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Fort Worth electrical equipment maker reports increase in profits for year

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FORT WORTH (AP) _ AZZ Inc. (AZZ) on Monday reported fiscal fourth-quarter earnings of $8.9 million.

On a per-share basis, the Fort Worth-based company said it had net income of 34 cents.

The electrical equipment maker posted revenue of $202.5 million in the period.

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.

For the year, the company reported profit of $51.2 million, or $1.96 per share.

For the 12-month period, the Company reported revenues of $927.1 million compared to $810.4 million for the comparable period last year, an increase of 14.4%. Operating income increased 59.5% to $77 million compared to $48.2 million in last year’s comparable twelve month period. Net income for the twelve months increased 13.4% to $51.2 million, or $1.96 per diluted share, compared to $45.2 million, or $1.73 per diluted share compared to the prior fiscal year.

“In Fiscal 2019 we achieved solid double-digit year-over-year growth for both top- and bottom-lines, while posting our 32nd consecutive year of profitability,” said Tom Ferguson, president and CEO. “We experienced a resurgence in demand for galvanizing services, refinery turnarounds, and an increase in international projects for the Energy Segment, which generated revenue growth of 14% and a 13% increase in net income. Our consolidated bookings for the year increased 32% to $988.6 million and our backlog increased 25% to $332.9 million; driving our book to revenue ratio to 1.07 versus .92 in the previous year. We have a strong cash flow business that for the year generated $114.7 million of net cash provided by operating activities, an increase of 45%.”

AZZ shares have increased 9% since the beginning of the year. The stock has risen roughly 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 Also, FWBP Staff

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