WORTHINGTON ENTERPRISES, INC.
For the period ended Nov 30, 2025. Filed Jan 9, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 30, 2025 · Filed Jan 9, 2026
WOR$60.50-1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-08-31; filed 2025-10-08.
0001193125-25-234399
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-30; filed 2026-01-09.
0001193125-26-008430
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 95 current paragraphs.
52 unchanged; 22 reworded; 20 added; 8 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 10 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
On October 16, 2025, we divested our 49% interest in the composite business of our SES joint venture. In exchange for our divested interest in the composite business, we received common shares in both Hexagon Composites and Hexagon Purus. The transaction aligns the core remaining capabilities of the SES joint venture – primarily Type 1 low-pressure, steel cylinder and storage infrastructure applications – with our long-term strategic priorities. Refer to “Note B – Investments in Unconsolidated Affiliates” and “Note O – Fair Value Measurements” for additional information.
Current report
During the second quarter of fiscal 2026, we continued to operate in a softer macroeconomic environment characterized by mixed consumer sentiment and subdued commercial construction activity. Moderate inflationary pressures and tariff uncertainty continue to guide monetary policy with the Federal Reserve maintaining its measured easing cycle, lowering the federal funds target range to 3.50% – 3.75% at its December 2025 meeting for the third consecutive quarter. Despite the Federal Reserve’s policy rate reductions, mortgage rates remained historically high. The 30-year fixed rate was 6.23% as of November 30, 2025, creating a pronounced lock-in effect in housing markets, limiting existing home sales and pushing turnover to multi-decade lows. In Building Products, high financing costs constrained new residential construction. Commercial and industrial channels also softened as slower manufacturing output and more conservative capital spending weighed on project pipelines.
Current report
This macroeconomic environment is expected to continue weighing on the consumer in the form of reduced discretionary spending and cautious buying patterns, which is anticipated to continue hindering point-of-sale activity. We expect demand to remain uneven as market participants await clearer signals on inflation, interest rates, and broader economic momentum.
Current report
During the second quarter of fiscal 2026, conditions across our key end markets were mixed. U.S. residential construction spending remained soft, approximately 5% below prior year levels, while non-residential construction was stable with limited month-to-month momentum. Housing activity showed selective stabilization as existing home sales improved in November 2025, but authorized housing permits and private housing starts declined, indicating a weaker forward pipeline. Builder sentiment remained deeply negative, with the November 2025 HMI at 38, marking the 19th consecutive month below the 50 threshold, and 41% of builders reported cutting prices, the highest level in the post-COVID period. The non-residential outlook was mixed, as the ABI declined to 45.3 in November 2025 from 47.6 in October 2025, remaining below the 49.6 reported in November 2024 and indicating persistent contraction in design billings despite month-to-month variability. The DMI decreased to 276.8 in November 2025, down from 301.4 in August 2025, yet still elevated compared to 191.5 in November 2024, signaling strong yet potentially peaking planning activity. The LIRA continues to project approximately 1.2% growth in homeowner improvement spending through June 2026. Collectively, these indicators point to uneven demand across our key end markets and we expect this trend to continue as we progress through fiscal 2026. Against this backdrop, we are prioritizing disciplined execution, portfolio diversification, and operational efficiency initiatives to mitigate near-term macroeconomic pressures while positioning the business for long-term success and value creation.
Current report
Steel: Steel is our most significant direct material cost across both Consumer Products and Building Products. During the second quarter of fiscal 2026, hot-rolled steel prices increased from late-summer lows, rising from $834 per ton in August 2025 to $855 per ton in November 2025, driven by firmer order activity and mill-announced price increases. Even with this sequential increase, pricing remains meaningfully below the April 2025 peak of $945 per ton. Cold-rolled steel pricing was more stable, edging down from $1,050 per ton in August 2025 to $1,040 per ton in November 2025, reflecting steady demand in key end markets. Our balanced sourcing strategy, combining firm-price contracts for select inputs with index-based agreements for others, enabled us to effectively manage these pricing trends and support margin stability.
Current report
Consumer Products – Net sales totaled $238.9 million in the current year period, an increase of $4.6 million, or 2.0%, over the prior year period as higher average selling prices more than offset the impact of lower volume.
Current report
Building Products – Net sales totaled $392.3 million in the current year period, up $95.3 million, or 32.1%, over the prior year period, driven by higher overall volume, and the addition of Elgen.
Current report
Gross profit for the current year quarter increased $10.5 million, or 14.2%, over the prior year quarter to $84.6 million, driven by the impact of higher overall volume in the wholly owned businesses of Building Products. These improvements were partially offset by a $2.5 million decline in Consumer Products, driven by higher conversion costs and slightly lower volume. While gross profit was up over the prior year quarter, gross margin declined 120 basis points as mix shifted toward lower-margin value streams and unfavorable conversion costs more than offset higher overall volume.
Current report
Gross profit was $166.9 million for the current year period, an increase of $30.3 million, or 22.2% over the prior year period on higher volume in Building Products and contributions from Elgen, partially offset by slightly lower contributions from Consumer Products, down $3.1 million, driven by higher conversion costs and lower overall volume.
Current report
SG&A increased $2.8 million, or 4.1%, from the prior year quarter, primarily due to the addition of Elgen, partially offset by lower bad debt expense due to a customer bankruptcy in the prior year quarter.
Current report
SG&A increased $7.3 million, or 5.4%, from the prior year period, primarily due to the addition of Elgen, partially offset by lower bad debt expense due to a customer bankruptcy in the prior year period.
Current report
Miscellaneous Income (Expense), Net
Current report
Miscellaneous expense in both the three and six month periods ended November 30, 2025, was driven by the divestiture of our 49% interest in the composite business of our SES joint venture on October 16, 2025, and the related mark-to-market loss on the marketable securities received in exchange for our interest in the divested assets.
Current report
Equity income decreased $5.5 million from the prior year quarter to $29.1 million, on lower contributions from ClarkDietrich, which were down $5.6 million, driven by the impact of weak non-residential construction activity and pricing pressure, partially offset by higher contributions from WAVE, up $1.7 million.
Current report
Equity income was down $4.3 million from the prior year period, driven by lower contributions from ClarkDietrich, as continued pricing pressure and an unfavorable shift in project mix led to lower gross profit.
Current report
Income tax expense was $19.6 million in the current year period compared to $15.9 million in the prior year period. The increase was primarily driven by higher pre-tax earnings.
Current report
Consumer Products –Adjusted EBITDA was relatively flat at $15.3 million, as the impact of favorable product mix was offset by higher conversion costs and slightly lower volume.
Current report
Building Products–Adjusted EBITDA was $53.0 million, an increase of $5.8 million, or 12.3% compared to the prior year quarter, primarily due to volume growth in the wholly owned businesses, partially offset by lower overall contributions of equity income, driven by a $5.6 million decline at ClarkDietrich.
Current report
Consumer Products –Adjusted EBITDA decreased $1.9 million from the prior year period, as the combined impact of lower volume, higher conversion costs, and unfavorable product mix more than offset the impact of higher average selling prices.
Current report
Other –Adjusted EBITDA decreased $2.1 million compared to the prior year period, driven by lower contributions of equity earnings from the SES joint venture and Workhorse.
Removed paragraphs (8)
Previous report
The macroeconomic environment during the first quarter of fiscal 2026 was mixed, as easing inflation was offset by elevated borrowing costs and continued policy uncertainty. U.S. GDP rebounded in June 2025 (the latest available release), increasing at a 3.3% annualized rate following a 0.5% decline in March 2025. Inflation remained near 3%, and the CPI increased 3.1% year-over-year in August 2025, while the Federal Reserve lowered the federal funds target range to 4.00%–4.25% at its September 2025 meeting. Mortgage costs eased late in the first quarter of fiscal 2026, but remained high by historical standards, with the average 30-year fixed rate at 6.56% at August 31, 2025.
Previous report
We believe these dynamics, including tight credit conditions, softening industrial activity, and global uncertainty, continued to weigh on both consumer and business sentiment during the first quarter of fiscal 2026. Within Consumer Products, inflation-driven cost consciousness and elevated interest rates influenced discretionary purchases and contributed to cautious buying patterns. In Building Products, rising financing costs constrained new construction demand, while slowing industrial activity impacted certain commercial and infrastructure-related channels. We expect demand to remain uneven in the near term. Other key end market trends are described below in the “End Market Trends” section.
Previous report
During the first quarter of fiscal 2026, conditions across our key end markets remained uneven. U.S residential and non-residential construction spending trended lower. Housing indicators suggested modest improvements in existing home sales and private housing starts, while authorized permits declined on a year-over-year basis, driven by weakness in multifamily activity. In August 2025, the HMI weakened further to 32, the lowest level since December 2022, reflecting a notably subdued new home pipeline. The non-residential end market was mixed, as the ABI remained in contraction, while the DMI rose 7.5% in August 2025 to a record of 301.4, signaling stronger project planning activity despite current spending softness. Within repair and remodel, the latest LIRA projects approximately 1.2% growth in homeowner improvement spending through the second quarter of calendar year 2026. We believe these conditions support stable near-term demand for tools and DIY products in Consumer Products, while Building Products remain exposed to mixed construction end markets where planning activity is improving but spending remains subdued, leading us to expect overall demand across our key end markets to remain uneven in the near term.
Previous report
Steel: Steel raw material is the most significant direct cost across both the Consumer Products and Building Products segments. During the first quarter of fiscal 2026, prices for both hot-rolled and cold-rolled steel moderated from the peak levels reached in April 2025. This decline contributed to improved spread as we maintained consistent pricing discipline across our product portfolio. Our sourcing strategy, combining firm-price contracts for select inputs with index-based agreements for others, allowed us to manage volatility and capture cost advantages as prices declined.
Previous report
Gross profit for the current year quarter increased $19.8 million, or 31.7%, over the prior year quarter to $82.3 million driven primarily by the impact of higher overall volumes in the wholly owned businesses of Building Products.
Previous report
SG&A increased $4.6 million, or 7.0%, from the prior year quarter, due primarily to the addition of Elgen. As a percentage of net sales, SG&A was down from 25.7% in the prior year quarter to 23.2% on slightly lower overall corporate overhead expenses.
Previous report
Equity income increased $1.2 million over the prior year quarter to $36.7 million, driven by higher contributions from WAVE, up $4.5 million over the prior year quarter, partially offset by a decline at ClarkDietrich, down $2.8 million, as pricing pressure led to lower gross profit.
Previous report
Consumer Products –Adjusted EBITDA decreased $1.7 million from the prior year quarter, driven by the impact of lower volume, and to a lesser extent higher SG&A.
Reworded paragraphs (22)
Previous wording
We are a market-leading designer and manufacturer of innovative products and services, including manufactured metal products, organized around attractive end markets under two separate and distinct reportable operating segments: Consumer Products and Building Products. Our primary goal is to create value for our shareholders. Built on the successful foundation of the Worthington Business System, we apply a disciplined approach to capital deployment and seek to grow earnings by optimizing our operations and supply chain, developing and commercializing new innovative products and applications, and pursuing strategic investments and acquisitions.
Current wording
We are a market-leading designer and manufacturer of innovative products and services, including manufactured metal products, organized around attractive end markets under two separate and distinct reportable operating segments: Consumer Products and Building Products. Our primary goal is to create value for our shareholders. Built on the successful foundation of the Worthington Business System, we apply a disciplined approach to capital deployment and seek to grow earnings by optimizing our operations and supply chain, developing and commercializing innovative products and applications, and pursuing strategic investments and acquisitions.
Previous wording
Our Consumer Products business has a diverse product offering in the tools, outdoor living and celebrations categories, including propane-filled cylinders for torches and related accessories, handheld torches, specialized hand tools and instruments, drywall tools, propane-filled camping cylinders, helium-filled balloon kits, and accessories and gas griddles and pizza ovens sold primarily to mass merchandisers, retailers and distributors. Sales to one customer in Consumer Products accounted for 11.2% of our consolidated net sales in the first quarter of fiscal 2026.
Current wording
Our Consumer Products business has a diverse product offering in the tools, outdoor living and celebrations categories, including propane-filled cylinders for torches and related accessories, handheld torches, specialized hand tools and instruments, drywall tools, propane-filled camping cylinders, helium-filled balloon kits, and accessories and gas griddles and pizza ovens sold primarily to mass merchandisers, retailers and distributors. Sales to one customer in Consumer Products accounted for 10.1% of our consolidated net sales in the second quarter of fiscal 2026.
Previous wording
Other includes our share of the equity earnings of two of our unconsolidated joint ventures, Sustainable Energy Solutions and Workhorse and the related investments in these businesses.
Current wording
Other includes our share of the equity earnings of two of our unconsolidated joint ventures, SES and Workhorse and the related investments in these businesses.
Previous wording
During the first quarter of fiscal 2026, inventory levels at most key retailer and distributor customers remained aligned with end-user demand, and replenishment activity generally mirrored point-of-sale trends, with no material build-up in our distribution or retail channels. Customers maintained a cautious approach in managing tariff-related cost pressures, selectively trimming orders for lower-volume items.
Current wording
Throughout the first six months of fiscal 2026, inventory levels at most key retailer and distributor customers remained aligned with end-consumer demand, and replenishment activity generally mirrored point-of-sale trends, with no material build-up in our distribution or retail channels. Customers maintained a cautious approach in managing tariff-related cost pressures, continuing to trim orders for lower-volume items.
Previous wording
Our largest raw material expenditures include cold-rolled and hot-rolled steel, propane, propylene, and aluminum. Fluctuations in the prices of these inputs have a direct impact on our cost of goods sold and overall financial performance. Our primary raw material and energy inputs are subject to significant price volatility driven by global supply-demand imbalances, tariffs, and other external factors. We manage this risk through a combination of supply contracts, forward purchasing, and selective hedging strategies designed to reduce near-term cost swings and support margin stability.
Current wording
Our largest raw material expenditures include cold-rolled and hot-rolled steel, aluminum, propane, propylene, and other industrial gases. Fluctuations in the prices of these inputs have a direct impact on our cost of goods sold and overall financial performance. Our primary raw material and energy inputs are subject to significant price volatility driven by global supply-demand imbalances, tariffs, and other external factors. We manage this risk through a combination of supply contracts, forward purchasing, and selective hedging strategies designed to reduce near-term cost swings and support margin stability.
Previous wording
Aluminum: During the first quarter of fiscal 2026, aluminum costs increased compared to the prior year quarter, reflecting both higher global benchmark prices and a June 2025 increase in U.S Section 232 tariffs to 50% which drove U.S Midwest aluminum premiums to elevated levels. These changes impacted components such as fuel cylinder valves and other aluminum-intensive assemblies. Where possible, we mitigated these increases through forward purchasing and supplier negotiations, but tariff-related cost pressure on aluminum is expected to persist into the second quarter of fiscal 2026.
Current wording
Aluminum: During the second quarter of fiscal 2026, aluminum costs increased to record levels, reflecting both tighter market supply and a June 2025 increase in U.S Section 232 tariffs to 50%, which drove U.S Midwest aluminum premiums to elevated levels. These changes impacted components such as fuel cylinder valves and other aluminum-intensive assemblies. Where possible, we mitigated these increases through forward purchasing and supplier negotiations, but tariff-related cost pressure on aluminum is expected to persist through the remainder of fiscal 2026.
Previous wording
Propane, propylene, and other gases: Propane and propylene costs were stable during the first quarter of fiscal 2026, consistent with broader commodity trends. A portion of our propane and propylene requirements are secured under fixed-price supply agreements, which limited our exposure to spot fluctuations. Costs for helium and other industrial gases declined from the prior year quarter, providing a margin benefit in select consumer-facing product lines, particularly within the Consumer Products segment.
Current wording
Propane, propylene, and other gases: Propane and propylene costs were generally favorable through the first six months of fiscal 2026, with market prices trending below the prior year period. This trend was driven by strong overall supply levels and softer end-market demand. A portion of our propane and propylene requirements are secured under fixed-price supply agreements, which limited our exposure to spot fluctuations. Costs for helium and other industrial gases declined from the prior year quarter, providing a margin benefit in select consumer-facing product lines, particularly within Consumer Products.
Previous wording
The following discussion provides an overview of results for the three months ended August 31, 2025 and August 31, 2024:
Current wording
The following discussion provides an overview of results for the three months and six months ended November 30, 2025 and 2024.
Previous wording
Consumer Products – Net sales totaled $118.9 million in the current year quarter, up $1.3 million, or 1.1% over the prior year quarter, driven by favorable product mix, substantially offset by lower overall volume.
Current wording
Consumer Products – Net sales totaled $119.9 million in the current year quarter, up $3.2 million, or 2.7% over the prior year quarter, as favorable product mix helped to offset modestly lower volume across most of the portfolio.
Previous wording
Building Products – Net sales totaled $184.8 million in the current year quarter, up $45.1 million, or 32.2%, over the prior year quarter, driven by higher overall volume and $20.9 million in contributions from Elgen.
Current wording
Building Products – Net sales totaled $207.5 million in the current year quarter, up $50.2 million, or 31.9%, over the prior year quarter, driven by higher overall volume and the addition of Elgen.
Previous wording
Restructuring and other expense, net in both periods consisted primarily of employee severance and transaction costs related to acquisitions and divestitures.
Current wording
Restructuring and other expense, net in the current year quarter and current year period consisted primarily of transaction costs related to acquisitions and divestitures, as well as employee severance. Restructuring activity in the prior year quarter and prior year period was driven by the accelerated vesting of certain outstanding equity awards upon the retirement of our former CEO.
Previous wording
Includes our share of the equity earnings of the Workhorse and the Sustainable Energy Solutions joint venture.
Current wording
Includes our share of the equity earnings of the Workhorse and the SES joint venture.
Previous wording
Income tax expense was $10.9 million in the current year quarter compared to $6.8 million in the prior year quarter. The increase was primarily driven by higher pre-tax earnings.
Current wording
Income tax expense was $8.8 million in the current year quarter compared to $9.1 million in the prior year quarter. The decrease was primarily driven by lower pre-tax earnings.
Previous wording
Other –Adjusted EBITDA decreased $0.5 million compared to the prior year quarter, driven by lower equity earnings from Workhorse.
Current wording
Other –Adjusted EBITDA decreased $1.6 million compared to the prior year quarter, driven by lower equity earnings from the Sustainable Energy Solutions joint venture.
Previous wording
Building Products–Adjusted EBITDA was $57.8 million, an increase of $18.1 million, or 45.6% compared to the prior year quarter, primarily due to volume growth in the wholly owned businesses. The current quarter was negatively impacted by $2.2 million of nonrecurring items related to the Elgen acquisition, reflecting a purchase accounting step up in inventory to fair value, which resulted in a nominal Adjusted EBITDA contribution from Elgen.
Current wording
Building Products–Adjusted EBITDA was $110.8 million in the current year period, an increase of $23.9 million over the prior year period, primarily due to volume growth in the wholly owned businesses. The current year period was negatively impacted by $2.2 million of nonrecurring items related to the Elgen acquisition, reflecting a purchase accounting step up in inventory to fair value.
Previous wording
Unallocated Corporate – Unallocated SG&A decreased $0.7 million, or 8.9%, from the prior year quarter, primarily driven by lower profit sharing and bonus accruals in the current quarter as well as an increase in costs recovered through the Transition Services Agreement with Worthington Steel.
Current wording
Unallocated Corporate – Unallocated SG&A decreased $0.9 million, or 6.2%, from the prior year period, primarily driven by lower profit sharing and bonus accruals, as well as an increase in costs recovered through the Transition Services Agreement with Worthington Steel.
Previous wording
During the three months ended August 31, 2025, we generated $41.1 million of cash from operating activities, flat from the prior year quarter, invested $13.2 million in property, plant and equipment, and spent approximately $92.0 million to acquire 100% of the outstanding equity interests in Elgen. Additionally, we paid $6.3 million to repurchase 100,000 common shares and paid dividends of $8.6 million on the common shares during the three months ended August 31, 2025.
Current wording
During the six months ended November 30, 2025, we generated $92.6 million of cash from operating activities, invested $25.6 million in property, plant and equipment, and spent approximately $92.0 million to acquire 100% of the outstanding equity interests in Elgen. Additionally, we paid $20.0 million to repurchase 350,000 common shares and paid dividends of $18.2 million on the common shares during the six months ended November 30, 2025.
Previous wording
We believe we have access to adequate resources to meet the needs of our existing businesses for normal operating costs, mandatory capital expenditures, debt redemptions, dividend payments, and working capital, to the extent not funded by cash provided by operating activities, for at least 12 months and for the foreseeable future thereafter. These resources include cash and cash equivalents and unused committed lines of credit under our Credit Facility, which had a total of $500.0 million of borrowing capacity available to be drawn as of August 31, 2025.
Current wording
We believe we have access to adequate resources to meet the needs of our existing businesses for normal operating costs, mandatory capital expenditures, debt redemptions, dividend payments, and working capital, to the extent not funded by cash provided by operating activities, for at least 12 months and for the foreseeable future thereafter. These resources include cash and cash equivalents and unused committed lines of credit under our Credit Facility, which had a total of $500.0 million of borrowing capacity available to be drawn as of November 30, 2025. On December 16, 2025, we signed an agreement to acquire LSI with the transaction expected to close in January 2026. The transaction is expected to be funded primarily with cash on hand, supplemented by modest borrowings under the Credit Facility.
Previous wording
Net cash provided by operating activities was $41.1 million during the three months ended August 31, 2025, flat compared to the prior year quarter as higher net earnings in the current year quarter was offset by an increase in operating working capital requirements (accounts receivable, inventory, and accounts payable) and a $2.5 million decrease in dividends received from unconsolidated affiliates.
Current wording
Net cash provided by operating activities was $92.6 million during the six months ended November 30, 2025, up $2.4 million over the prior year period as higher net earnings in the current year quarter was partially offset by an increase in operating working capital requirements (accounts receivable, inventory, and accounts payable) and a $7.1 million decrease in distributions received from unconsolidated affiliates.
Previous wording
Net cash used by investing activities was $105.4 million during the three months ended August 31, 2025 compared to $88.7 million from the prior year quarter. Net cash used by investing activities during the three months ended August 31, 2025 was driven primarily by cash paid to acquire the outstanding equity interests in Elgen and capital expenditures, including $8.6 million related to ongoing facility modernization projects.
Current wording
Net cash used by investing activities was $117.9 million during the six months ended November 30, 2025 compared to $101.6 million from the prior year period. Net cash used by investing activities during the six months ended November 30, 2025 was driven primarily by cash paid to acquire the outstanding equity interests in Elgen and capital expenditures, including $14.4 million related to ongoing facility modernization projects.
Previous wording
Net cash used by financing activities was $18.6 million during the three months ended August 31, 2025, compared to $18.1 million in the prior year quarter. During the three months ended August 31, 2025, we paid $6.3 million to repurchase 100,000 common shares and paid dividends of $8.6 million on the common shares.
Current wording
Net cash used by financing activities was $44.5 million during the six months ended November 30, 2025, compared to $39.0 million in the prior year period. During the six months ended November 30, 2025, we paid $20.0 million to repurchase 350,000 common shares and paid dividends of $18.2 million on the common shares.
Previous wording
The common shares may be repurchased under these authorizations from time to time, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flows from operations, general economic conditions and other relevant considerations. Repurchases may be made on the open market or through privately negotiated transactions.
Current wording
On March 24, 2021, the Board authorized the repurchase of up to 5,618,464 common shares. As of November 30, 2025, 5,015,000 common shares remained available for repurchase under this authorization. The common shares may be repurchased under these authorizations from time to time, with consideration given to the market price of the common shares, the nature of other investment opportunities, cash flows from operations, general economic conditions and other relevant considerations. Repurchases may be made on the open market or through privately negotiated transactions.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Unallocated Corporate – Unallocated SG&A decreased $0.2 million, or 3.0%, from the prior year quarter, primarily driven by an increase in costs recovered through the Transition Services Agreement with Worthington Steel and lower corporate overhead expenses.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On March 24, 2021, the Board authorized the repurchase of up to 5,618,464 common shares. As of August 31, 2025, 5,265,000 common shares remained available for repurchase under this authorization.