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AZZ reports 3Q earnings

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AZZ: Fiscal 3Q Earnings Snapshot

FORT WORTH, Texas (AP) AZZ Inc. (AZZ) on Monday reported fiscal third-quarter earnings of $19.7 million.

On a per-share basis, the Fort Worth, Texas-based company said it had profit of 76 cents. Earnings, adjusted for restructuring costs, were 80 cents per share.

The electrical equipment maker posted revenue of $226.6 million in the period.

Third Quarter Overview and Recent Highlights:

Earnings per share of $0.76 and net income of $19.7 million; which includes net charges of $1.6 million, or $0.06 cents per share, primarily related to the loss on the divestiture of Southern Mechanical Services (SMS).

Sales of $226.6 million, increased sequentially by 11.4% from the second quarter

Metal Coatings segment results versus same quarter, prior year:

Sales of $115.6 million, down 10.5%, with galvanizing sales down 8.8%

Operating income of $28.7 million, up 5.2%

Operating margin of 24.8%, versus 21.1%, or 370 bps improvement

Infrastructure Solutions segment results versus same quarter, prior year:

Sales of $111.0 million up 28.6% sequentially; down 31.5%

Operating income of $8.7 million, down 49.9%

Operating margin of 7.9% versus 10.8%

Acquisition of Acme Galvanizing to continue strategic emphasis on Metal Coatings

Repurchased over 652,000 shares during the quarter.

Board authorized a new $100 million share repurchase program.

Management Discussion

Tom Ferguson, President and Chief Executive Officer of AZZ, commented, “During the third quarter, the COVID-19 pandemic continued to significantly impact our operations and financial results.  Despite the challenging global macroeconomic environment, we achieved sequential operating performance improvement as our businesses steadily adapted to operating in the current environment. We were able to maintain solid profitability with sales of $226.6 million and net income of $19.7 million, or $0.76 per diluted share, and return capital to our shareholders by purchasing more than 652,000 AZZ common shares in the open market during the third quarter.”

AZZ shares have risen 4% since the beginning of the year. The stock has increased 5% in the last 12 months.

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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

additional reporting by FWBP Staff

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