Worthington Enterprises, Inc. · NYSE:WOR
Worthington Enterprises — Worthington Industries — Shareholder Meeting (September 2020)
12 slides from Worthington Enterprises's shareholder meeting presentation, Sep 23, 2020
Slide 1: 2020 Annual Meeting of Shareholders
2020 ANNUAL MEETING OF SHAREHOLDERS SEPTEMBER 23, 2020
Slide 2: John McConnell, Executive Chairman
Executive Chairman John McConnell 2
Slide 3: 2020 Annual Meeting of Shareholders: Items for Vote
WORTHINGTON INDUSTRIES 2020 ANNUAL MEETING OF SHAREHOLDERS ✓ Nominees for Term Ending in 2023 ✓ Michael J. Endres ✓ Ozey K. Horton, Jr. ✓ Peter Karmanos, Jr. ✓ Carl A. Nelson, Jr. ✓ Advisory resolution on executive compensation ✓ Amendment to the 2010 Stock Option Plan to extend the period of time d
Slide 4: Joe Hayek, Vice President and Chief Financial Officer
Vice President and Chief Financial Officer Joe Hayek 4
Slide 5: Recent Business Developments
RECENT BUSINESS DEVELOPMENTS ✓ During the quarter, the Company sold 11,500,000 shares of NKLA stock realizing gross pre-tax proceeds of $487.9 million ✓ During the quarter, the Company repurchased a total of 1,460,484 common shares for $54.3 million at an average price of $37.19. ✓ Today, the Board
Slide 6: Net Earnings
NET EARNINGS (excludes restructuring, impairment, and other non-recurring charges) $2.60 $153 $130 $2.39 2019 2020 2019 2020 Net Earnings Earnings Per Share ($) ($ Millions) 6
Slide 7: Steel Processing
STEEL PROCESSING (excludes restructuring and impairment charges) $2,436 $93 $1,860 $46 2019 2020 2019 2020 Sales Operating Income* ($ Millions) ($ Millions) *Operating Income was negatively impacted by estimated inventory holding losses of: $4.4M in FY19, and $20.3M in FY20. 7
Slide 8: Pressure Cylinders
PRESSURE CYLINDERS (excludes restructuring and impairment charges) $1,208 $81 $1,148 $63 2019 2020 2019 2020 Sales Operating Income ($ Millions) ($ Millions) 8
Slide 9: Joint Venture Earnings
JOINT VENTURE EARNINGS (reflects Worthington’s share) $113 $101 $101 $96 2019* 2020* ($ Millions) ($ Dividends) *FY19 dividends exclude $60M in special dividends received from WAVE related to the sale of international operations and a financing transaction. FY20 dividends exclude $10M in special div
Slide 10: Financing
FINANCING $38 $749 $32 $700 2019 2020 2019 2020 Interest Expense Debt ($ Millions) ($ Millions) 10
Slide 11: First Quarter FY2021
FIRST QUARTER FY2021 (excludes restructuring, impairment and other non-recurring charges) $856 $0.64 $703 $0.62 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Sales Earnings Per Share* ($ Millions) ($) *EPS excludes restructuring & impairment charges of $0.71/share in Q1 2020. Q1 2021 excludes $10.58/share related
Slide 12: 2020 Annual Meeting of Shareholders
2020 ANNUAL MEETING OF SHAREHOLDERS SEPTEMBER 23, 2020
Worthington Industries — Shareholder Meeting (September 2020) on 6ix