AZZ Inc, a global provider of galvanizing services, welding solutions, specialty electrical equipment and engineered services, today announced financial results for the three-month period ended May 31, 2016.
Revenues for the Q1 of fiscal 2017 were $242.7 million compared to $228.9 million for the same quarter last year, an increase of 6.0 percent. Net income for the first quarter increased 5.7 percent to $21.1 million, or $0.81 per diluted share, compared to net income of $19.9 million, or $0.77 per diluted share, for the first quarter of fiscal 2016.
Incoming orders for the quarter were $250.5 million while shipments for the quarter totaled $242.7 million, resulting in a book to ship ratio of 1.03. In the first quarter of fiscal 2016, incoming orders were $215.2 million, resulting in a book to ship ratio of 0.94. The company indicated their backlog at the end of the first quarter of fiscal 2017 increased 11 percent to a record $354.2 million compared to backlog at the end of the prior year first quarter of $318.9 million. Approximately 25 percent of the backlog is expected to be delivered outside the U.S.
Revenues for the Galvanizing Segment for the first quarter were $104.6 million, compared to the $91.9 million in the same period last year, an increase of 13.8 percent. Operating income for the segment increased 10.0 percent to $24.3 million compared to $22.1 million in the prior year first quarter. Operating margins for the first quarter were 23.2 percent, compared to 24.0 percent in the same period last year. Increases in revenues, operating incomes, and the reduction in operating margin all were primarily driven by the effects of the acquisition of US Galvanizing at the beginning of the second quarter in the last fiscal year.