AZZ Inc., a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three-month period ended August 31, 2018.
Revenues for the second quarter of fiscal year 2019 were $222.8 million compared to $196.3 million for the same quarter last year, an increase of 13.5 percent. Net income for the second quarter increased 14.9 percent to $11.2 million, compared to net income of $9.8 million for the second quarter of fiscal year 2018.
Gross margins for the second quarter of fiscal year 2019 were 21.1 percent compared to 22.3 percent in the second quarter of last year. Operating margins were 7.7 percent compared to 8.9 percent the second quarter of fiscal year 2018 as SG&A as a percentage of sales fell to 13.4 percent of sales compared to 13.5 percent of sales in the prior year. Additionally, the effective tax rate decreased to 19.6 percent in the current quarter compared to 28.7 percent in the second quarter of the prior year.
Incoming orders for the quarter were $253.9 million while revenues for the quarter totaled $222.8 million, resulting in a book to revenue ratio of 1.14. In the second quarter of fiscal year 2018 incoming orders were $190.1 million, resulting in a book to revenue ratio of 0.97.
Revenues for the Energy segment for the second quarter of fiscal year 2019 were $106.5 million as compared to $97.3 million for the same quarter last year, an increase of 9.5 percent.
Revenues for the Metal Coatings segment for the second quarter of fiscal year 2019 were a record $116.3 million, compared to the $99.0 million for the same period of last year, an increase of 17.4 percent.