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News AZZ reports 1Q results, CEO Dingus to retire

AZZ reports 1Q results, CEO Dingus to retire

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

A. Lee Graham Reporter   AZZ Inc. of Fort Worth has reported 44-percent higher revenue in the first quarter of fiscal 2014 compared to the same quarter a year earlier as the electrical products maker declares a quarterly cash dividend of 14 cents per share payable on July 26, 2013 to shareholders of record as of July 12, 2013. Meanwhile, at its June 27 regular board meeting, president and CEO David H. Dingus announced plans to retire effective March 1, 2014 due to health issues. The board accepted his retirement and plans a nationwide search for a successor. Dingus joined the firm in September 1998 and has served as CEO since 2001. He conveyed his wishes to remain an active board member. In its newly released quarterly financial performance report, the company reported revenues for the first fiscal quarter of 2014 at $183.2 million compared to $127.1 million in the same quarter a year earlier. “We are excited about our growth opportunities with the addition of a service offering to our portfolio, following the Aquilex SRO acquisition,” Dingus said in a news release. Other first-quarter results saw the company earn net income of $14.5 million, or 57 cents per diluted share, compared to $16 million, or 63 cents in the previous year’s first fiscal quarter. Revenues for the electrical and industrial products and services segment totaled $96.5 million for first quarter 2014 compared to $44.7 million for the same quarter a year earlier, a 116 percent increase.  NLI, acquired June 1, 2012, and Aquilex SRO, acquired on April 1, 2013, contributed $59 million of that surge. The company is maintaining its fiscal year 2014 guidance for revenues to range from $825 million to $900 million. Earnings for the fiscal year are expected to range from $2.65 and $2.95 per diluted share. AZZ Inc., a specialty electrical equipment manufacturer, also provides galvanizing services to the U.S. steel fabrication market. More information is available at www.azz.com.   lgraham@bizpress.net  

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