Q4 2024 Worthington Steel Inc Earnings Call Transcript
Key Points
- Worthington Steel Inc (WS) reported strong fourth-quarter earnings of $53.2 million or $1.06 per share.
- The company achieved a 25% reduction in recordable injuries, reflecting its commitment to safety.
- WS was named a top workplace in Columbus, Ohio for the 12th consecutive year.
- The company secured significant new business for its electrical steel facilities in Mexico and Canada.
- WS received multiple accolades, including Supplier of the Year from General Motors and John Deere Partner-level supplier for the 12th consecutive year.
- Fourth-quarter earnings were down from the prior year, which reported $67.3 million or $1.37 per share.
- The company experienced estimated pretax inventory holding losses of $3.4 million in Q4.
- SG&A expenses increased by $10.6 million due to incremental costs of being a stand-alone company and higher incentive compensation.
- Steel market pricing was volatile, with hot rolled prices fluctuating significantly during the quarter.
- WS anticipates higher estimated inventory holding losses in the first quarter of fiscal 2025, potentially ranging from $15 million to $20 million.
Thank you for standing by. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Worthington Steel fourth quarter 2024 earnings conference call. (Operator Instructions)
Thank you. I will now like to turn the conference over to Melissa Dykstra, Vice President of Communications and Investor Relations. Melissa, you may begin.
Thank you, operator. Good morning, and welcome to Worthington Steel's Fourth Quarter Fiscal Year 2024 Earnings Call. On our call today, we have Geoff Gilmore, Worthington Steel's President and Chief Executive Officer; Jeff Klingler, Executive Vice President and Chief Operating Officer; and Tim Adams, Vice President and Chief Financial 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
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