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Chimera Investment Corporation Sponsors Residential Mortgage Loan Securitizations

Chimera Investment Corporation Sponsors Residential Mortgage Loan Securitizations

NEW YORK–(BUSINESS WIRE)–
Chimera Investment Corporation (NYSE: CIM) announced that on March 25, 2025 it had sponsored two securitizations of residential mortgage loans with an aggregate principal balance of $646 million. The mortgage loans for both securitizations were sourced from the redemption of prior Chimera-sponsored securitizations, including CIM 2021-NR1, CIM 2021-NR2, CIM 2021-NR3, CIM 2021-NR4, CIM 2022-NR1, CIM 2023-NR1, and CIM 2023-NR2. Net proceeds received from the transactions were in excess of $187 million.

Chimera sponsored CIM 2025-R1, a $391.8 million securitization of residential mortgage loans. The loans had a weighted average coupon of 5.74%, with weighted average FICO scores of 636, and LTV ratio of 50.80%. Securities issued by CIM 2025-R1, with an aggregate balance of approximately $333 million, were sold in a private placement to institutional investors. These senior securities represented approximately 85% of the capital structure. Chimera retained subordinate interests in securities with an aggregate balance of approximately $58.8 million and certain interest-only securities. Chimera also retained an option to call the securitized mortgage loans on the earlier of (i) March 25, 2027, or (ii) when the aggregate note amount of the offered notes is less than or equal to 10% of the aggregate note amount of the offered notes as of March 25, 2025. The weighted average cost of debt on securities sold was 5.74%. Palisades Advisory Services, a wholly owned subsidiary of Chimera Investment Corporation, will act as Asset Manager for the securitization.

Chimera also sponsored CIM 2025-NR1, a $254.4 million securitization of residential mortgage loans. The loans had a weighted average coupon of 5.67%, with weighted average FICO scores of 597, and LTV ratio of 61.61%. Securities issued by CIM 2025-NR1, with an aggregate balance of approximately $184.5 million, were sold in a private placement to institutional investors. These senior securities represented approximately 72.50% of the capital structure. Chimera retained subordinate interests in securities with an aggregate balance of approximately $70.0 million. Chimera also retained an option to call the securitized mortgage loans, at the direction of the majority class B1 certificateholder, beginning on March 25, 2026. The weighted average cost of debt on securities sold was 6.59%. Palisades Advisory Services, a wholly owned subsidiary of Chimera Investment Corporation, will act as Asset Manager for the securitization.

About Chimera Investment Corporation

We are a publicly traded real estate investment trust, or REIT, that is primarily engaged in the business of investing for ourselves and for unrelated third parties through our investment management and advisory services in a diversified portfolio of real estate assets, including residential mortgage loans, Non-Agency RMBS, Agency RMBS, business purpose and investor loans, including RTLs, MSRs, and other real estate-related assets such as Agency CMBS, junior liens and HELOCs, equity appreciation rights, and reverse mortgages.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “goal,” “target,” “assume,” ‘‘believe,’’ ‘‘expect,’’ ‘‘anticipate,’’ ‘‘estimate,’’ “project,” “budget,” “forecast,” “predict,” “potential,” ‘‘plan,’’ ‘‘continue,’’ ‘‘intend,’’ ‘‘should,’’ ‘‘may,’’ “could,” ‘‘would,’’ ‘‘will’’ or similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including, among other things, those described in our most recent Annual Report on Form 10-K, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, under the caption “Risk Factors.” Factors that could cause actual results to differ include, but are not limited to: our ability to obtain funding on favorable terms and access the capital markets; our ability to achieve optimal levels of leverage and effectively manage our liquidity; changes in inflation, the yield curve, interest rates and mortgage prepayment rates; our ability to manage credit risk related to our investments and comply with the Risk Retention Rules; rates of default, delinquencies, forbearance, deferred payments or decreased recovery rates on our investments; the concentration of properties securing our securities and residential loans in a small number of geographic areas; our ability to execute on our business and investment strategy; our ability to determine accurately the fair market value of our assets; changes in our industry, the general economy or geopolitical conditions; our ability to successfully integrate and realize the anticipated benefits of any acquisitions; our ability to operate our investment management and advisory services and manage any regulatory rules and conflicts of interest; the degree to which our hedging strategies may or may not be effective; our ability to effect our strategy to securitize residential mortgage loans; our ability to compete with competitors and source target assets at attractive prices; our ability to find and retain qualified executive officers and key personnel; the ability of servicers and other third parties to perform their services at a high level and comply with applicable law and expanding regulations; our dependence on information technology and its susceptibility to cyber-attacks; our ability to comply with extensive government regulation; the impact of and changes in governmental regulations, tax law and rates, accounting guidance, and similar matters; our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended; our ability to maintain our classification as a real estate investment trust for U.S. federal income tax purposes; the volatility of the market price and trading volume of our shares; and our ability to make distributions to our stockholders in the future.

Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Chimera does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based. Additional information concerning these, and other risk factors, is contained in Chimera’s most recent filings with the Securities and Exchange Commission (SEC). All subsequent written and oral forward-looking statements concerning Chimera or matters attributable to Chimera or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Readers are advised that any financial information in this press release is based on company data available at the time of this presentation and, in certain circumstances, may not have been audited by the Company’s independent auditors.

Investor Relations

888-895-6557

www.chimerareit.com

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Finance Construction & Property REIT Banking

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AbCellera Announces Presentation of In Vivo Data on PSMA x CD3 T-Cell Engagers at AACR 2025

AbCellera Announces Presentation of In Vivo Data on PSMA x CD3 T-Cell Engagers at AACR 2025

VANCOUVER, British Columbia–(BUSINESS WIRE)–AbCellera (Nasdaq: ABCL) today announced an upcoming poster presentation that includes preclinical in vivo data on its PSMA x CD3 T-cell engagers at the American Association for Cancer ResearchⓇ (AACR) 116th Annual Meeting, to be held April 25 to 30 at the McCormick Place Convention Center in Chicago, Illinois.

Details on AbCellera’s poster presentation at AACR are as follows:

Title: PSMA x CD3 T-cell engagers show preclinical efficacy for the treatment of prostate cancer

Abstract Number: 6012

Session: Therapeutic Antibodies, Including Engineered Antibodies 2

Date and Time: Tuesday, April 29, from 2:00 p.m. to 5:00 p.m. CDT

Location: Section 35, Board 7

About AbCellera’s T-Cell Engager Platform

CD3 T-cell engagers have the potential to be a cornerstone of cancer treatment. They guide the immune system to find and eliminate cancer cells by binding tumor targets and the CD3 protein on cancer-killing T cells at the same time. However, the development of T-cell engagers has been limited due to challenges with efficacy and safety. To address these challenges, AbCellera developed a T-cell engager platform that includes novel CD3-binding antibodies to expand the therapeutic window for this modality and costimulatory building blocks to enhance efficacy for difficult-to-treat cancers.

About AbCellera Biologics Inc.

AbCellera (Nasdaq: ABCL) discovers and develops antibody medicines for indications across therapeutic areas, including cancer, metabolic and endocrine conditions, and autoimmune disorders. AbCellera’s engine integrates technology, data science, infrastructure, and interdisciplinary teams to solve the most challenging antibody discovery problems. AbCellera is focused on advancing an internal pipeline of first-in-class and best-in-class programs and collaborating on innovative drug development programs with partners. For more information, please visit www.abcellera.com.

AbCellera Forward-Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize, and achieve market acceptance of our current and planned products and services, our research and development efforts, and other matters regarding our business strategies, use of capital, results of operations and financial position, and plans and objectives for future operations.

In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors are described under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.

Inquiries

Media: Tiffany Chiu; [email protected], +1(604)724-1242

Business Development: Murray McCutcheon, Ph.D.; [email protected], +1(604)559-9005

Investor Relations: Peter Ahn; [email protected], +1(778)729-9116

KEYWORDS: Illinois United States North America Canada

INDUSTRY KEYWORDS: Research Infectious Diseases Genetics Clinical Trials Biotechnology Health Pharmaceutical Science Oncology

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AerCap Holdings N.V. Announces Pricing of $500 Million Aggregate Principal Amount of Fixed-Rate Reset Junior Subordinated Notes

PR Newswire


DUBLIN
, March 25, 2025 /PRNewswire/ — AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust (together, the “Issuers”), each a wholly-owned subsidiary of AerCap Holdings N.V. (“AerCap” or the “Company”), priced an offering of $500 million aggregate principal amount of the Issuers’ Fixed-Rate Reset Junior Subordinated Notes due 2056 (the “Notes”). The Notes will be issued with an initial interest rate of 6.500% per annum, to be reset on January 31, 2031 and every five years thereafter based on the then-prevailing five-year U.S. Treasury rate plus a spread of 2.441%. The Notes will be fully and unconditionally guaranteed on an unsecured junior subordinated basis by the Company and certain other subsidiaries of the Company.

The Issuers intend to use the net proceeds from the Notes for general corporate purposes, which may include the redemption of all or a portion of AerCap Global Aviation Trust’s outstanding Fixed-to-Floating Rate Junior Subordinated Notes due 2045 (the “2045 Junior Subordinated Notes”) on June 16, 2025, which is the first redemption date in respect of such notes. The information contained in this press release does not constitute a notice of redemption for the 2045 Junior Subordinated Notes.

Mizuho, BofA Securities, MUFG and Truist Securities are serving as joint book-running managers for the underwritten public offering.

The Company has filed a registration statement (including a prospectus) on Form F-3 with the U.S. Securities and Exchange Commission (the “SEC”) for the underwritten offering to which this communication relates. The registration statement automatically became effective upon filing on October 18, 2024. Investors should read the accompanying prospectus dated October 18, 2024, the preliminary prospectus supplement relating to the offering dated March 25, 2025, and other documents the Company has filed with the SEC for more complete information about the Company and this offering.

These documents may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. The prospectus supplement and accompanying prospectus relating to this offering may also be obtained from: Mizuho Securities USA LLC, Attn: Debt Capital Markets, 1271 Avenue of the Americas, New York, New York 10020, or by telephone at 1-866-271-7403; BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255, Attn: Prospectus Department, by telephone at 1-800-294-1322 or by email at [email protected]; MUFG Securities Americas Inc., Attention: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, by telephone at 1-877-649-6848; or Truist Securities, Inc., 50 Hudson Yards, 70th Floor, New York, New York 10001, Attn: Debt Capital Markets, by telephone at 1-800-685-4786 or by email at [email protected].

This press release shall not constitute an offer to sell or purchase or the solicitation of an offer to sell or purchase the Notes, the 2045 Junior Subordinated Notes or any other securities, nor shall there be any offer, solicitation, purchase or sale of these securities in any state or jurisdiction in which such offer, solicitation, purchase or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About AerCap

AerCap is the global leader in aviation leasing with one of the most attractive order books in the industry. AerCap serves approximately 300 customers around the world with comprehensive fleet solutions. AerCap is listed on the New York Stock Exchange (AER) and is based in Dublin with offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Dubai and other locations.

Forward-Looking Statements

This press release contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward-looking statements”. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “will,” “aim,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this press release are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates; the ability of our lessees and potential lessees to make lease payments to us; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses; changes in the overall demand for commercial aviation leasing and aviation asset management services; the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows; the effects of terrorist attacks on the aviation industry and on our operations; the economic condition of the global airline and cargo industry and economic and political conditions; the impact of hostilities in the Middle East, or any escalation thereof, on the aviation industry or our business; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers; a downgrade in any of our credit ratings; competitive pressures within the industry; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes; and disruptions and security breaches affecting our information systems or the information systems of our third-party providers.

As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in AerCap’s annual report on Form 20-F and other filings with the SEC. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/aercap-holdings-nv-announces-pricing-of-500-million-aggregate-principal-amount-of-fixed-rate-reset-junior-subordinated-notes-302411257.html

SOURCE AerCap Holdings N.V.

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Global Water Announces Proposed Public Offering of Common Stock

PHOENIX, March 25, 2025 (GLOBE NEWSWIRE) — Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, today announced that it has commenced an underwritten public offering of shares of its common stock. All of the shares are being offered by the company.

In addition, the company expects to grant the underwriters for the offering a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the offering at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

The company anticipates using the net proceeds from the offering to fund acquisitions and for working capital and other general corporate purposes.

Roth Capital Partners and Janney Montgomery Scott are acting as underwriters for the offering.

The offering will be made pursuant to a registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission and declared effective on August 31, 2023. A preliminary prospectus supplement and accompanying base prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering may be obtained, when available, from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147, or from Janney Montgomery Scott, 60 State Street, 13th Floor, Boston, MA 02109, [email protected], (617) 557-2986. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Global Water Resources

Global Water Resources, Inc. is a leading water resource management company that owns and operates 32 systems which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix and Tucson, Arizona. The company recycles over 1 billion gallons of water annually.

Forward-Looking Statements

Certain of the statements made in this press release are forward-looking, such as those, among others, relating to the company’s expectations regarding the completion, timing and size of the public offering, its expectations with respect to granting the underwriters a 30-day option to purchase additional shares and its anticipated use of net proceeds from the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions and the satisfaction of customary closing conditions related to the offering. More information about the risks and uncertainties faced by the company is contained in the preliminary prospectus supplement to be filed with the SEC and the documents incorporated by reference therein, which include the company’s Annual Report on Form 10-K for the year ended December 31, 2024. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact: Michael J. Liebman SVP and CFO
Tel (480) 999-5104
[email protected]

Investor
Relations: Ron Both, CMA Tel (949) 432-7566
[email protected]



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WeRide Inc. Files Its 2024 Annual Report on Form 20-F

NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) — WeRide Inc. (Nasdaq: WRD) (“WeRide” or the “Company”), a global leader in autonomous driving technology, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission (“SEC”) on March 25, 2025. The annual report in electronic format is accessible on the Company’s investor relations website at https://ir.weride.ai as well as on the SEC’s website.

For those who prefer hard copies, the Company will provide the annual report, containing audited consolidated financial statements, free of charge to shareholders and ADS holders upon request. Requests should be directed to the IR department of the Company at 21st Floor, Tower A, Guangzhou Life Science Innovation Center, No. 51, Luoxuan Road, Guangzhou International Biotech Island, Guangzhou 510005, People’s Republic of China.

About WeRide

WeRide is a global leader and a first mover in the autonomous driving industry, as well as the first publicly traded robotaxi company. Empowered by the smart, versatile, cost-effective, and highly adaptable WeRide One platform, WeRide provides autonomous driving products and services that address a vast majority of transportation needs across a wide range of use cases on the open road, including in the mobility, logistics, and sanitation industries. WeRide has deployed autonomous driving vehicles for operation and testing in over 30 cities worldwide across ten countries. WeRide earned a prestigious position among the top ten on Fortune Magazine’s “2023 Change the World” list and was named to Fortune Magazine’s 2024 “The Future 50” list. For more information, please visit https://www.weride.ai.

Contacts

Investor inquiries: [email protected] 
Press inquiries: [email protected]



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Albany International Issues 2024 Sustainability Report

Albany International Issues 2024 Sustainability Report

ROCHESTER, N.H.–(BUSINESS WIRE)–
Albany International Corp. (NYSE:AIN) announced today the publication of its annual Sustainability Report, highlighting the company’s achievements and commitments to sustainability and innovation in 2024.

“There are a few highlights we are particularly proud of this year,” said Gunnar Kleveland, President and CEO of Albany International Corp, “such as our participation in World Engineering Day for Sustainable Development, which showcases our history of innovation and how it drives sustainability and performance for our customers. We also report on our operational sustainability and community engagement initiatives, which we believe will lead to a more sustainable and prosperous future for all of our stakeholders.”

“Sustainability is one of our core values not just because it is important for our customers, employees and other stakeholders, but also because it is a driver of innovation, resilience, and business value. Through setting ambitious goals and making concrete progress, such as through participation in a US virtual power purchase agreement to tackle approximately 25% of our emissions, we are pushing ourselves to ever higher standards, and we are confident that our innovative approaches will continue to drive positive change,” said Anna Yates, Sustainability and EHS.

Albany International believes in the importance of transparency, accountability and open communication. Our Sustainability Report reflects our dedication to sharing our progress, areas of opportunity, and future plans. We invite feedback and collaboration to continually improve our sustainability practices.

The report is available for viewing and download at www.albint.com/sustainability.

About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses.

  • Machine Clothing is the world’s leading producer of custom-designed, consumable belts essential for the manufacture of paper, paperboard, tissue and towel, pulp, non-wovens and a variety of other industrial applications.
  • Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for demanding aerospace applications, supporting both commercial and military platforms.

Albany International is headquartered in Rochester, New Hampshire, operates 30 facilities in 13 countries, employs approximately 5,400 people worldwide, and is listed on the New York Stock Exchange (Symbol: AIN). Additional information about the Company and its products and services can be found at www.albint.com.

Investor / Media Contact:

JC Chetnani

VP-Investor Relations and Treasurer

[email protected]

KEYWORDS: United States North America New Hampshire

INDUSTRY KEYWORDS: Other Manufacturing Environment Other Defense Air Transport Aerospace Manufacturing Sustainability Defense

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Draganfly to Host Shareholder Update Call on March 27, 2025

Saskatoon, SK, March 25, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning, industry-leading developer of drone solutions and systems, announced today that it will host a shareholder update call on March 27th, 2025, at 5:30 PM EST.

Draganfly CEO Cameron Chell will lead the call, providing an overview of the Company’s 2024 milestones, strategic initiatives, and its outlook for 2025. CFO Paul Sun will present the Q4 2024 financial results, along with a full-year review, which is scheduled for release after market close on March 27th, 2025. Pre-submitted investor questions will also be addressed during the call.

Registration for the call can be accessed here.

Investors are encouraged to submit their questions in advance to:

[email protected].

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 24 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

For more information, visit www.draganfly.com.

For investor details, visit:

Media Contact
[email protected]

Company Contact
[email protected]



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E2open to Report Fiscal 2025 Fourth Quarter and Full Year Results

E2open to Report Fiscal 2025 Fourth Quarter and Full Year Results

DALLAS–(BUSINESS WIRE)–E2open Parent Holdings, Inc. (NYSE: ETWO), the connected supply chain SaaS platform with the largest multi-enterprise network, today announced that it will report its fiscal fourth quarter and full-year 2025 financial results after the U.S. financial markets close on Tuesday, April 29, 2025. E2open management will host a conference call at 5:00 p.m. Eastern Time on that day to discuss the financial results and other business highlights.

The conference call can be accessed by dialing 888-506-0062 (domestic) or 973-528-0011 (international). The conference ID is 790911. Additionally, a live webcast of the conference call will be available in the “Investor Relations” section of the company’s website at www.e2open.com. Following the conference call, a replay will be available through May 13, 2025, at 877-481-4010 (domestic) or 919-882-2331 (international). The replay passcode is 52240. An archived webcast of this conference call will also be available after the completion of the call in the “Investor Relations” section of the company’s website at www.e2open.com.

About e2open

E2open is the connected supply chain software platform that enables the world’s largest companies to transform the way they make, move, and sell goods and services. With the broadest cloud-native global platform purpose-built for modern supply chains, e2open connects more than 500,000 manufacturing, logistics, channel, and distribution partners as one multi-enterprise network tracking over 18 billion transactions annually. Our SaaS platform anticipates disruptions and opportunities to help companies improve efficiency, reduce waste, and operate sustainably. Moving as one.™ Learn More: www.e2open.com.

E2open and “Moving as one.” are the registered trademarks of E2open, LLC. All other trademarks, registered trademarks and service marks are the property of their respective owners.

Media Contact:

5W PR for e2open

[email protected]

908-433-3334

Investor Relations Contact:

Russell Johnson

[email protected]

[email protected]

Corporate Contact:

Kristin Seigworth

VP Communications, e2open

[email protected]

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Supply Chain Management Retail Technology Transport Logistics/Supply Chain Management Software

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Compass Minerals Announces Cost Structure Reductions to Align With Current Business Needs

Compass Minerals Announces Cost Structure Reductions to Align With Current Business Needs

Company Eliminates Over 10% of Corporate Workforce Positions

Shutters Fire Retardant Business

OVERLAND PARK, Kan.–(BUSINESS WIRE)–
Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today announced measures to reduce selling, general and administration (SG&A) and other costs to help increase free cash flow and retire debt. These actions are part of a larger strategic refocus to improve the profitability of the company’s core Salt and Plant Nutrition businesses.

As one part of the cost-saving initiatives, Compass Minerals reduced its corporate cost structure by eliminating over 10% of the company’s corporate workforce. Additionally, the company has decided to wind down its fire retardant business, Fortress North America (Fortress), and consequently terminate the employment of all associated Fortress employees. The combined actions, effective immediately, eliminate nearly 50 positions. To help further control costs, certain open and budgeted roles will not be filled moving forward. The company is working with impacted employees to offer severance packages and outplacement services. The company expects to realize cash savings on a go-forward basis from these actions.

“Decisions such as these are never easy, but our board of directors and senior leadership team took a hard look at our cost structure and determined these actions were necessary to enable us to generate additional cash flow and accelerate our deleveraging,” said Edward C. Dowling Jr, president and CEO. “I’m grateful to departing employees for their service and to those remaining who will help us chart a new path in this next chapter. Moving forward, our company will be leaner with an intense focus on getting back to the basics of our core Salt and Plant Nutrition businesses in order to become a stronger and more profitable company.”

Today’s actions build upon Compass Minerals’ previously announced cost control efforts, including the company’s ongoing efforts to align capital expenditures with the cash generation performance of the business. In the coming months, the company plans to further scrutinize costs across the platform to identify potential additional cost-reduction opportunities, including the evaluation of contracts, operational costs and semi-variable costs.

Using the approach for calculating adjusted EBITDA that is typically used for this type of activity under the company’s existing debt instruments, the company estimates that run-rate cost savings for the trailing 12-month period ended Dec. 31, 2024, would be in the range of $11 million to $13 million, assuming the workforce reduction had occurred at the beginning of that period. The actual cost savings achieved as a result of these initiatives will depend on a variety of factors, such as potential offsetting costs and timing considerations, which are not reflected in this estimate of run-rate cost savings. Related to Fortress, the company expects to recognize in its results for the fiscal second quarter ended March 31, 2025, a non-cash impairment related to the write-off of associated assets, subject to assessments of residual value, and a non-cash gain related to the elimination of the remaining contingent consideration liability associated with the Fortress acquisition.

About Compass Minerals

Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops while supporting sustainable agriculture. Compass Minerals operates 12 production and packaging facilities with more than 1,800 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.

Forward-Looking Statements and Other Disclaimers

This press release may contain forward-looking statements, including, without limitation, statements about the company’s future costs, profitability, free cash flow and salt inventory volumes, and the company’s intent to refinance its debt stack, retire debt and identify potential additional cost-reduction opportunities at its production and packaging sites. These statements are based on the company’s current expectations, estimates and projections and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by several factors including those factors identified in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the company’s Annual and Quarterly Reports on Forms 10-K and 10-Q, including any amendments, as well as the company’s other SEC filings. Opinions expressed are current opinions as of the date hereof. Investors are cautioned not to place undue reliance on such forward-looking statements and should rely on their own assessment of an investment. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law.

Investor Contact

Brent Collins

Vice President, Treasurer & Investor Relations

+1.913.344.9111

[email protected]

Media Contact

Kevin Gabriel

Senior Director, Corporate Affairs

+1.913.344.9265

[email protected]

KEYWORDS: United States North America Canada Kansas

INDUSTRY KEYWORDS: Chemicals/Plastics Natural Resources Manufacturing Mining/Minerals

MEDIA:

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Worthington Enterprises Reports Third Quarter Fiscal 2025 Results

COLUMBUS, Ohio, March 25, 2025 (GLOBE NEWSWIRE) — Worthington Enterprises Inc. (NYSE: WOR), a market-leading designer and manufacturer of innovative products and solutions that serve customers in the building products and consumer products end markets, today reported results for its fiscal 2025 third quarter ended February 28, 2025.

Third Quarter Highlights
(all comparisons to the third quarter of fiscal 2024):

  • Net sales were $304.5 million, a decrease of 4%, reflecting the deconsolidation of the former Sustainable Energy Solutions segment (“SES”), partially offset by volume growth and contributions from the Ragasco business acquired in the first quarter of fiscal 2025.
  • Earnings before income taxes increased 30% to $52.6 million, while adjusted EBITDA from continuing operations grew 10% to $73.8 million.
  • Earnings per share (“EPS”) from continuing operations (diluted) increased 80% to $0.79 per share, while adjusted EPS from continuing operations (diluted) grew 14% to $0.91 per share.
  • Operating cash flow grew 14% to $57.1 million, and free cash flow increased 11% to $44.4 million.
  • Repurchased 150,000 shares of common stock for $6.2 million leaving 5,565,000 shares remaining on the Company’s share repurchase authorization.
  • Declared a quarterly dividend of $0.17 per share payable on June 27, 2025, to shareholders of record at the close of business on June 13, 2025.

Financial highlights, on a continuing operations basis, for the current year and prior year quarters are as follows:

(U.S. dollars in millions, except per share amounts)   3Q 2025     3Q 2024  
GAAP Financial Measures            
Net sales   $ 304.5     $ 316.8  
Operating income     20.9       4.3  
Earnings before income taxes     52.6       40.5  
Net earnings from continuing operations     39.7       22.0  
EPS from continuing operations – diluted     0.79       0.44  
Net cash provided by operating activities     57.1       50.1  
             
Non-GAAP Financial Measures

(1)
 		           
Adjusted operating income   $ 26.2     $ 8.0  
Adjusted EBITDA from continuing operations     73.8       66.9  
Adjusted EPS from continuing operations – diluted     0.91       0.80  
Free cash flow     44.4       40.1  
 

(1) Refer to the “Use of Non-GAAP Financial Measures and Definitions” for additional information regarding our use of non-GAAP financial measures, including reconciliations to the most comparable GAAP measures.

“We delivered strong results in Q3, achieving year-over-year and sequential growth in revenue, adjusted EBITDA and adjusted EPS,” said Worthington Enterprises President and CEO Joe Hayek. “Our growth in sales and earnings was driven by market share gains, a more favorable mix and improved gross margins in our wholly owned businesses, while our joint ventures remained steady despite a moderation in ClarkDietrich’s results relative to last year’s strong performance. These results reflect outstanding execution from our team, who continues to drive efficiencies, deliver value-added solutions for our customers, and effectively manage costs, even during an uncertain macroeconomic environment.”

Consolidated Quarterly Results

Net sales for the third quarter of fiscal 2025 decreased $12.2 million, or 3.9%, from the prior year quarter to $304.5 million. The decrease was driven by the deconsolidation of SES during the fourth quarter of fiscal 2024, partially offset by contributions from Ragasco and higher overall volumes. Net sales in the prior year quarter included $35.4 million related to SES, which is now operated as an unconsolidated joint venture and its results are reported within equity income on the consolidated statement of earnings beginning June 1, 2024.

Operating income increased $16.6 million to $20.9 million. The current year quarter was negatively impacted $5.4 million due to restructuring charges, compared to $3.7 million in the prior year quarter, which included both restructuring charges and one-time costs related to the separation of the former steel processing business (“Separation”). Excluding these items, adjusted operating income increased $18.3 million over the prior year quarter to $26.2 million on the combined impact of higher overall volumes and favorable product mix.

Equity income declined $11.2 million from the prior year quarter to $32.1 million, primarily due to lower contributions from ClarkDietrich, which decreased $8.3 million compared to a particularly strong prior year quarter.

Income tax expense decreased $5.2 million from the prior year quarter to $13.2 million driven by a lower estimated annual effective tax rate partially offset by higher pre-tax earnings. Current year quarter income tax expense reflects an estimated annual effective tax rate of 24.4%, down from 30.8%, driven by the discrete tax effects of the Separation in the prior year quarter. The adjusted effective tax rate was 22.2% in the current year quarter compared to 23.1% in the prior year quarter.

Balance Sheet and Cash Flow

The Company ended the quarter with cash of $222.8 million, a decrease of $21.4 million from May 31, 2024. During the third quarter, the Company generated operating cash flow of $57.1 million, of which $12.7 million was invested in capital expenditures, resulting in free cash flow of $44.4 million up from $40.1 million in the prior year quarter. Capital expenditures in the current year quarter included approximately $7.6 million related to ongoing facility modernization projects.

Total debt at quarter end consisted entirely of long-term debt and was relatively unchanged from May 31, 2024, at $293.9 million. The Company had no borrowings under its revolving credit facility as of February 28, 2025, leaving $500.0 million available for future use.

Quarterly Segment Results

Consumer Products generated net sales of $139.7 million in the third quarter of fiscal 2025, an increase of $6.5 million, or 4.9%, over the prior year quarter, driven by higher volumes. Adjusted EBITDA increased $3.0 million over the prior year quarter to $28.6 million on the combined impact of higher volumes and gross margin improvement, partially offset by higher SG&A expenses.

Building Products generated net sales of $164.8 million in the third quarter of fiscal 2025, an increase of $16.6 million, or 11.2%, over the prior year quarter, driven by contributions from Ragasco and favorable product mix. Adjusted EBITDA increased slightly over the prior year quarter to $53.2 million, as the benefit from higher net sales was largely offset by lower equity income contributions from ClarkDietrich and WAVE.

Outlook

“As we look ahead, we remain confident in our ability to drive long-term growth and deliver shareholder value,” Hayek said. “Our strong balance sheet, solid free cash flow and disciplined capital allocation strategy provide us the flexibility to invest in our businesses, pursue strategic M&A and return capital to shareholders with a focus on long-term value creation. While recent tariff announcements are creating some uncertainty across multiple markets, we are well-positioned as a domestic designer and manufacturer of market-leading brands, with strong customer relationships and an exceptional team who is committed to driving improvements throughout our business, as we navigate near-term dynamics and capitalize on future opportunities.”

Conference Call

The Company will review fiscal 2025 third quarter results during its quarterly conference call on March 26, 2025, at 8:30 a.m. Eastern Time. Details regarding the conference call can be found on the Company website at www.WorthingtonEnterprises.com.

About Worthington Enterprises

Worthington Enterprises (NYSE: WOR) is a designer and manufacturer of market-leading brands that help enable people to live safer, healthier and more expressive lives. The Company operates with two primary business segments: Building Products and Consumer Products. The Building Products segment includes cooking, heating, cooling and water solutions, architectural and acoustical grid ceilings and metal framing and accessories. The Consumer Products segment provides solutions for the tools, outdoor living and celebrations categories. Product brands within the Worthington Enterprises portfolio include Balloon Time®, Bernzomatic®, Coleman® (propane cylinders), CoMet®, Garden Weasel®, General®, HALO™, Hawkeye™, Level5 Tools®, Mag Torch®, NEXI™, Pactool International®, PowerCore™, Ragasco®, Well-X-Trol® and XLite™, among others. The Company also serves the growing global hydrogen ecosystem via a joint venture focused on on-board fueling systems and gas containment solutions.

Headquartered in Columbus, Ohio, Worthington Enterprises and its joint ventures employ approximately 6,000 people throughout North America and Europe.

Founded in 1955 as Worthington Industries, Worthington Enterprises follows a people-first Philosophy with earning money for its shareholders as its first corporate goal. Worthington Enterprises achieves this outcome by empowering its employees to innovate, thrive and grow with leading brands in attractive markets that improve everyday life. The Company engages deeply with local communities where it has operations through volunteer efforts and The Worthington Companies Foundation, participates actively in workforce development programs and reports annually on its corporate citizenship and sustainability efforts. For more information, visit worthingtonenterprises.com.

Safe Harbor Statement

Selected statements contained in this release constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the “Act”). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect the Company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee” and similar words or phrases. These forward-looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; the anticipated benefits of the separation of the Company’s Steel Processing business (the “Separation); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the Company’s performance on a pro forma basis to illustrate the estimated effects of the Separation on historical periods; the tax treatment of the Separation transaction; future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at the Company’s operations; anticipated working capital needs, capital expenditures and asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; the ever-changing effects of the novel coronavirus (“COVID-19”) pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, employees and third-party service providers; and other non-historical matters.

Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: the uncertainty of obtaining regulatory approvals in connection with the Separation, including rulings from the Internal Revenue Service; the Company’s ability to successfully realize the anticipated benefits of the Separation; the risks, uncertainties and impacts related to the COVID-19 pandemic – the duration, extent and severity of which are impossible to predict, including the possibility of future resurgence in the spread of COVID-19 or variants thereof – and the availability, effectiveness and acceptance of vaccines, and other actual or potential public health emergencies and actions taken by governmental authorities or others in connection therewith; the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from COVID-19, the actions taken in connection therewith and the implementation of related fiscal stimulus packages; the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting the Company’s products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; changing oil prices and/or supply; product demand and pricing; changes in product mix, product substitution and market acceptance of the Company’s products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations (especially in light of the COVID-19 pandemic and Russia’s invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts; the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly-acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts (especially in light of Russia’s invasion of Ukraine), terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplier choices; risks associated with doing business internationally, including economic, political and social instability (especially in light of Russia’s invasion of Ukraine), foreign currency exchange rate exposure and the acceptance of the Company’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, which may negatively impact the Company’s operations and financial results; deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies; the level of imports and import prices in the Company’s markets; the impact of environmental laws and regulations or the actions of the United States Environmental Protection Agency or similar regulators which increase costs or limit the Company’s ability to use or sell certain products; the impact of increasing environmental, greenhouse gas emission and sustainability regulations and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, especially in light of the COVID-19 pandemic, which may increase the Company’s healthcare and other costs and negatively impact the Company’s operations and financial results; the effects of tax laws in the United States and potential changes for such laws, which may increase the Company’s costs and negatively impact the Company’s operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company’s filings with the United States Securities and Exchange Commission, including those described in “Part I – Item 1A. – Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2024.

Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
 
    Three Months Ended     Nine Months Ended  
    February 28,     February 29,     February 28,     February 29,  
    2025     2024     2025     2024  
Net sales   $ 304,524     $ 316,755     $ 835,878     $ 926,902  
Cost of goods sold     215,277       243,643       610,077       720,882  
Gross profit     89,247       73,112       225,801       206,020  
Selling, general and administrative expense     63,005       65,134       196,959       210,262  
Restructuring and other expense, net     5,374       698       9,152       704  
Separation costs     –       2,999       –       12,465  
Operating income (loss)     20,868       4,281       19,690       (17,411 )
Other income (expense):                        
Miscellaneous income (expense), net     258       (6,995 )     809       (5,983 )
Loss on extinguishment of debt     –       –       –       (1,534 )
Interest expense, net     (628 )     (50 )     (2,150 )     (1,596 )
Equity in net income of unconsolidated affiliates     32,081       43,235       102,129       127,328  
Earnings before income taxes     52,579       40,471       120,478       100,804  
Income tax expense     13,240       18,471       29,122       34,041  
Net earnings from continuing operations     39,339       22,000       91,356       66,763  
Net earnings from discontinued operations     –       –       –       83,106  
Net earnings     39,339       22,000       91,356       149,869  
Net earnings (loss) attributable to noncontrolling interests     (324 )     –       (820 )     7,460  
Net earnings attributable to controlling interest   $ 39,663     $ 22,000     $ 92,176     $ 142,409  
                         
Amounts attributable to controlling interest:                        
Net earnings from continuing operations   $ 39,663     $ 22,000     $ 92,176     $ 66,763  
Net earnings from discontinued operations     –       –       –       75,646  
Net earnings attributable to controlling interest   $ 39,663     $ 22,000     $ 92,176     $ 142,409  
                         
Earnings per share – basic:                        
Continuing operations   $ 0.80     $ 0.45     $ 1.86     $ 1.36  
Discontinued operations     –       –       –       1.54  
Consolidated   $ 0.80     $ 0.45     $ 1.86     $ 2.90  
                         
Earnings per share – diluted:                        
Continuing operations   $ 0.79     $ 0.44     $ 1.84     $ 1.33  
Discontinued operations     –       –       –       1.50  
Consolidated   $ 0.79     $ 0.44     $ 1.84     $ 2.83  
                         
Weighted average common shares outstanding – basic     49,377       49,315       49,443       49,113  
Weighted average common shares outstanding – diluted     49,981       50,417       50,171       50,271  
                         
Cash dividends declared per share   $ 0.17     $ 0.16     $ 0.51     $ 0.80  
                                 

CONSOLIDATED BALANCE SHEETS
WORTHINGTON ENTERPRISES, INC.
(In thousands)
 
    February 28,     May 31,  
    2025     2024  
Assets            
Current assets:            
Cash and cash equivalents   $ 222,844     $ 244,225  
Receivables, less allowances of $3,651 and $343, respectively     202,848       199,798  
Inventories            
Raw materials     78,186       66,040  
Work in process     10,025       11,668  
Finished products     77,124       86,907  
Total inventories     165,335       164,615  
Income taxes receivable     3,543       17,319  
Prepaid expenses and other current assets     39,394       47,936  
Total current assets     633,964       673,893  
Investment in unconsolidated affiliates     131,800       144,863  
Operating lease assets     21,757       18,667  
Goodwill     368,047       331,595  
Other intangibles, net of accumulated amortization of $92,675 and $83,242, respectively     239,852       221,071  
Other assets     23,779       21,342  
Property, plant and equipment:            
Land     8,613       8,657  
Buildings and improvements     130,230       123,478  
Machinery and equipment     363,762       321,836  
Construction in progress     31,048       24,504  
Total property, plant and equipment     533,653       478,475  
Less: accumulated depreciation     270,848       251,269  
Total property, plant and equipment, net     262,805       227,206  
Total assets   $ 1,682,004     $ 1,638,637  
             
Liabilities and equity            
Current liabilities:            
Accounts payable   $ 83,905     $ 91,605  
Accrued compensation, contributions to employee benefit plans and related taxes     37,329       41,974  
Dividends payable     9,102       9,038  
Other accrued items     41,578       29,061  
Current operating lease liabilities     5,644       6,228  
Income taxes payable     2,830       470  
Total current liabilities     180,388       178,376  
Other liabilities     59,301       62,243  
Distributions in excess of investment in unconsolidated affiliate     110,402       111,905  
Long-term debt     293,921       298,133  
Noncurrent operating lease liabilities     16,595       12,818  
Deferred income taxes     82,876       84,150  
Total liabilities     743,483       747,625  
Shareholders’ equity – controlling interest     937,208       888,879  
Noncontrolling interests     1,313       2,133  
Total equity     938,521       891,012  
Total liabilities and equity   $ 1,682,004     $ 1,638,637  
 

WORTHINGTON ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
    Three Months Ended     Nine Months Ended  
    February 28,     February 29,     February 28,     February 29,  
    2025     2024     2025     2024  
Operating activities:                        
Net earnings   $ 39,339     $ 22,000     $ 91,356     $ 149,869  
Adjustments to reconcile net earnings to net cash provided by operating activities:                        
Depreciation and amortization     11,950       11,949       35,707       68,281  
Impairment of long-lived assets     –       –       –       1,401  
Provision for (benefit from) deferred income taxes     (8,016 )     4,329       (10,871 )     843  
Loss on extinguishment of debt     –       –       –       1,534  
Bad debt expense (income)     1,128       24       3,189       (430 )
Equity in net income of unconsolidated affiliates, net of distributions     3,089       (2,926 )     10,810       3,169  
Net gain on sale of assets     (21 )     (14 )     (547 )     (348 )
Stock-based compensation     2,924       2,602       12,787       13,294  
Changes in assets and liabilities, net of impact of acquisitions:                        
Receivables     (18,553 )     (18,124 )     (9,023 )     49,737  
Inventories     14,128       16,176       15,558       54,999  
Accounts payable     46       15,561       (12,600 )     (59,534 )
Accrued compensation and employee benefits     8,838       7,190       (4,628 )     (2,030 )
Other operating items, net     2,279       (8,646 )     15,592       (35,979 )
Net cash provided by operating activities     57,131       50,121       147,330       244,806  
                         
Investing activities:                        
Investment in property, plant and equipment     (12,704 )     (10,017 )     (37,494 )     (72,191 )
Acquisitions, net of cash acquired     –       (8,707 )     (88,156 )     (29,721 )
Proceeds from sale of assets, net of selling costs     59       35       13,444       837  
Investment in non-marketable equity securities     (833 )     (75 )     (2,873 )     (1,614 )
Investment in note receivable     –       100       –       (14,900 )
Excess distribution from unconsolidated affiliate     –       –       –       1,085  
Net cash used by investing activities     (13,478 )     (18,664 )     (115,079 )     (116,504 )
                         
Financing activities:                        
Dividends paid     (8,422 )     (15,849 )     (25,507 )     (48,907 )
Repurchase of common shares     (6,170 )     –       (21,052 )     –  
Proceeds from issuance of common shares, net of tax withholdings     (22 )     (1,023 )     (7,073 )     (15,360 )
Net proceeds from short-term borrowings (1)     –       –       –       172,187  
Distribution to Worthington Steel at Separation     –       (218,048 )     –       (218,048 )
Principal payments on long-term obligations     –       (150,133 )     –       (393,890 )
Dividends from Worthington Steel at Separation           150,000       –       150,000  
Payments to noncontrolling interests     –       –       –       (1,920 )
Net cash used by financing activities     (14,614 )     (235,053 )     (53,632 )     (355,938 )
Increase (decrease) in cash and cash equivalents     29,039       (203,596 )     (21,381 )     (227,636 )
Cash and cash equivalents at beginning of period     193,805       430,906       244,225       454,946  
Cash and cash equivalents at end of period

(2)
 		  $ 222,844     $ 227,310     $ 222,844     $ 227,310  
 

(1) Net proceeds in fiscal 2024 consisted of borrowings under Worthington Steel’s short-term credit facilities assumed by Worthington Steel in conjunction with the Separation.
(2) The cash flows related to discontinued operations have not been segregated in the periods presented herein. Accordingly, the consolidated statements of cash flows include the results from continuing and discontinued operations.

WORTHINGTON ENTERPRISES, INC.

GAAP / NON-GAAP RECONCILIATIONS

(1)


(Dollars in thousands, except per share amounts)


Consolidated Results – Adjusted Earnings per Share from Continuing Operations – Diluted

  Three Months Ended February 28, 2025  
        Earnings     Income     Net Earnings     Diluted        
        Before     Tax     from     EPS –     Effective  
  Operating     Income     Expense     Continuing     Continuing     Tax  
  Income     Taxes     (Benefit)     Operations (2)     Operations (2)     Rate (2)  
GAAP $ 20,868     $ 52,579     $ 13,240     $ 39,663     $ 0.79       25.0 %
Restructuring and other expense, net   5,374       5,374       295       5,669       0.12        
Non-GAAP $ 26,242     $ 57,953     $ 12,945     $ 45,332     $ 0.91       22.2 %

  Three Months Ended February 29, 2024  
        Earnings     Income     Net Earnings     Diluted        
        Before     Tax     from     EPS –     Effective  
  Operating     Income     Expense     Continuing     Continuing     Tax  
  Income     Taxes     (Benefit)     Operations     Operations     Rate  
GAAP $ 4,281     $ 40,471     $ 18,471     $ 22,000     $ 0.44       45.6 %
Restructuring and other expense, net   698       698       (166 )     532       0.01        
Separation costs   2,999       2,999       (712 )     2,287       0.05        
Pension settlement charge   –       8,103       (1,929 )     6,174       0.12        
One-time tax effects of Separation   –       –       9,197       9,197       0.18        
Non-GAAP $ 7,978     $ 52,271     $ 12,081     $ 40,190     $ 0.80       23.1 %

  Nine Months Ended February 28, 2025  
        Earnings     Income     Net Earnings     Diluted        
        Before     Tax     from     EPS –     Effective  
  Operating     Income     Expense     Continuing     Continuing     Tax  
  Income     Taxes     (Benefit)     Operations (2)     Operations (2)     Rate (2)  
GAAP $ 19,690     $ 120,478     $ 29,122     $ 92,176     $ 1.84       24.0 %
Restructuring and other expense, net   9,152       9,152       (633 )     8,519       0.17        
Non-GAAP $ 28,842     $ 129,630     $ 29,755     $ 100,695     $ 2.01       22.8 %

  Nine Months Ended February 29, 2024  
        Earnings     Income     Net Earnings     Diluted        
  Operating     Before     Tax     from     EPS –     Effective  
  Income     Income     Expense     Continuing     Continuing     Tax  
  (Loss)     Taxes     (Benefit)     Operations     Operations     Rate  
GAAP $ (17,411 )   $ 100,804     $ 34,041     $ 66,763       1.33     33.8 %
Corporate costs eliminated at Separation   19,343       19,343       (4,606 )     14,737       0.30        
Restructuring and other expense, net   704       704       (168 )     536       0.01        
Separation costs   12,465       12,465       (2,968 )     9,497       0.19        
Pension settlement charge   –       8,103       (1,929 )     6,174       0.12        
Loss on extinguishment of debt   –       1,534       (365 )     1,169       0.02        
Gain on sale of assets in equity income   –       (2,780 )     662       (2,118 )     (0.04 )      
One-time tax effects of Separation   –       –       9,197       9,197       0.18        
Non-GAAP $ 15,101     $ 140,173     $ 34,218     $ 105,955     $ 2.11     24.4 %
 

(1) For more information on these measures, refer to the Use of Non-GAAP Financial Measures and Definitions schedule herein.
(2) Excludes the impact of noncontrolling interest.


Consolidated Results – Adjusted EBITDA from Continuing Operations

    Three Months Ended     Nine Months Ended  
    February 28,     February 29,     February 28,     February 29,  
    2025     2024     2025     2024  
Earnings before income taxes (GAAP)   $ 52,579     $ 40,471     $ 120,478     $ 100,804  
Plus: Net loss attributable to noncontrolling interest     324       –       820       –  
Net earnings before income taxes attributable to controlling interest     52,903       40,471       121,298       100,804  
Interest expense, net     628       50       2,150       1,596  
EBIT (1)     53,531       40,521       123,448       102,400  
Corporate costs eliminated at Separation     –       –       –       19,343  
Restructuring and other expense, net (2)     5,374       698       9,152       704  
Separation costs     –       2,999       –       12,465  
Pension settlement charge     –       8,103       –       8,103  
Loss on extinguishment of debt     –       –       –       1,534  
Gain on sale of assets in equity income     –       –       –       (2,780 )
Adjusted EBIT (1)     58,905       52,321       132,600       141,769  
Depreciation and amortization     11,950       11,949       35,707       36,238  
Stock-based compensation     2,924       2,601       10,122       9,822  
Adjusted EBITDA from continuing operations (non-GAAP)   $ 73,779     $ 66,871     $ 178,429     $ 187,829  
                         
Earnings before income taxes margin (GAAP)     17.3 %     12.8 %     14.4 %     10.9 %
Adjusted EBITDA margin from continuing operations (non-GAAP)     24.2 %     21.1 %     21.3 %     20.3 %
 

(1) EBIT and adjusted EBIT are non-GAAP financial measures. However, these measures are not used by management to evaluate the Company’s performance, engage in financial and operational planning, or to determine incentive compensation. Instead, they are included as subtotals in the reconciliation of earnings before income taxes from continuing operations to adjusted EBITDA from continuing operations, which is a non-GAAP financial measure used by management.

(2) The three and nine months ended February 28, 2025, includes $4,536 of expense related to an increase in the fair value of the contingent liability associated with the Ragasco earnout arrangement.  


Consolidated Results – Free Cash Flow

  Three Months Ended  
  February 28,     February 29,  
  2025     2024  
Net cash provided by operating activities (GAAP) $ 57,131     $ 50,121  
Less: Investment in property, plant, and equipment   12,704       10,017  
Free cash flow (non-GAAP) $ 44,427     $ 40,104  
           
Net earnings attributable to controlling interest (GAAP) $ 39,663     $ 22,000  
Adjusted net earnings attributable to controlling interest (non-GAAP) $ 45,332     $ 40,190  
           
Operating cash flow conversion (GAAP) (1)   144 %     228 %
Free cash flow conversion (non-GAAP)   98 %     100 %
               

(1) Operating cash flow conversion is defined as net cash provided by operating activities divided by net earnings from continuing operations attributable to controlling interest.

WORTHINGTON ENTERPRISES, INC.

SEGMENT INFORMATION

(Dollars and units in thousands)

    Three Months Ended     Nine Months Ended  
    February 28,     February 29,     February 28,     February 29,  
    2025     2024     2025     2024  
Volume                        
Consumer Products     20,761       19,010       53,351       50,973  
Building Products     3,560       3,422       9,982       10,578  
Total reportable segments     24,321       22,432       63,333       61,551  
Other (1)     –       143       –       363  
Consolidated     24,321       22,575       63,333       61,914  
                         
Net sales                        
Consumer Products   $ 139,714     $ 133,181     $ 374,057     $ 369,923  
Building Products     164,810       148,190       461,821       465,421  
Total reportable segments     304,524       281,371       835,878       835,344  
Other (1)     –       35,384       –       91,558  
Consolidated   $ 304,524     $ 316,755     $ 835,878     $ 926,902  
                         
Adjusted EBITDA from continuing operations                        
Consumer Products   $ 28,625     $ 25,649     $ 61,884     $ 52,537  
Building Products     53,187       53,059       140,101       158,501  
Total reportable segments     81,812       78,708       201,985       211,038  
Unallocated Corporate and Other     (8,033 )     (11,837 )     (23,556 )     (23,209 )
Consolidated   $ 73,779     $ 66,871     $ 178,429     $ 187,829  
                         
Adjusted EBITDA margin from continuing operations                        
Consumer Products     20.5 %     19.3 %     16.5 %     14.2 %
Building Products     32.3 %     35.8 %     30.3 %     34.1 %
Consolidated     24.2 %     21.1 %     21.3 %     20.3 %
                         
Equity income by unconsolidated affiliate                        
WAVE (2)   $ 25,012     $ 26,022     $ 77,478     $ 75,765  
ClarkDietrich (2)     9,486       17,791       27,960       48,267  
Other (3)     (2,417 )     (578 )     (3,309 )     3,296  
Consolidated   $ 32,081     $ 43,235     $ 102,129     $ 127,328  
 

(1)  Amounts relate to our former SES operating segment, which was deconsolidated on May 29, 2024.

(2) Equity income contributed by Worthington Armstrong Venture (“WAVE”) and Clarkwestern Dietrich Building Systems LLC (“ClarkDietrich) is included in Building Products segment results.

(3) Other includes the equity earnings of Taxi Workhorse, LLC and the Sustainable Energy Solutions joint ventures.

WORTHINGTON ENTERPRISES, INC.

USE OF NON-GAAP FINANCIAL MEASURES AND DEFINITIONS

NON-GAAP FINANCIAL MEASURES. These materials include certain financial measures that are not calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The non-GAAP financial measures typically exclude items that management believes are not reflective of, and thus should not be included when evaluating the performance of the Company’s ongoing operations. Management uses the non-GAAP financial measures to evaluate the Company’s performance, engage in financial and operational planning, and determine incentive compensation. Management believes these non-GAAP financial measures provide useful supplemental information and additional perspective on the performance of the Company’s ongoing operations and should not be considered as an alternative to the comparable GAAP measure. Additionally, management believes these non-GAAP financial measures allow for meaningful comparisons and analysis of trends in the Company’s businesses and enable investors to evaluate operations and future prospects in the same manner as management.

The following provides an explanation of each non-GAAP financial measure presented in these materials:

Adjusted operating income is defined as operating income excluding the items listed below, to the extent naturally included in operating income (loss).

Adjusted net earnings from continuing operations is defined as net earnings from continuing operations attributable to controlling interest (“net earnings from continuing operations”) excluding the after-tax effect of the excluded items outlined below.

Adjusted earnings per diluted share from continuing operations (“Adjusted EPS from continuing operations”) is defined as adjusted net earnings from continuing operations divided by diluted weighted-average shares outstanding).

Adjusted EBITDA from continuing operations is defined as adjusted earnings before interest, taxes, depreciation, and amortization. EBITDA from continuing operations is calculated by adding or subtracting, as appropriate, interest expense, net, income tax expense, depreciation, and amortization to/from net earnings from continuing operations attributable to controlling interest, which is further adjusted to exclude impairment and restructuring charges (gains) as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of its ongoing operations, as outlined below. Adjusted EBITDA from continuing operations also excludes stock-based compensation due to its non-cash nature, which is consistent with how management assesses operating performance. At the segment level, adjusted EBITDA from continuing operations includes expense allocations for centralized corporate back-office functions that exist to support the day-to-day business operations. Public company and other governance costs are held at the corporate-level.

Adjusted EBITDA margin from continuing operations is calculated by dividing adjusted EBITDA from continuing operations by net sales.

Free cash flow is a non-GAAP financial liquidity measure that is used by the Company to assess its ability to generate cash beyond what is required for its business operations and capital expenditures. The Company defines free cash flow as net cash flows from operating activities less investment in property, plant, and equipment.

Free cash flow conversion is a non-GAAP financial measure that is used by the Company to measure how much of its adjusted net earnings attributable to controlling interest is converted into cash. The company defines free cash flow conversion as free cash flow divided by net earnings from continuing operations.

Exclusions from Non-GAAP Financial Measures

Management believes it is useful to exclude the following items from the non-GAAP financial measures presented in this report for its own and investors’ assessment of the business for the reasons identified below. Additionally, management may exclude other items from the non-GAAP financial measures that do not occur in the ordinary course of our ongoing business operations and note them in the reconciliation from earnings before income taxes from continuing operations to the non-GAAP financial measure of adjusted EBITDA from continuing operations.

  • Impairment charges are excluded because they do not occur in the ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which we believe facilitates the comparison of historical, current and forecasted financial results.
  • Restructuring activities, which can result in both discrete gains and/or losses, consist of established programs that are not part of our ongoing operations, such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions). These items are excluded because they are not part of the ongoing operations of our underlying business.
  • Separation costs, which consist of direct and incremental costs incurred in connection with the completed Separation are excluded as they are one-time in nature and are not expected to occur in periods following the Separation. These costs include fees paid to third-party advisors, such as investment banking, audit and other advisory services as well as direct and incremental costs associated with the Separation of shared corporate functions. Results in the current fiscal year also include incremental compensation expense associated with the modification of unvested short and long-term incentive compensation awards, as required under the employee matters agreement executed in conjunction with the Separation.
  • Loss on early extinguishment of debt is excluded because it does not occur in the normal course of business and may obscure analysis of trends and financial performance. Additionally, the amount and frequency of this type of charge is not consistent and is significantly impacted by the timing and size of debt extinguishment transactions.
  • Corporate costs eliminated at Separation are those costs that were related to corporate resources that, post-Separation, no longer exist to support the Company’s continuing operations, but were not clearly identifiable to the former Steel Processing segment.
  • Pension settlement charges are excluded due to their non-cash nature and the fact that they do not occur in the normal course of business and may obscure analysis of trends and financial performance. These transactions typically result from the transfer of all or a portion of the total projected benefit obligation to third-party insurance companies.
  • One-time tax effects of Separation are charges to income tax expense primarily related to non-deductible transaction costs. They are excluded because they are one-time in nature and not expected to occur in periods following the Separation.

Sonya L. Higginbotham

Senior Vice President
Chief of Corporate Affairs, Communications and Sustainability
614.438.7391
[email protected] 

Marcus A. Rogier

Treasurer and Investor Relations Officer
614.840.4663
[email protected] 

200 West Old Wilson Bridge Rd.
Columbus, Ohio 43085
WorthingtonEnterprises.com