Worthington Industries, Inc. (NYSE:WOR) Q4 2023 Earnings Conference Call June 29, 2023 9:00 AM ET

Company Participants

Marcus Rogier - Treasurer and IRO

Joe Hayek - CFO

Tim Adams - CFO, Steel Processing Business

Andy Rose - President and CEO

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

Hello and welcome to the Worthington Industries' Fourth Quarter Fiscal 2023 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. [Operator Instructions].

I'd like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. Rogier, you may begin.

Marcus Rogier

Thank you, Chris. Good morning, everyone and welcome to Worthington Industries' fourth quarter fiscal 2023 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 the Steel Company 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.

Joe Hayek

Thank you, Marcus. Good morning, everybody. We finished the fiscal year with a very strong quarter, reporting Q4 earnings of $2.61 a share versus $1.61 year ago. And more unique items that impacted our quarterly results, including the following, incurred pretax expense of $8 million or $0.13 per share related to the planned separation of our Steel Processing Business into a new public company, which we expect to complete by early encounter 2024; recognized the modest impairment charges steel processing related to some equipment we no longer use, which was offset by a onetime non-recurring gain in our cabs JV during the current quarter. This compares to a small restructuring gain of $0.03 per share in the prior year quarter.