Worthington Enterprises, Inc.

Good morning and welcome to the Worthington Enterprises fourth quarter fiscal 2024 earnings conference call. All participants will be able to listen only until the question and answer session of the call. This conference is being recorded at the request of Worthington Enterprises. If anyone objects, you may disconnect at this time. I'd like to introduce Marcus Rogier, Treasurer and Investor Relations Officer, Mr. Rose, you may begin.

Thank you, Krista. Good morning, everyone, and welcome to Worthington Enterprises' fourth quarter fiscal 2024 earnings call. On our call today, we have Andy Rose, Worthington's President and Chief Executive Officer, and Joe Hayek, Worthington's Chief Financial and Operations Officer. Before we get started, I'd like to note that certain statements made today are forward-looking within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risk and uncertainties that could cause actual results to differ from those suggested. We issued our earnings release yesterday after the market closed. Please refer to it for more detail on those factors that could cause actual results to differ materially. In addition, our discussion today will include non-GAAP financial measures. A reconciliation of these measures with the most appropriate comparable gap measure is included in the earnings press release, which is available on our investor relations website. Today's call is being recorded, and a replay will be made available later on our website. At this point, I will turn the call over to Andy for opening remarks.

Thank you, Marcus, and good morning. I want to welcome you to Worthington Enterprise's fiscal fourth quarter earnings call. We had a respectable quarter with adjusted EBITDA of 63 million and adjusted earnings per share of 74 cents. We also had a busy quarter on the M&A front, further executing on our strategy and positioning our portfolio for long-term success. The last year and a half was a lot of work positioning us as a standalone business, but our teams have transitioned well to driving towards above-market growth through innovation and M&A. I could not be more proud of the continued focus and hard work that our people carry out every day. We recently announced two transactions, the acquisition of Hexagon Rogasco and the formation of a joint venture of our sustainable energy solutions business with Hexagon Composites. Both transactions are great examples of how we are good stewards of capital and create long-term value for our shareholders. First, we acquired Hexagon Regasco, a global market leader in lightweight composite liquefied propane gas cylinders used for leisure, household, and industrial applications. Hexagon Regasco pioneered composite technology for liquid gas cylinders in 2000, and with its highly automated manufacturing facility in Norway, today makes the most efficiently produced and quality consistent composite LPG cylinder in the world, selling into 100 countries. This acquisition is now part of our building product segment and complements our operations in Portugal, expands our product portfolio, and extends our global reach. Second, we also announced the formation of a joint venture of our sustainable energy solutions business with Hexagon Composites, the global leader in the storage and transport of hydrogen and compressed natural gas. Worthington has a long history of establishing joint ventures with strong partners to make a business better and maximize long-term value creation. The hydrogen market has been slow to develop in the U.S. and Europe, and this partnership will provide a better platform to capitalize on opportunities as they emerge. Our remaining ownership interest will no longer be reported on a consolidated basis, but rather earnings will flow through equity income. This strategic move results in a reduction of invested capital, higher earnings, and the prospect of a brighter future for our SES business. I would like to welcome the entire Hexagon Regasco team to Worthington Enterprises, and we are already working hard alongside the Hexagon Composites team to maximize the potential of our newly formed JV. The changes above mean our consumer products and building products businesses are now the primary pillars of Worthington Enterprises. We will continue to implement the Worthington business system of transformation, innovation, and M&A to enable us to achieve accelerated growth and earnings. We are particularly focused today on further enhancing our innovation capabilities so we can bring more and better products to market faster and incorporate sustainable technologies that will deliver significant value to our customers and make us a more valuable partner. As evidenced in collaboration with our customer Gulp, our Nexi IoT solution series recently received a design award from the IF Design Foundation and won gold in the business to consumer household appliance category from the renowned German Innovation Awards. Additionally, our Halo Elite series griddle was recognized as the best grills of 2024 by CNET and one of the 10 best grills of the year by the Wall Street Journal. Our expertise in strategic M&A, which is showcased by the hexagon transactions, will help us drive growth and higher returns as we add new products, new brands, and consolidate markets. We will continue to be disciplined stewards of capital, not only making new investments to deliver long-term value creation, but also redeploying capital in situations where we can earn a better return. There is no better example of this than the transactions just completed. We're off to a good start as Worthington Enterprises, and Joe will now walk you through the numbers.