Worthington Enterprises, Inc. (NYSE:WOR) Q1 2025 Earnings Call Transcript September 25, 2024 8:30 AM ET

Company Participants

Marcus Rogier - Treasurer & IR Officer
Andy Rose - President and CEo
Joe Hayek - CFO and COO

Conference Call Participants

Kathryn Thompson - Thompson Research Group
Susan Maklari - Goldman Sachs
Brian McNamara - Canaccord Genuity
John Tumazos - John Tumazos Very Independent Research

Operator

Good afternoon and welcome to the Worthington Enterprises First Quarter Fiscal 2025 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 Enterprises. If anyone objects, you may disconnect at this time. I'd now like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. Rogier, you may begin.

Marcus Rogier

Thank you, Rob. Good morning, everyone, and thank you for joining us for Worthington Enterprises' first quarter fiscal 2025 earnings call. On our call today, we have Andy Rose, Worthington's President and Chief Executive Officer; and Joe Hayek, Worthington's Chief Financial and Operations Officer.

Before we get started, I'd like to note 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 could cause actual results to differ from those suggested. In addition, our discussion today will include non-GAAP financial measures. A reconciliation of these measures with the most appropriate comparable GAAP measure is included in the earnings press release, which is available on our investor relations website.

Today's call is being recorded and a replay will be made available later on our worthingtonenterprises.com website. At this point, I will turn the call over to Andy for opening remarks.

Andy Rose

Thank you, Marcus, and good morning. I want to welcome you to Worthington Enterprises' 2025 fiscal first quarter earnings call. Despite a tough environment of high interest rates and macroeconomic uncertainty, our team delivered another respectable quarter with adjusted EBITDA of $48 million and adjusted earnings per share of $0.50 versus $0.75 in the prior year. The two big drivers of the decline are ClarkDietrich down $8 million and the heating and cooking business and building products, which we see clear evidence that is at the bottom of its post-COVID de-stocking cycle.