AZZ Inc. today updated revenue and earnings per share guidance for its fiscal year 2018, which ends on February 28, 2018.
Tom Ferguson, president and chief executive officer of AZZ Inc., commented, “Given recent events, we have completed a thorough evaluation of our businesses. We assessed the impact of the recent hurricanes - Harvey and Irma - on our refinery turnaround activity; market conditions in the US nuclear market with the closure of the VC Summer Nuclear Project and the ongoing fallout from the Westinghouse Nuclear bankruptcy; lower than expected electric utility spending in Saudi Arabia; and our current shippable backlog. Based on this evaluation we reduced our full year guidance for fiscal 2018. We now anticipate revenue will be in the range of $825 million to $885 million, compared to the previous guidance of $880 million to $950 million. For full fiscal year 2018, we now anticipate earnings per share will be in the range of $1.80 to $2.30 per fully diluted share, as compared to previous guidance of $2.60 to $3.10 per fully diluted share.”
Ferguson continued, “Looking forward, we believe the refinery turnaround activity is likely to improve early next year, which will positively impact our fiscal year 2019. We also see improving markets for our Metal Coating segment.”
AZZ Inc. is a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services.