Worthington Industries, Inc. (NYSE:WOR) Q1 2024 Results Earnings Conference Call September 28, 2023 9:00 AM ET
Company Participants
Marcus Rogier - Treasurer and Investor Relations Officer
Joseph Hayek - Vice President and Chief Financial Officer
Tim Adams - Vice President and Chief Financial Officer, Steel Processing Business
Andy Rose - President and Chief Executive Officer
Conference Call Participants
Katja Jancic - BMO Capital Markets
Martin Englert - Seaport Research Partners
Phil Gibbs - KeyBanc Capital Markets
John Tumazos - John Tumazos Very Independent Research, LLC
Operator
G, And welcome to the Worthington Industries' First Quarter Fiscal 2024 Earnings Conference Call. All participants will be able to listen-only until the question-and-answer session of the call. This conference is being recorded at the request of Worthington Industries. If anyone objects, you may disconnect at this time.
I'd like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. Rogier, you may begin.
Marcus Rogier
Thank you, Julianne. Good morning, everyone, and welcome to Worthington Industries' first quarter fiscal 2024 earnings call.
On our call today, we have Andy Rose, Worthington's President and Chief Executive Officer, and Joe Hayek, Worthington's Chief Financial Officer. In addition, we also have Tim Adams, who is currently the Vice President of Strategy and Corporate Development for our Steel Processing Business, and who will become the CFO of Worthington Steel after we complete the planned business separation.
Before we get started, I'd like to remind everyone that certain statements made today are forward-looking, within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risks and uncertainties that could cause actual results to differ from those suggested. We issued our earnings release yesterday after the market close. Please refer to it for more detail on those factors that can cause actual results to differ materially.
Today's call is being recorded and a replay will be made available later on our worthingtonindustries.com website.
At this point, I will turn the call over to Joe for a discussion of the financial results.
Joseph Hayek
Thank you, Marcus. And good morning, everyone. We started the fiscal year with a strong quarter, reporting Q1 earnings of $1.93 per share versus $1.30 at the year ago.
There were a few unique items that impacted our quarterly results, including the following. We incurred pre-tax expenses of $6 million or $0.09 cents a share related to the planned separation of our Steel Processing business into a new public company, which we're now targeting to complete as early as December of 2023.