On September 29, New York, Texas, US-based electrical products and galvanizing services provider AZZ incorporated issued its unaudited financial results for the three months (fiscal second quarter) ended August 31, 2010, which includes the acquisition of North American Galvanizing effective June 14, 2010.
Revenues for the second quarter were $99.6 million compared to $95.2 million for the same quarter last year, an increase of five percent. Net income for the second quarter was $9.6 million, or $0.77 per diluted share, compared to a net income of $11.1 million, or $0.89 per diluted share, in last year's second fiscal quarter. The expenses related to the acquisition of North American Galvanizing since June 14, 2010, adversely impacted second quarter earnings by $0.03 per diluted share. Without these expenses, the second quarter earnings would have been $0.80 per diluted share.
Backlog at the end of the second quarter was $106.5 million compared to $139.4 million a year ago and $109.9 million at February 28, 2010. Incoming orders for the second quarter were $95 million while shipments for the quarter totaled $99.6 million, resulting in a book to ship ratio of 95 percent.
David H. Dingus, president and chief executive officer of AZZ incorporated, commented, "Based upon the evaluation of information currently available to management, we are revising our fiscal year 2011 guidance for revenues to be in the range of $385 million to $395 million. Our earnings guidance is revised and anticipated to be within the range of $2.70 to $2.85 per diluted share."