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News Fort Worth company reports 1Q earnings of $21.3M

Fort Worth company reports 1Q earnings of $21.3M

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AZZ: Fiscal 1Q Earnings Snapshot

FORT WORTH, Texas (AP) _ AZZ Inc. (AZZ) on Monday reported fiscal first-quarter earnings of $21.3 million.

The Fort Worth, Texas-based company said it had profit of 81 cents per share.

The electrical equipment maker posted revenue of $289.1 million in the period.

“We are off to a solid start in fiscal year 2020, with 10% revenue and 35% net income growth year-over-year,”: said Tom Ferguson, president and CEO of AZZ. “Our Energy segment, given a normal Spring season for turnarounds, made a solid contribution to first quarter consolidated revenue which increased 10.3% to $289.1 million. The Metal Coatings segment continues to strengthen with increased demand and improved operational efficiencies, driving consolidated net income up 35.4% to $21.3 million this year compared to $15.7 million in the first quarter last year. While our consolidated bookings were down 13.3% to $256.3 million compared to $295.7 million in the first quarter last year, it’s important to note, during the first half of fiscal year 2019, we booked two large Chinese orders with $45 million in the first quarter and $55 million in the second quarter. These sizable orders are anticipated to be shipped over a period of years. As part of our ongoing efforts, we continue to build on the positive momentum in the Energy segment, with a strong backlog of more than $300 million, setting the stage for solid performance into the back half of the year, while our Metal Coatings business continues to gain traction from our key initiatives to drive growth both organically and through acquisitions.”

AZZ expects full-year earnings to be $2.25 to $2.75 per share, with revenue in the range of $950 million to $1.03 billion.

AZZ shares have increased 14% since the beginning of the year. The stock has dropped 13% 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

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