On April 2, New York, Texas, US-based electrical products and galvanizing services provider AZZ incorporated issued its financial results for the fourth quarter of 2009 and the full year, saying that the results reflected a continuation of lower release of orders due to economic and regulatory uncertainty.
According to the financial results, the net profit of the company was $37.7 million in 2009, compared with a net profit of $42.2 million in 2008, dropping 11 percent. Sales revenues in 2009 saw a decrease of 13 percent, dropping from $412.4 million in the previous year to $357 million.
In the final quarter of 2009, the company's net profit was $8 million, compared to a net profit of $10 million in the same period of 2008, decreasing 20 percent. Sales revenues of $84.9 million in the fourth quarter of 2009 saw a 15 percent decrease from $100.3 million in the fourth quarter of 2008.
Commenting on the 2010 outlook, AZZ incorporated president and CEO David H. Dingus, said, "As we look forward we believe that our markets will reflect modest improvement in our new fiscal year. This market improvement combined with the benefits from the territory and customer expansion brought about by the proposed acquisition of North American Galvanizing, will enhance AZZ's position as the market leader in this dynamic market."