| Summary of Financial Results from Discontinued Operations |
The following table summarizes the financial results from the discontinued operations of Worthington Steel for fiscal 2024 and fiscal 2023. There were no discontinued operations for fiscal 2025.
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Fiscal Years Ended May 31, |
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2024 |
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2023 |
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Net sales |
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$ |
1,670,027 |
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$ |
3,497,896 |
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Cost of goods sold |
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1,481,731 |
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3,158,172 |
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Gross profit |
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188,296 |
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339,724 |
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Selling, general and administrative expense |
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74,908 |
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141,754 |
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Impairment of long-lived assets |
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1,401 |
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2,112 |
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Restructuring and other income, net |
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- |
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(4,204 |
) |
Separation costs |
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18,521 |
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17,514 |
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Operating income |
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93,466 |
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182,548 |
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Other income (expense) |
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Miscellaneous income, net |
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1,016 |
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3,270 |
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Interest expense, net |
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(3,706 |
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(8,461 |
) |
Equity in net income of unconsolidated affiliate |
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12,735 |
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7,725 |
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Earnings before income taxes |
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103,511 |
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185,082 |
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Income tax expense |
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20,670 |
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41,663 |
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Net earnings |
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82,841 |
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143,419 |
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Net earnings attributable to noncontrolling interest |
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7,460 |
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12,642 |
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Net earnings attributable to controlling interest |
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$ |
75,381 |
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$ |
130,777 |
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The following table summarizes significant non-cash operating items and capital expenditures related to discontinued operations as presented in the consolidated statements of cash flows for fiscal 2024 and fiscal 2023. There were no discontinued operations during fiscal 2025.
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Fiscal Years Ended May 31, |
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2024 |
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2023 |
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Significant non-cash operating items: |
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Depreciation and amortization |
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$ |
32,043 |
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$ |
66,826 |
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Impairment of long-lived assets |
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1,401 |
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2,112 |
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Equity in income of unconsolidated affiliate, net of distributions |
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(12,735 |
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4,775 |
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Net gain on sale of asset |
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(412 |
) |
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(3,348 |
) |
Stock-based compensation |
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3,533 |
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4,612 |
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Significant investing activities: |
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Investment in property, plant and equipment |
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(33,457 |
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(46,577 |
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Acquisitions, net of cash acquired |
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(21,013 |
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- |
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Significant financing activities: |
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Net proceeds from short-term borrowings |
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172,187 |
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- |
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