United States securities and exchange commission logo
March 1, 2024
Joseph Hayek
Vice President and Chief Financial Officer
Worthington Enterprises, Inc.
200 West Old Wilson Bridge Road
Columbus, OH 43085
Re: Worthington
Enterprises, Inc.
Form 10-K for
Fiscal Year Ended May 31, 2023
Forms 8-K filed
September 27, 2023 and December 19, 2023
File No. 001-08399
Dear Joseph Hayek:
We have limited our review of your filing to the financial
statements and related
disclosures and have the following comments.
Please respond to this letter within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe a
comment applies to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to this letter, we may have additional comments.
Form 10-K for Fiscal Year Ended May 31, 2023
Consolidated Financial Statements
Note P - Segment Data, page 80
1. We refer to your tables
which present summarized financial information for your
reportable segments.
Please revise your future filings to reconcile consolidated Adjusted
EBIT to your
consolidated earnings before income taxes and discontinued operations.
Refer to ASC
280-10-50-30(b) and ASC 280-10-50-32(f) for guidance.
Forms 8-K filed September 27, 2023 and December 19, 2023
Exhibit 99.1
Non-GAAP Financial Measures / Supplemental Data
2. We refer to your table
which presents analyses of segment results. Please revise your
future filings to
address the following items.
Joseph Hayek
Worthington Enterprises, Inc.
March 1, 2024
Page 2
To the extent your earnings release presents consolidated
Adjusted EBIT and
consolidated Adjusted EBITDA, please reconcile these non-GAAP
measures to net
income, the most directly comparable GAAP measure. Refer to Item
10(e)(1)(i)(B) of
Regulation S-K and Question 103.02 of the Division of Corporation
Finance s
Compliance & Disclosure Interpretations on Non-GAAP Financial
Measures.
We note that you present consolidated Adjusted EBIT Margin and
consolidated
Adjusted EBITDA Margin, but do not present the most directly
comparable GAAP
measure, net income margin, with equal or greater prominence. For
each non-GAAP
financial measure you present, please present the most directly
comparable GAAP
measure with equal or greater prominence in accordance with Item
10(e)(1)(i)(A) of
Regulation S-K.
In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.
Please contact Dale Welcome at 202-551-3865 or Jean Yu at 202-551-3305
with any
questions.
FirstName LastNameJoseph Hayek Sincerely,
Comapany NameWorthington Enterprises, Inc.
Division of
Corporation Finance
March 1, 2024 Page 2 Office of
Manufacturing
FirstName LastName