Worthington Industries reported a challenging Q4 FY2024 on a GAAP basis, driven by one-time charges and weaker volumes across segments, while delivering a respectable Adjusted EBITDA of $63 million and adjusted EPS of $0.74. Revenue totaled $319 million, down 13.6% year over year as management noted destocking and softer demand in several core end-markets. Despite the topline pressure, the company showcased a disciplined capital allocation stance, including deposits for the Hexagon Ragasco acquisition and the formation of a Sustainable Energy Solutions (SES) joint venture with Hexagon Composites, transforming SES into an unconsolidated equity investment with earnings flowing through equity income going forward. The trailing 12-month adjusted EBITDA reached $251 million with a margin of 20.1%, highlighting earnings power that could be enhanced as normalization in end-markets and synergies from M&A activities materialize. The balance sheet remained strong, with about $244 million of cash and long-term funded debt of $298 million, yielding an implied leverage that is well within conservative covenant headroom. Management signaled a constructive 2025 outlook, anchored by continued growth through transformation, innovation, and accretive M&A, while acknowledging near-term headwinds from macro demand and commodity price cycles. Overall, the company is transitioning to Worthington Enterprises, with Consumer Products and Building Products as the primary platforms, and highlighted potential for margin improvement toward a mid-20s EBITDA profile as destocking normalizes and new products scale.