income and adjusted net earnings per diluted share attributable to
controlling interest, which generally exclude impairment and
restructuring charges as well as other items that management
believes are not reflective of, and thus should not be included
when evaluating the performance of its ongoing operations.
Additionally, the Company presents adjusted operating income and
adjusted earnings before interest and taxes attributable to
controlling interest (“adjusted EBIT”) for purposes of evaluating
segment performance. These represent non-GAAP financial measures
and are used by management to evaluate the Company’s performance,
engage in financial and operational planning and determine
incentive compensation because it believes that these measures
provide additional perspective and, in some circumstances are more
closely correlated to, the performance of the Company’s ongoing
operations.
The following provides a reconciliation to
adjusted operating income and adjusted earnings per diluted share
from the most comparable GAAP measures for the three months ended
November 30, 2021 and 2020.
|
|
Three Months Ended November 30, 2021 |
|
|
|
Operating Income |
|
|
Earnings Before Income Taxes |
|
|
Income Tax Expense |
|
|
Net Earnings Attributable to Controlling Interest(1) |
|
|
Earnings per Diluted Share |
|
GAAP |
|
$ |
90,465 |
|
|
$ |
144,411 |
|
|
$ |
31,226 |
|
|
$ |
110,301 |
|
|
$ |
2.15 |
|
Restructuring and other
income, net |
|
|
(2,004 |
) |
|
|
(2,004 |
) |
|
|
410 |
|
|
|
(1,513 |
) |
|
|
(0.03 |
) |
Non-GAAP |
|
$ |
88,461 |
|
|
$ |
142,407 |
|
|
$ |
30,816 |
|
|
$ |
108,788 |
|
|
$ |
2.12 |
|
|
|
Three Months Ended November 30, 2020 |
|
|
|
Operating Income |
|
|
Earnings Before Income Taxes |
|
|
Income Tax Expense (Benefit) |
|
|
Net Earnings (Loss) Attributable to Controlling Interest(1) |
|
|
Earnings (Loss) per Diluted Share |
|
GAAP |
|
$ |
37,364 |
|
|
$ |
(87,957 |
) |
|
$ |
(19,445 |
) |
|
$ |
(74,044 |
) |
|
$ |
(1.40 |
) |
Impairment of long-lived
assets |
|
|
3,815 |
|
|
|
3,815 |
|
|
|
(894 |
) |
|
|
2,921 |
|
|
|
0.06 |
|
Restructuring and other
expense, net |
|
|
7,596 |
|
|
|
7,596 |
|
|
|
(1,736 |
) |
|
|
5,719 |
|
|
|
0.11 |
|
Incremental expenses related
to Nikola gains |
|
|
4,570 |
|
|
|
4,570 |
|
|
|
(1,081 |
) |
|
|
3,489 |
|
|
|
0.07 |
|
Loss on investment in
Nikola |
|
|
- |
|
|
|
143,780 |
|
|
|
(30,737 |
) |
|
|
113,043 |
|
|
|
2.11 |
|
Non-GAAP |
|
$ |
53,345 |
|
|
$ |
71,804 |
|
|
$ |
15,003 |
|
|
$ |
51,128 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
$ |
35,116 |
|
|
$ |
70,603 |
|
|
$ |
15,813 |
|
|
$ |
57,660 |
|
|
$ |
1.17 |
|
The following provides a reconciliation to
adjusted operating income and adjusted earnings per diluted share
from the most comparable GAAP measures for the six months ended
November 30, 2021 and 2020.
|
|
Six Months Ended November 30, 2021 |
|
|
|
Operating Income |
|
|
Earnings Before Income Taxes |
|
|
Income Tax Expense |
|
|
Net Earnings Attributable to Controlling Interest(1) |
|
|
Earnings per Diluted Share |
|
GAAP |
|
$ |
226,262 |
|
|
$ |
326,036 |
|
|
$ |
71,376 |
|
|
$ |
242,792 |
|
|
$ |
4.71 |
|
Restructuring and other
income, net |
|
|
(14,278 |
) |
|
|
(14,278 |
) |
|
|
1,890 |
|
|
|
(6,361 |
) |
|
|
(0.12 |
) |
Non-GAAP |
|
$ |
211,984 |
|
|
$ |
311,758 |
|
|
$ |
69,486 |
|
|
$ |
236,431 |
|
|
$ |
4.59 |
|
WORTHINGTON INDUSTRIES,
INC.NON-GAAP FINANCIAL MEASURES / SUPPLEMENTAL
DATA(In thousands, except volume and per share
amounts)(Continued)
|
|
Six Months Ended November 30, 2020 |
|
|
|
Operating Income |
|
|
Earnings Before Income Taxes |
|
|
Income Tax Expense (Benefit) |
|
|
Net Earnings Attributable to Controlling Interest(1) |
|
|
Earnings per Diluted Share |
|
GAAP |
|
$ |
7,243 |
|
|
$ |
694,559 |
|
|
$ |
144,333 |
|
|
$ |
542,631 |
|
|
$ |
9.97 |
|
Impairment of long-lived
assets |
|
|
13,739 |
|
|
|
13,739 |
|
|
|
(3,197 |
) |
|
|
10,542 |
|
|
|
0.19 |
|
Restructuring and other
expense, net |
|
|
9,444 |
|
|
|
9,444 |
|
|
|
(2,138 |
) |
|
|
7,049 |
|
|
|
0.13 |
|
Incremental expenses related
to Nikola gains |
|
|
54,081 |
|
|
|
54,081 |
|
|
|
(11,030 |
) |
|
|
43,051 |
|
|
|
0.79 |
|
Gains on investment in
Nikola |
|
|
- |
|
|
|
(652,362 |
) |
|
|
135,459 |
|
|
|
(516,903 |
) |
|
|
(9.49 |
) |
Non-GAAP |
|
$ |
84,507 |
|
|
$ |
119,461 |
|
|
$ |
25,239 |
|
|
$ |
86,370 |
|
|
$ |
1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change |
|
$ |
127,477 |
|
|
$ |
192,297 |
|
|
$ |
44,247 |
|
|
$ |
150,061 |
|
|
$ |
3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Excludes the
impact of the noncontrolling interest. |
|
To further assist in the analysis of segment
results for the periods presented, the following volume and sales
information for the three and six months ended November 30, 2021
and 2020 has been provided along with a reconciliation of adjusted
EBIT to the most comparable GAAP measure, which is operating income
(loss) for purposes of measuring segment profit:
|
Three Months Ended November 30, 2021 |
|
|
Steel Processing |
|
|
Consumer Products |
|
|
Building Products |
|
|
Sustainable Energy Solutions |
|
|
Other |
|
|
Consolidated |
|
Volume (tons/units) |
|
1,067,589 |
|
|
|
18,698,589 |
|
|
|
2,565,025 |
|
|
|
155,001 |
|
|
|
- |
|
|
n/a |
|
Sales |
$ |
937,842 |
|
|
$ |
140,793 |
|
|
$ |
121,125 |
|
|
$ |
33,101 |
|
|
$ |
- |
|
|
$ |
1,232,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
$ |
66,070 |
|
|
$ |
17,425 |
|
|
$ |
4,606 |
|
|
$ |
714 |
|
|
$ |
1,650 |
|
|
$ |
90,465 |
|
Restructuring and other
income, net |
|
(182 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,822 |
) |
|
|
(2,004 |
) |
Adjusted operating income (loss) |
|
65,888 |
|
|
|
17,425 |
|
|
|
4,606 |
|
|
|
714 |
|
|
|
(172 |
) |
|
|
88,461 |
|
Miscellaneous income, net |
|
17 |
|
|
|
159 |
|
|
|
218 |
|
|
|
82 |
|
|
|
564 |
|
|
|
1,040 |
|
Equity in net income of
unconsolidated affiliates (1) |
|
8,823 |
|
|
|
- |
|
|
|
49,894 |
|
|
|
- |
|
|
|
1,501 |
|
|
|
60,218 |
|
Less: Net earnings
attributable to noncontrolling interests (2) |
|
2,803 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,803 |
|
Adjusted earnings before interest and taxes |
$ |
71,925 |
|
|
$ |
17,584 |
|
|
$ |
54,718 |
|
|
$ |
796 |
|
|
$ |
1,893 |
|
|
$ |
146,916 |
|
|
Three Months Ended November 30, 2020 |
|
|
Steel Processing |
|
|
Consumer Products |
|
|
Building Products |
|
|
Sustainable Energy Solutions |
|
|
Other |
|
|
Consolidated |
|
Volume (tons/units) |
|
1,023,979 |
|
|
|
16,657,815 |
|
|
|
2,264,576 |
|
|
|
247,289 |
|
|
|
11,066 |
|
|
n/a |
|
Sales |
$ |
468,723 |
|
|
$ |
117,513 |
|
|
$ |
93,989 |
|
|
$ |
34,023 |
|
|
$ |
16,844 |
|
|
$ |
731,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
37,824 |
|
|
$ |
17,408 |
|
|
$ |
3,202 |
|
|
$ |
1,465 |
|
|
$ |
(22,535 |
) |
|
$ |
37,364 |
|
Impairment of long-lived
assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,815 |
|
|
|
3,815 |
|
Restructuring and other
expense, net |
|
375 |
|
|
|
120 |
|
|
|
- |
|
|
|
- |
|
|
|
7,101 |
|
|
|
7,596 |
|
Incremental expenses related
to Nikola gains |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4,570 |
|
|
|
4,570 |
|
Adjusted operating income (loss) |
|
38,199 |
|
|
|
17,528 |
|
|
|
3,202 |
|
|
|
1,465 |
|
|
|
(7,049 |
) |
|
|
53,345 |
|
Miscellaneous income, net |
|
(5 |
) |
|
|
(96 |
) |
|
|
70 |
|
|
|
69 |
|
|
|
338 |
|
|
|
376 |
|
Equity in net income of
unconsolidated affiliates (1) |
|
1,861 |
|
|
|
- |
|
|
|
22,692 |
|
|
|
- |
|
|
|
1,078 |
|
|
|
25,631 |
|
Less: Net earnings
attributable to noncontrolling interests (2) |
|
5,674 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,674 |
|
Adjusted earnings (loss) before interest and taxes |
$ |
34,381 |
|
|
$ |
17,432 |
|
|
$ |
25,964 |
|
|
$ |
1,534 |
|
|
$ |
(5,633 |
) |
|
$ |
73,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See
supplemental break-out of equity income by unconsolidated affiliate
in the table below. |
|
(2) Excludes the
noncontrolling interest portion of restructuring (charges) gains of
$81 and $(142) for the three months ended November 30, 2021 and
2020, respectively. |
|
WORTHINGTON INDUSTRIES,
INC.NON-GAAP FINANCIAL MEASURES / SUPPLEMENTAL
DATA(In thousands, except
volume)(Continued)
|
Six Months Ended November 30, 2021 |
|
|
Steel Processing |
|
|
Consumer Products |
|
|
Building Products |
|
|
Sustainable Energy Solutions |
|
|
Other |
|
|
Consolidated |
|
Volume (tons/units) |
|
2,129,877 |
|
|
|
40,086,729 |
|
|
|
5,450,736 |
|
|
|
285,677 |
|
|
|
- |
|
|
n/a |
|
Sales |
$ |
1,760,652 |
|
|
$ |
288,576 |
|
|
$ |
235,868 |
|
|
$ |
58,583 |
|
|
$ |
- |
|
|
$ |
2,343,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
179,552 |
|
|
$ |
37,931 |
|
|
$ |
10,440 |
|
|
$ |
(1,639 |
) |
|
$ |
(22 |
) |
|
$ |
226,262 |
|
Restructuring and other
income, net |
|
(12,313 |
) |
|
|
- |
|
|
|
- |
|
|
|
(143 |
) |
|
|
(1,822 |
) |
|
|
(14,278 |
) |
Adjusted operating income (loss) |
|
167,239 |
|
|
|
37,931 |
|
|
|
10,440 |
|
|
|
(1,782 |
) |
|
|
(1,844 |
) |
|
|
211,984 |
|
Miscellaneous income, net |
|
47 |
|
|
|
209 |
|
|
|
144 |
|
|
|
22 |
|
|
|
1,248 |
|
|
|
1,670 |
|
Equity in net income of
unconsolidated affiliates (3) |
|
18,172 |
|
|
|
- |
|
|
|
92,887 |
|
|
|
- |
|
|
|
2,075 |
|
|
|
113,134 |
|
Less: Net earnings
attributable to noncontrolling interests (4) |
|
5,841 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,841 |
|
Adjusted earnings (loss) before interest and taxes |
$ |
179,617 |
|
|
$ |
38,140 |
|
|
$ |
103,471 |
|
|
$ |
(1,760 |
) |
|
$ |
1,479 |
|
|
$ |
320,947 |
|
|
Six Months Ended November 30, 2020 |
|
|
Steel Processing |
|
|
Consumer Products |
|
|
Building Products |
|
|
Sustainable Energy Solutions |
|
|
Other |
|
|
Consolidated |
|
Volume (tons/units) |
|
1,952,423 |
|
|
|
35,478,377 |
|
|
|
4,986,611 |
|
|
|
437,197 |
|
|
|
21,626 |
|
|
n/a |
|
Sales |
$ |
899,743 |
|
|
$ |
251,135 |
|
|
$ |
182,092 |
|
|
$ |
61,880 |
|
|
$ |
39,151 |
|
|
$ |
1,434,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
$ |
51,441 |
|
|
$ |
40,832 |
|
|
$ |
2,763 |
|
|
$ |
822 |
|
|
$ |
(88,615 |
) |
|
$ |
7,243 |
|
Impairment of long-lived
assets |
|
- |
|
|
|
506 |
|
|
|
1,423 |
|
|
|
- |
|
|
|
11,810 |
|
|
|
13,739 |
|
Restructuring and other
income, net |
|
1,846 |
|
|
|
120 |
|
|
|
- |
|
|
|
- |
|
|
|
7,478 |
|
|
|
9,444 |
|
Incremental expenses related
to Nikola gains |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54,081 |
|
|
|
54,081 |
|
Adjusted operating income (loss) |
|
53,287 |
|
|
|
41,458 |
|
|
|
4,186 |
|
|
|
822 |
|
|
|
(15,246 |
) |
|
|
84,507 |
|
Miscellaneous income, net |
|
(48 |
) |
|
|
(117 |
) |
|
|
(92 |
) |
|
|
151 |
|
|
|
933 |
|
|
|
827 |
|
Equity in net income of
unconsolidated affiliates (3) |
|
3,170 |
|
|
|
- |
|
|
|
45,243 |
|
|
|
- |
|
|
|
852 |
|
|
|
49,265 |
|
Less: Net earnings
attributable to noncontrolling interests (4) |
|
7,852 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,852 |
|
Adjusted earnings (loss) before interest and taxes |
$ |
48,557 |
|
|
$ |
41,341 |
|
|
$ |
49,337 |
|
|
$ |
973 |
|
|
$ |
(13,461 |
) |
|
$ |
126,747 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) See
supplemental break-out of equity income by unconsolidated affiliate
in the table below |
|
(4) Excludes the
noncontrolling interest portion of impairment and restructuring
(charges) gains of $6,027 and $(257) for the three months ended
November 30, 2021 and 2020, respectively. |
|
The following tables outlines our equity income (loss) by
unconsolidated affiliate for the periods presented:
|
Three Months Ended |
|
|
Six Months Ended |
|
|
November 30, |
|
|
November 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
WAVE |
$ |
22,415 |
|
|
$ |
17,280 |
|
|
$ |
48,086 |
|
|
$ |
34,936 |
|
ClarkDietrich |
|
27,479 |
|
|
|
5,411 |
|
|
|
44,801 |
|
|
|
10,307 |
|
Serviacero Worthington |
|
8,823 |
|
|
|
1,861 |
|
|
|
18,172 |
|
|
|
3,170 |
|
ArtiFlex |
|
1,815 |
|
|
|
1,253 |
|
|
|
3,023 |
|
|
|
1,145 |
|
Other |
|
(314 |
) |
|
|
(174 |
) |
|
|
(948 |
) |
|
|
(293 |
) |
Total equity income |
$ |
60,218 |
|
|
$ |
25,631 |
|
|
$ |
113,134 |
|
|
$ |
49,265 |
|
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