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Business AZZ: Fiscal 2Q Earnings Snapshot

AZZ: Fiscal 2Q Earnings Snapshot

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FORT WORTH, Texas (AP) _ AZZ Inc. (AZZ) on Tuesday reported a fiscal second-quarter loss of $1.8 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Fort Worth-based company said it had a loss of 7 cents. Earnings, adjusted for one-time gains and costs, came to 49 cents per share.

The electrical equipment maker posted revenue of $203.4 million in the period.

“We continued to navigate the protracted global business disruption resulting from COVID-19 during the second quarter, with sales of $203.4 million and adjusted net income of $13.0 million, or $0.49 on a per share diluted basis,” said Tom Ferguson, President and Chief Executive Officer of AZZ. “In the midst of a difficult macroeconomic environment, I am particularly pleased that our Metal Coatings segment continues to deliver solid operating results with sales of $117 million, and adjusted operating margins of 23%, which are consistent with the same quarter, in the prior year. Our digital galvanizing system (DGS) continues to provide operational efficiencies throughout our plants and contributes to the safety of our employees and customers. Within our Infrastructure Solutions segment, the ongoing impact of the pandemic caused travel restrictions within certain geographical areas and key international markets served by our teams, significantly reducing refining turnaround work, as customers delay or defer maintenance and lower order volume for electrical products. We are optimistic for continued modest improvement in the second half of the year, and are positioning our operations for a potentially strong fiscal year 2022, including a robust spring refining turnaround season following COVID-related maintenance delays. We are already seeing signs of improvement including earlier and stronger quoting activity for our welding solutions business.”

AZZ shares have dropped 19% since the beginning of the year. The stock has declined 3% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AZZ at https://www.zacks.com/ap/AZZ

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