The following is a summary of the Worthington Steel, Inc. (WS) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Worthington Steel closed Q4 with earnings of $53.2 million, corresponding to $1.06 per share.

• Net sales were reported at $911 million, seeing a 3% increase from the previous year.

• Adjusted EBIT for Q4 recorded at $70.4 million, down from $98.4 million the previous year, impacted by lower gross margin.

Business Progress:

• Focused investments in the rapidly growing electrical steel market.

• Large capital projects like the expansion of electric steel facilities in Mexico and Canada are on track.

• Historical achievements with customers like General Motors and John Deere reflect strong commercial momentum.

Opportunities:

• Expanding capacity for electric vehicle programs with new facilities in Mexico aimed at supporting increased demand.

• Secured initial orders to utilize capacity from new business for electric vehicle and transformer programs, highlighting growth in these sectors.

Risks:

• Anticipated higher estimated pretax inventory holding losses due to fluctuating steel prices.

• Market volatility affecting the price of steel, impacting expected financial results in upcoming quarters.

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