Spin-off - WORTHINGTON ENTERPRISES, INC.

Form Type: 10-Q

Filing Date: 2025-04-09

Corporate Action: Spin-off

Type: Update

Accession Number: 000095017025052413

Filing Summary: On April 4, 2025, Worthington Enterprises, Inc. completed a spin-off of its steel processing business, where each holder of record of Worthington Enterprises common shares received one common share of its wholly owned subsidiary, Worthington Steel, for every one common share of Worthington Enterprises held. This transaction was part of the company's strategic decision to enhance shareholder value and focus on its core operations. The company's consolidated financial statements for the quarter ended February 28, 2025, are included in this Form 10-Q, detailing revenues, earnings, and other key financial metrics post spin-off. The report also provides insight into the financial condition of the company, management discussion, and legal proceedings, highlighting ongoing risks and forward-looking statements regarding the future performance following the separation of the steel business.