WOR - Earnings call transcript Q4 2022 | Worthington Industries, Inc.

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Operator

Good morning, and welcome to the Worthington Industries Fourth Quarter Fiscal 2022 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 the Worthington Industries. If anyone objects, you may disconnect at this time. I'd now like to introduce Marcus Rogier, Treasurer and Investor Relations Officer. Mr. begin. may you Rogier,

Marcus Rogier

Executive Good fiscal and our XXXX Andy and we Chris. Chief Hayek, Industries Officer. Financial call to fourth have Chief President Worthington's quarter earnings Rose, and morning you, Joe welcome Worthington's everyone Worthington today Officer; Thank call. On

could refer to discussion replay we I'd made turn statements Securities available Please Joe factors Private that results remind market suggested. differ and differ those materially. Litigation Industries.com Act. These like on Before subject later to on everyone made Today's to statements for uncertainties to will XXXX a certain be our get close. being financial more earnings At will of it actual the forward-looking are a the started, I to are Worthington this from call risks point, issued detail today and the We the actual that within could release website. over results. to cause is of call results that cause for the meaning recorded Reform after yesterday those our

Joe Hayek

Thank a strong in in you, finished earnings everyone. morning versus QX share $X.XX year. very of per the quarter year fiscal prior Marcus, $X.XX and our good with We

last In restructuring Products. inventory in the were restructuring prices, for compared one-time an per prior quarter The decreased in holding share, we a sales by swing was increase million to last in the recent share. $XXX had the margin to gains of average is Consolidated Consumer Products. were Adjusted current small was and the the the which of of $XX net Gross or year. $X.XX due sales $XXX be in $X.XX versus in $X.XX of year, primarily in on $XXX to gain quarter QX, small partially in and adjusted $XX higher million. higher prices a was of inclusion compared $X.X profit adjusting $X.XX or unfavorable $XXX estimated which per the from million steel per to holding fiscal gain swing selling billion million Excluding QX offset investment million or million acquisitions, significantly to Building share XXXX and most quarter compared year of primarily to XX%, margin per in gains million year. losses, due $X.XX $XXX up inventory $XX year record inventory in EBITDA last million prior Gross in for both from EBITDA generated we our QX and for share Nikola. our in after was million increases in holding down $XXX QX losses our Consumer QX from a Building XX% to both of

to Total I'll ship resource. Temple quarter. in were despite to year's Now quarter Shiloh's were Processing, the In tons last primarily Steel prices year, our tons which net XX,XXX the due fourth acquisitions, sales last the BlankLight recent million a $XXX QX business inclusion X% both of down and selling billion few spend minutes $X.X XX% business. from on up higher of and of average each contributed in during Steel compared those

XX% compared with Excluding slightly actually primarily mills. driven ship [indiscernible] we excluding impact were acquisition and [Alabama] lower mix the year quarter. facility prior up tons XX% total the by the XX% to the year-over-year, QX of closed down with were year-over-year in tons in acquisitions, and Direct volumes tolling

to to was to the swing capacity XX.X% an continue markets, With believe from increases prior continues gains of sales demand product production volume in It We constraints $XX seasonal and pricing, $XX net shift business they year increase customers. chain. both margin to the steel was quarter were will QX serve market Products, and QX. And $XX challenging equipment we below this driven and large million be The difficult mix. by $XX and this adjusted consumer million and we this Steel volatile million production will do construction the better do job solid. improve. resumed increase remains Overall, $XX beginning Based partially prices, then whether that on our In to in by in million team quarter. higher consumer to in through losses steel rising in unfavorable new are million EBIT current modest a average increased quarter. QX, was inventory The steel our end the in of across the due as norms the XX.X% demand is as mill fourth business in $XXX but quarter, for The exception end mentioned decrease year-over-year last at in $XXX be in the was see million last predict our key compared Automotive and earlier, Even lower was year steady Consumer and year. the great a later holding the responding In pricing in people JVs, compared offset million. markets, tolling doing to million, to winning to continues prices year, by holding manage up gains falling I from to increased of automotive, of last in XX% QX prior of the very job were compared selling volatile unfavorable quarter a invested including quarter. record it quarter volumes our agriculture. at million saw the year. good dynamic OEM. driven generated year-over-year to inventory $XX EBIT estimated $XX supply be teams

quarter into end Building up entry sales million $XXX Products from in Increase generated was from and prices line-up year. and portfolio and QX tools Products market the mix. We we was this of up the team In in for Earlier Tools, excited delivered $XXX addition, we the business expands provides of the markets. development this Do-It-Yourself. million focused and of through us QX, complete acquisition year. by Building prior the welcome month, acquisition remain very average for margin XX.X% announced record in attractive improved XX% product on to LevelX a net specialty Pros our million product and it selling last a EBIT and operating about growing new of LevelX and acquisitions. XX.X%, innovation driven as $XX and we're drywall both tools Worthington higher existing EBIT leader million $XX of

has basis $X and by product to was owned an of ClarkDietrich issues chains In job The year and wholly down business there demand sales of line year-over-year. had impacted Solutions, despite end about million and million mix of the with continued lower do to the equipment, as $XX other healthy net our ClarkDietrich and contributed results WAVE the are forward. of year-over-year, auto customers business while favorable the and solid term business show going customers order $XX forward. in our demand been to million stretch we're early delay our for with labor earnings and in the doubling Our $XX construction on supply average at development year continue million strong serving due Sustainable team and $XX EBIT improving. million are by production indications WAVE last volumes, they QX JVs, those near but optimistic Products WAVE were Building excellent from HVAC and by availability capacity. equity book gas QX Energy new Building continues higher selling going At divestiture found improved Products that to due than in growth, year respectively. prior in significantly invest combined a sequential the prices. LPG prior more

divestiture, sales profit which were in business year. compared a $X in in net the The last versus reported the year quarter attributable loss was $X to divested up prior quarter of the XX% EBIT X,XXX of the the Excluding million to of an million businesses. QX

significantly higher average than were selling impact mix offset prices input and of increased the As more by costs.

input on sustainable likely in solutions economy, and energy is term. impact war near freight Given challenged the European the in cost, the Ukraine remain to the cost,

flow quarter from excited lower we're working $XXX rapidly about as growth was optimized prospects $XXX lease in from million and operations strong global cash due ecosystem are flows added expanding cash sheet, cash $XX to With the million. very million long-term of this We operating for which adjacent solution reduced inventories of an develop primarily sustainable business steel free capital and prices cash flow. was the balance and and cash we respect hydrogen to as flow our With energies.

of flow was fiscal during operating outflow result full steel primarily operations cash prices. and the free the of million For a year, $XX $XXX $XX million cash was capital higher working from flow year, as million increased by an

We XXXX expect that cash increase. form not in flow the working steel us capital return prices build portion quarters, fiscal a coming of will in do of substantial in the to assuming

dividends $XX spent During dividends quarter million invested outcomes. million shares in in projects, the million $XX $XX we our received from on $XX of to and paid million capital million X repurchase unconsolidated JVs,

have Following share shares the our X slightly we repurchase authorization. purchases, remaining under over million QX

slightly Interest $XX year-end our higher to due funded and sequentially. average levels. debt at balance up at sheet expense $X Looking decreased liquidity was of position, $XXX million million debt million

to million up Yesterday we We in positioned of During and $XXX that are At Andy. strong we into to point, company's declared over to it marks last quarterly cash million This established the $XX is and facilities, turn we XXth as heading the XXXX. well at XX% which to able credit dividend, over liquidity bolstering quarter consecutive in new payable already this our believe an share we rates, and accounts revolving in the favorable for increased strong our fiscal September securitization facility are will continue QX the $XXX deliver under pleased allows dividend quarter, rewarding with very position. Board million borrow quarter, year. increase ended availability I year $X.XX further receivable us shareholders the we be to results. and in an our is per short-term

Andy Rose

Motors you, Deere our years Central Supplier Thank and $XXX best in per million. our company it for XX for What places an the of has good EBITDA fame General and record year, Record employees. year share supplier $X.XX, time of Ohio to of been running. second John everyone. hold the Joe, amazing work earnings morning

face filled our beyond supply employees to volatility about labor from have and acquisitions acquisitions. of enough on say in price availability, each operating had All fiscal 'to implementing our things of care in how lingering and value good for cannot of and a the steel environment several the I and of Shiloh's other companies take chain very We focused above mix COVID challenges. challenges, with and this tough gone deliver business with Steel. staying 'XX while acquisitions our Temple transformation the our of all BlankLight drivers customers,

With our these, build-out to steel expected foreseeable of for and the applications often that capitalize future. positioned not is to grow electrical base the from customer that laser complement are we products lightweighting see our We welding, electric It to steel vehicle processing electric the vehicles rate double-digit growth and you a offer electrical the transformers. at broad laminations for of steel see market the in motors now expected grid. have and rapid segment can successfully on full

and drywall strategic year to offer new hydrogen its that we propane, Solutions play portfolio alternatives labor Sustainable tools. dominated we many business past Products innovative focus and markets a making where in to Today increase innovative and and brand solutions of exposure Building the X have products electric will in In by our save categories, the a of consumer roles new wind, introduced Our growing Overall, can to celebrations products out brands this time bridge tool of products XX number continues benefiting markets. already providing and to transition. Level in hydrogen, are our our hydroelectric. future cleaner we of our pipeline on tools investments are from and us expand. products for living unique energy outdoor key the and products to the areas related In renovation solar, construction of fuel our Energy

operating to some flow these create in and End and demand free market are and including accelerate goal is but cities labor of transportation growth. challenges markets accretive Our across most that our strong steel continued business to remains sustainable cash products and supply price their remain as products markets, volatility. disruptions, chain intermittent practices shortages margins availability

constant curve excellent success. an purchasing together this year Our for done and deserve have and record chain credit balls teams commercial our job operations supply overcoming working much

will we interest to thank record dynamic M&A. customers, working is Every you am in high term, results. achieving on financial our stakeholders' your at business is We'll prices leverage performing prices refine very and above Worthington growth as We and deliver of to continue risk performance more hard, congratulations impressive be otherwise unit the consumer people fiscal of, innovation for face to enough be producer for to be of to I strategies numerous loyalty. some while all beyond at In near a question. higher and to start and transformation now and question and been that without would what backdrop combined segments a levels, business XXXX. I smart our execute our and of bullish of most take future economic the the all our the to solid XXXX rates part with challenges have my higher Industries in went XXth year fiscal continue present fortunate

Operator

[Operator today question Our Englert Instructions] is Seaport first Research Partners. with Martin from

Your open. line is

Martin Englert

Hi, good everyone. morning

Andy Rose

Martin. morning Good

Martin Englert

So how the to prepared products this the extent as Can often in the was the remarks was versus guess as cylinder it the the discuss sequentially called duration typically mix. I change does ASPs and pricing of typical segments improved you you here? higher out is across that price pricing release well

Joe Hayek

the similar mentioned in the Products Products pricing, you it's in and Martin Yes and those Consumer lag and inflation. conversation both getting QX contracts not it's obviously things when that more, those Building businesses ability QX sometimes of we see during but

able to to if of where couple of QX catch-up, and able were in and some costs in we but cases, finally were you reset able our so, late contracts. And to, kind QX a be largely, were those we of will, to

we again more lot basis, about don't that I think higher honestly kind we which a and some Products, we pricing those that XXXX. Andy input but have, as appropriately it No day Building able short-term people them an But in - - so our we think given on are mean, about are are got right. mentioned, it after products as also were we into products of go of renew these And but of price that - forward annual. more save the the calendar costs carrying to really time, are

ground so a our roof when floor a technology and foam things nailing building Our you studs, into different products really everything propane of up distributors a adhesive or you're putting rather else. Smartlid than or putting but the save time products ton into - for down and save and time and

in and customers is labor of really both think becomes visible the seeing. customers lot ROI a we our costs so where for even availability and user more in at this what the as a those - for it market, in and end driving we're And then that's premium, products about

Martin Englert

the gain you you alluded quarter guess I I $XX modest a you for positive million think Thank near holding that guess would how helpful. term I to, Steel Processing define that's modest? were Within losses for -

Joe Hayek

than I less this mean quarter. the had we significantly losses

Martin Englert

did on current guess would as I that. it misinterpret interpreted expect I gain I you the to quarter,

Joe Hayek

generally typically we have No at downwards all sorry that right, time the be the quarter size obviously But gain steel visibility, quarter return gain the the the be a yes, yes, know. of sloping in loss. lower the being that's as the and will curve will has really you're than you size same yes bias modest for the this it for pricing to of number the

Martin Englert

EBITDA and steel guess I looking gains the processing and losses inventory ton. per And at pulling out Okay. holding

near-term pricing versus mix I through that of first your with sustains something know elevated just I But to of ton $XX Is was about I'm this or direct $XX dissipates? ton. which mix I it's a changed $XX that a term believe, quarter, guess the the that underlying. I I curious or current of quarter, was the but in something kind losses. think bit ex-gains and was that think near comparable or tolling, per around cycle

Joe Hayek

you puts know lot it's a Yes, question takes I there. of as are there there's, and a think in and great

X% ran and - think about business a the for normal. excluding margin EBITDA I FIFO at historically XXXX that's

Martin Englert

Okay.

on So at historical, got it. percentage things you're a you're kind - of looking so seeing basis, more when

Joe Hayek

Yes, I mean go ahead.

Martin Englert

ahead. Sorry go

Joe Hayek

the a environment. just a - very think I way So have are we that's are volatile, materially above think say to about that I steel think would we if we are gross prices are - noise clearly the normalized that there very, things is but in and they going right it happening be

Martin Englert

mean wrong back it the it over coming am necessarily on mean not guess as not in thinking am basis wrong timeline? dollars of thinking ton. kind cycle per but percentage I thinking, reverts through I to I it you're about to the and I the about

Andy Rose

would been an of Martin, years volatility. steel availability say of this is. it's price here Andy. We've to unclear. I through kind with interesting steel respect couple

the a so competitors what's I And some increased and the think that markets but our point in costs. there's that's margins costs think higher the mill to have consolidation also the like in in space. think freight us of lot the And back is at bit today tried this little been many whether increased unclear case, I of is, people reflected in lot a a marketplace happened that's reverts of labor recapture costs I

as higher think support I and well. higher So helping margins prices that is

from So now see solid backdrop is right we'll here. and it goes the where

Martin Englert

going And Temple that's progressing. an Energy here, maybe that's then could I look positive? before on brief in last think update we you that about challenged, the that's the how but - I I a local update [ph] time you if horizon would a Sustainable turn what's Solutions. And to headwinds probably one just some like when commented Thanks, one the remain potentially been integration there has provide helpful. guess could, And market. that know on

Andy Rose

the Temple has question. first integration So, going very well. been

revisit strategy up things them capital ramping they kind They didn't for that actually a did but prior of that are of one us of the have I you constraints. was We of they the not would that tell because to good owning a kind business strategy. faced

that answer and growing to of don't growing we're highest market global return and so rapidly. going the customers able we a to the that our to that get question we trying are, on It's so, to so is basis. obviously And is invest, be where have globally rates and serve

well excited more acquired than The when excited So business. were, into advantage Worthington it give where we're taken to very trying that I as our we're smother fantastic integrated We're probably is or of say but to them to they they've to not we team sense. where trying be would And access engaged that. makes very we sense. the they've continue them resources there, makes

kind and it's, European is to the been that correct capabilities are the optimistic business you we here. but faced impacted goes headwinds, Solutions of war process by integration made there, so the where far of space of core make business very being some Energy hydrogen in economy. around expand partnership Ukraine are our that So short-term to still prospects businesses the long-term business like look it's money. don't European about some don't that that centric have we and we The and investments we it and now, great a right forward from in On and Sustainable is

rather later, hard will exactly before time than working comes how try we're it profitability back to but is and get tell long back So sooner demand to there. it

Joe Hayek

we is, them it Yes we is in hard what have know, underestimate disrupted - people it to situation for because the I the know Europe that there how but is and freight feel various have disrupted and are supply European as European in ship coordination from they Europe trying from they economy availability European are. how been and to things and chain and to and I

that's that some of will next the - long-term couple some face for certainly business but geopolitical a to it headwinds, situation, on so the And depend for right Andy great going of quarters. us it's

Andy Rose

Europe a Yes looking supply dependence with for what's thing they gas. that that made energy obviously is, sources and transitioning in them from has their alternatives away the products oil Russian for know positive make they're is rethink you say one on happening the and I'll and is natural

that it shows of is that driving a doesn't in lot so but And in necessarily up quarter. a activity business mean it actually

Martin Englert

- to good here. longer term a of but it's medium direction more the that's see Yes, longer shift, pivoting other

only for So not time. a the Congratulations thank the the but and quarter, all year on challenging navigating you results, for your environment. for

Andy Rose

you, Martin. Thank

Operator

with The next Phil is question KeyBanc from Gibbs Capital Markets.

Your line open. is

Phil Gibbs

morning. good Hey,

Andy Rose

Phil. morning Good

Phil Gibbs

the train Does last inventory a loss holding rolled abate does had quarter. losses gain see, got I has two that When roll hot and down modest you down next big $XXX here tracks a the guess the months. The you gains sickness in QX within never this show to out. you're up I and ease persist QX, you think is to because for And that we that in in join seen trains more can this need massive [ph]. before. me you've do saying guess level on I swings

So have either trying to haven't out? figuring we this we're

Andy Rose

when that you bias but just look or there's it's what on right think good seen, the into do market and remains kind got is we're inventory or gain extent and lot holds you curve a Well, giant it Once what to our and kind through But without I And the just about we it more talked steel always does the losses, to the now curve is with or Ukraine resume to an what downward prices be question and of going kind get at regard starting certainly a future. ultimately clearly optimize great want. kind all everything we swing answer their it not positions inventory specificity. the that in up of curve out for forward so holding forward a actually the this doing certain to echo we back to into from we $XXXX, quarter, but what of can or the appear flattening year. if I for times. to of next have flat then at Russia's lag seeing next relatively our mean invasion but of don't you're bounce they've effect post August-September quarter Whether gains a a of look of would right if

Phil Gibbs

just on that and side between mix construction Dietrich WAVE, of on macro obviously got some portfolio. your and the and indicators leading new got generally thoughts and MRO you've some you've vision a an And and or some non-residential orders on that's some cylinders

So the latest of non-residential the housing in side price rising what's the Mosaic terms construction and environment? with softening

Andy Rose

a mean, I unclear. Yes, it's little

the commercial just of construction as not up think around takes I points for the tell lot to is it's obviously will an think as Armstrong dives does I you so we there, I in puts JV are in don't as right field Obviously at expect, of change some may demand yellow of does of kind might and well be will just have just offsetting that and but some come here flashing that's those lights the of slightly particularly but economics there what of buildings year-over-year. terms deep some healthcare rising of types of office you a there's is our change generally, of medical outlook partners and subject Worthington construction one cost department buildings, there additional decline. now data which rates, in, sort economics other projects their economic interest that would is

up. we're optimistic So things cautiously hold

Phil Gibbs

And the got Temple. then CapEx you've on side,

portfolio. talking I augment putting you're to processing think capability about more our in there

in early CapEx? it a I XX an I it's about but terms little anymore fiscal thinking you is are guess early, know fiscal of, what So

Joe Hayek

timeline supply XX% delays so in We products in do be degree, of other We Temple. honestly are want. will deployed dollar and the right, kind going spent think the to level able it have have and on complete in We for not be the to probably we up on that XXXX we it to will, oriented million to get but subject ship not a money of year-over-year. to XX% both really being XXish modestly those when to Products We've able more of you going spending you cool beginning and way, a saw put would not to ultimately and savings of inclusion to going more house, cruise about spend for margins our year, but of chain being the businesses, Consumer projects certain to be to is that a large availability It's growth with on trends driven. campaign, recession excited the the quoted that are home, going we're of anymore, that It's cylinders got right? on money Building Products a theme. do not and you some that and inherent really products or of labor in airplanes any might go projects continuation Building Products that work we're and to you then you're on oriented lot around into a are at in those go the you're side, to business do

consumer-led than are are delay that the we but are, if bit others there. places like something be to the cautiously a there's that lot a play there some of recession or And so, going be we to optimistic, a out insulated was the we immune to that Andy's point, won't but that, and are of more

Phil Gibbs

year one last been down [indiscernible]. are me the on terms any in your last of several is makes the side. XXXX. The semi big that you progresses auto a as point for that and constraints months have breaking customers Thanks. the for perhaps just And or No, counting, telling of what talking now

Joe Hayek

point. It's XXXX phenomenon this probably more at a

at You on days. look dealer inventory lots,

parking fairly past empty. those drive dealership All a still -- the it lots at and and can car you are historic of doesn't lows metrics

but clearly but will environment, to some things those fill predict sales are so, back. have steady, would how it catch-up When happens, hockey it's begun have on to start channels, And the stick not to things economic all be. rapid depending very that of difficult kind of and when this

Operator

with The Tumazos Research. John is Tumazos next question Very from John Independent

open. line Your is

John Tumazos

little pay, this bit the you synergies the the drywall might a goes that tools us multiple have, about presumably, EBITDA tell you Could acquisition, in construction segment?

Joe Hayek

steps the sure, from business. So Founder but and for how in tools. drywall up business. know Very in varying actually Construction Consumer improvement through edge about reputation drywall XXx much it segment but goes don't by We excited really to it's embedded well, flex share angles there take Those are of code, the optimal Products points, gone. a guys everywhere Grown of the LevelX, into or The I real they've know tools. and innovation types the that for to our different the CEO, you business, EBITDA cutting John. ground about types crack little and different side. requires productivity, have north been and of go able and the on paid different production types

XXX% excited it breadth also sell us. stores are. where the about offerings both there's big-box We learning so ways direct-to-consumer, They our the to going retailers they a for be bunch because consumer of into are of and into

We Consumer too. us in more and and an able And tools are really to about we entirely do those And to see we're gives perspective. that business, it and to be there like people, think be a into of things access committed the able is part GTI share. their our for as do-it-yourselfers also or excited feel do, specialty platform great from staying them Products, going they'll but new entree and in as pros what's an team -- CEO understand possible sub-segment to we products we're take what business,

Andy Rose

the now of right is space. Consumer John, going in Worthington on just, one Products this things exciting most our at is

level. them network mature penetration lot emerging this of business either and a has have very before brand which brands customers, strong the or the our developed taking then broad more and to capability and them reinvigorating an take case undermanaged really helping into We of becomes taking next driving it in

introduced to a So big for Worthington products lot excellent That's see their as either acquire going from that there. help you're got really these team an within types really of new of accelerate we products growth. We've a or developed and a new capability we hopefully go great that us. has more strategy forward,

excited we're this of business. the So about prospects

John Tumazos

-- So segment revenues as in the consumer than and we EBITDA. these is look this

Joe Hayek

Yes.

John Tumazos

about or debt over capital year cash as to Is 'XX, As the the we going that same come year. working we working out be excluding and million money $XXX of look year-end? capital last dollars, the current to any should expect the to into went

Andy Rose

capital So, John, $XXX million went during into XXXX. working

to do amount prices again. of of back expect to flow unless go the we form fair that steel in cash up come a us So

John Tumazos

in acquisitions. the fell is whether very million, to little it was $XXX XXXX be short-term of that XX. XXXX, was year, pause or a just $XXX debt. in million there course, got wondering, XXXX and I a to a dollars balances not? But we're The last you've XX; borrowing I'm weren't Of XXXX, going is XXXX acquisitions, big $XXX bit were mean there cash guess any million. Does

Andy Rose

at our on EBITDA, pretty look is, based know exact Well, obviously, level the X.Xx trailing leverage. I we're math leverage you X.Xx don't low what EBITDA. if or but

talking Joe, have as of just that we cash would I lot stash say expect And to a capital working and you of get were available with have We credit. we a back.

of short and prices starting go course So steel up. reversing to back

already slowdowns certain up seen you in lot thing down, when a a I more when being that's is other markets, for a of new stocks, get think, starting companies. the active. markets, in And means. start to in too. about obviously I you mean, tell you've right valuations we see by and the but blow little I'm to chops our would you're excited see not I potentially even rooting other of you got find The economy terms to But big any and recession a come lick bit

strike to the need of balance a got price and willing seller. You've you right

years, valuations companies think of three had years. tough were and these in but only So tripled for be for even of valuations got some not And us, we're high companies. over particularly earnings look. that we're it's high, basic in, -- couple because continuing active but the markets to last I been The really

years, multiples So that with get when over and hurry. you combine have tripled three earnings you high nervous pretty

So for some of buy reversing XXx we're start there'll and really for at for reasonable to we that's afraid out be prices. there But course paid more LevelX, good businesses not good so to up paying businesses. us hopefully

John Tumazos

got how a $XXX given acquisitions. about spent, of Is a a after before? caution much earn businesses and is So spent two them in lot than that's million years, sometimes more you little you there you've you've of there change how to bit nervousness organizational it's and in quickly? you've own manage So, that

Andy Rose

businesses we it's know if have how don't how It's there. more I much bought the dollars, much many so John. and is integration

we over And years that that very success doing sometimes if much used businesses answer to their integrating past way don't to of integration, business. on preserve terms strategies think they're is, the these Worthington. their several We were integration short also the because But trying anymore. part, a necessarily fully a of of for and aren't our you you're and well. to meddle, in cases. integrating own has conscious want us you lot necessarily accomplish changed path doing which, what the decision in partly is do the when We're we already that's One we're the things as full will, want good businesses full I not accomplishing it and that growth the pursue in with to a pick businesses you we because function, to

But it's concern acquisitions, think managing But at I a people some can that. many if at quite you a we're point. become So to of point, this too very do cognizant it burden them. not

away that's from and too of learned too think did do it of fast we and much, many that M&A kind us. lesson places, wave a too got past from our I

Now and I much focused think more much our process we're is tighter.

Operator

appears presenters closing remarks. it it And Instructions] the I'll further [Operator over questions. have for that no turn any we to

Andy Rose

of a and September. great to our look a again a for all year. to Everybody our congratulations Well, right. stakeholders summer you to in fantastic special have and thanks to employees talking All we'll forward

Operator

conference call. participating. Thank gentlemen, and you concludes today's this for Ladies

now disconnect. You may

Worthington Industries (WOR) 23 Jun 222022 Q4 Earnings call transcript