AZZ Inc. reports 35.4 percent increase in net income for fiscal Q1

Monday, 08 July 2019 23:58:31 (GMT+3)   |   San Diego
       

AZZ Inc. announced financial results for the three-month period ended May 31, 2019. Revenues for the first quarter of fiscal year 2020 were $289.1 million compared to $262.2 million for the same quarter last year, an increase of 10.3 percent. Net income for the first quarter increased 35.4 percent to $21.3 million, or $0.81 per diluted share, compared to net income of $15.7 million, or $0.60 per diluted share, for the first quarter of fiscal year 2019.

Revenues for the Energy segment for the first quarter of fiscal year 2020 were $167.0 million as compared to $147.0 million for the same quarter last year, an increase of 13.6 percent. Revenues for the Metal Coatings segment for the first quarter of fiscal year 2020 were $122.2 million, compared to the $115.3 million for the same period of last year, an increase of 6.0 percent.

Tom Ferguson, president and chief executive officer of AZZ Inc., commented, "The Metal Coatings segment continues to strengthen with increased demand and improved operational efficiencies, driving consolidated net income up 35.4 percent to $21.3 million this year compared to $15.7 million in the first quarter last year. As part of our ongoing efforts, we continue to build on the positive momentum in the Energy segment, with a strong backlog of more than $300 million, setting the stage for solid performance into the back half of the year, while our Metal Coatings business continues to gain traction from our key initiatives to drive growth both organically and through acquisitions. Looking forward, we are reaffirming our previously issued fiscal 2020 guidance of earnings per share in the range of $2.25 to $2.75 per diluted share and annual sales in the range of $950 million to $1,030 million."


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