AZZ Inc. announced financial results for the three-month period ended August 31, 2019. Revenues for the second quarter of fiscal year 2020 were $236.2 million, compared to $222.8 million for the same quarter last year, an increase of 6.0 percent. Net income for the second quarter increased 38.4 percent to $15.6 million, or $0.59 per diluted share, compared to net income of $11.2 million, or $0.43 per diluted share, for the second quarter of fiscal year 2019.
Revenues for the Metal Coatings segment for the second quarter of fiscal year 2020 were $124.8 million, compared to the $116.3 million for the same period of last year, an increase of 7.4 percent.
Revenues for the Energy segment for the second quarter of fiscal year 2020 were $111.3 million as compared to $106.5 million for the same quarter last year, an increase of 4.5 percent.
Tom Ferguson, president and chief executive officer of AZZ Inc., commented, "Given our strong first half performance and our confidence in the remainder of the year, we are raising our previously issued fiscal 2020 guidance to earnings per share to be in the range of $2.60 to $2.90 per diluted share, and revenues to be in the range of $1,020 to $1,060 million. This compares favorably to previously issued fiscal 2020 guidance of earnings per share in the range of $2.25 to $2.75 per diluted share, and revenues to be in the range of $950 million to $1,030 million. Our fiscal year 2020 guidance reflects our estimates given the current market conditions, current backlog expectations, and does not include any significant acquisitions or divestitures."