Worthington Industries Inc Q1 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Katja Jancic - BMO Capital Markets Equity Research - Analyst : Can you talk a little bit more about the current auto market environment? Specifically, what impact you're seeing from the strike and is there anything or are there any steps you can take to potentially minimize the impact? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 28, 2023 / 1:00PM, WOR.N - Q1 2024 Worthington Industries Inc Earnings Call Tim Adams Katja, It's Tim. Thanks for the question. So yes, obviously, the situation is front and center for us. So far, we've seen little impact to our business given the scope of the strike has been limited, and it's actually been a short period of time. We recognize that there is risk associated with the strike, but there's also opportunities for us. So if the strike expands, our facilities have playbooks that will address volume slowdown. So as you would expect, the playbooks are going to align with the Worthington philosophy and the Golden Rule doing things the right way for our customers, our employees and our shareholders. But one of the things I want to point out about the strike is, these are opportunities for us as well. So our recent history shows we do a great job of putting ourselves in a position to win new business when markets rebound. Our commercial and supply chain teams do an excellent job helping our customers navigate all the moving parts that occur when a supply chain suddenly stops, but then more importantly, when that supply chain suddenly turns back on. Customers absolutely remember which suppliers did the best job helping them navigate through these tough situations.