Texas, US-based electrical products and galvanizing services provider AZZ incorporated has issued its unaudited financial results for the three months (fiscal third quarter) and nine months ended November 30, 2010, which includes the acquisition of North American Galvanizing effective June 14, 2010.
Revenues for the third quarter were $102.9 million compared to $81.5 million for the same quarter of the previous year, an increase of 26 percent. Net income for the third quarter was $9.7 million, or $0.77 per diluted share, compared to a net income of $8.7 million, or $0.70 per diluted share, in the third quarter of the previous fiscal year.
For the nine-month period, AZZ incorporated reported revenues of $280 million compared to $272.2 million for the comparable period of the previous fiscal year, an increase of three percent. Net income for the nine months was $25.7 million, or $2.04 per diluted share, compared to $29.8 million, or $2.39 per diluted share, in the comparable period of the previous fiscal year. For the first nine months, expenses related to the acquisition of North American Galvanizing adversely impacted earnings per diluted share by $0.09 per diluted share.
AZZ incorporated's backlog at the end of fiscal third quarter was $101.7 million. Backlog at the end of the third quarter of the previous fiscal year was $131.8 million. Incoming orders for the third quarter were $98.1 million while shipments for the quarter totaled $102.9 million, resulting in a book to ship ratio of 95 percent. Of the backlog of $101.7 million, 40 percent is to be delivered outside of the US.
David H. Dingus, president and chief executive officer of AZZ incorporated, commented, "We are pleased that the revenues and operating income exceeded those for the same period last year. The markets for our galvanizing services have continued to show improvement. However, the markets for our electrical and industrial products have not shown the level of stability or the recovery that we had anticipated."
Based upon the evaluation of information currently available to management, AZZ incorporated's issued projections for fiscal 2011, that revenues would be in the range of $385 to $395 million and that fully diluted earnings per share would be in the range of $2.70 to $2.85, remains unchanged.