Worthington Enterprises, Inc.

Good afternoon and welcome to the Worthington Enterprises first quarter fiscal 2025 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 now like to introduce Marcus Rajay, Treasurer and Investor Relations Officer. Mr. Rajay, you may begin.

Thank you, Rob. Good morning, everyone, and thank you for joining us for Worthington Enterprises' first quarter fiscal 2025 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 in 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 cause actual results to differ materially. In addition, our discussions today will include non-GAAP financial measures. A reconciliation of these measures with the most appropriate comparable GAAP 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 WorthingtonEnterprises.com 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 Enterprises' 2025 Fiscal First Quarter Earnings Call. Despite a tough environment of high interest rates and macroeconomic uncertainty, our team delivered another respectable quarter with adjusted EBITDA of 48 million and adjusted earnings per share of 50 cents versus 75 cents in the prior year. The two big drivers of the decline are Clark Dietrich down 8 million and the heating and cooking business and building products, which we see clear evidence that is at the bottom of its post-COVID destocking cycle. Despite these challenges, we have a positive long-term outlook as the balance of our businesses remains steady with some markets improving year over year. The integration of our acquisition of Hexagon Regasco and the launch of our Sustainable Energy Solutions joint venture with Hexagon Composites have both gone well. Overall, our strong balance sheet and market-leading products and brands have us well-positioned to take advantage of positive long-term secular trends in a more favorable interest rate backdrop as rates fall. Three notable events during the quarter are worth highlighting. Earlier this month, we broke ground on a modernization project at our Chilton, Wisconsin campus, where we manufacture burns-o-matic and mag torch hand torches and fuel cylinders. A new 58,000 square foot building and automated equipment will increase production efficiencies, building on our competitive advantage and helping ensure continued product quality and safety performance while allowing for future expansion. Second, Newsweek recognized Worthington Enterprises for two awards, America's Greatest Workplaces and the world's most trustworthy companies. Worthington is one of 38 industrial products companies to earn the America's Greatest Workplaces distinction that recognizes compensation and benefits, training and career progression, work-life balance, and company culture. And we were one of 1,000 companies across 20 countries to earn recognition as the world's most trustworthy companies. Once again, our people-first, performance-based culture is a true differentiator. Congratulations to our people who earn these honors every day with their hard work and dedication to our philosophy and the Golden Rule. Finally, yesterday we published our annual Corporate Citizenship and Sustainability Report, detailing the company's commitment, management approach, and achievements focused on four categories, people first, process and planet, sustainable products, and responsible governance. We have taken significant strides in our first year as Worthington Enterprises to use sustainability as an enabler for success and are committed to achieving meaningful outcomes in collaboration with our customers, suppliers, and communities. Our culture, guided by our philosophy and the golden rule and our focus on doing the right thing, make this effort a natural extension of who we already are as a company. The Worthington business system of transformation, innovation, and M&A will enable us to achieve accelerated growth and earnings. Today, we are particularly focused on building a meaningful M&A pipeline and 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. We are working hard to reignite our growth as Worthington Enterprises, and Joe will now walk you through the numbers.