Fort Worth, Texas-based AZZ Inc., a global provider of metal coating services, welding solutions, specialty electrical equipment and highly engineered services, today issued its consolidated financial statements for the third quarter of Fiscal Year 2018. The company also announced financial results for the three-month periods ended November 30, 2017, and February 28, 2018, as well as the 12-month period ended February 28, 2018.
For the 12-month period, the company reported revenues of $810.4 million compared to $863.5 million for the comparable period last year, a decrease of 6.2 percent. Net income for the twelve months was $45.2 million compared to $61.3 million in the prior fiscal year.
Bookings for fiscal 2018 were $746.5 million, compared to $858.9 million for the prior year, a decrease of 13.1 percent. Backlog at the end of the 2018 fiscal year was $265.4 million, a decrease of 16.5 percent compared to backlog at the end of the prior year of $317.9 million. Incoming orders for the year were $746.5 million while revenues for the year totaled $810.4 million, resulting in a book to bill ratio of 0.92. Approximately 41 percent of the $265.4 million in backlog is expected to be delivered outside of the US.
Revenues for the fourth quarter were $200.7 million compared to $184.3 million for the same quarter last year, an increase of 8.9 percent. Net income for the fourth quarter was $23.5 million compared to net income of $12.3 million for last year's fourth fiscal quarter. The increase was primarily from one-time non-recurring items.
For full year fiscal 2018, energy segment revenues decreased 13.7 percent to $421.0 million and the operating loss of $1.8 million was a $54.3 million decline from the prior year.
Revenues for the energy segment for the fourth quarter of fiscal 2018 were $103.5 million as compared to $102.6 million for the same quarter last year, increasing by 0.9 percent.
For full year fiscal 2018, the metal coatings segment revenues increased 3.7 percent to $389.4 million and operating income increased 6.7 percent to $84.3 million compared to $375.5 million and $79.0 million respectively, for the prior fiscal year.
Revenues for the company’s metal coatings segment for the fourth quarter of fiscal 2018 were $97.2 million, compared to the $81.6 million in the same period last year, an increase of 19.1 percent.
As for 2019 guidance, the company said in a statement that it sees “improving market activity in refinery turnarounds and are seeing more robust galvanizing markets.”