US Market News
2月前
AZZ Inc. Reports Fourth Quarter and Fiscal Year 2026 Full-Year ResultsApril 22, 2026 4:15 PM
PR Newswire (US)
Achieved Record Full-Year Sales Growth, Profitability, and Cash Generation FORT WORTH, Texas, April 22, 2026 /PRNewswire/ -- AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today issued its audited consolidated financial statements contained in the Company's Fiscal Year 2026 Annual Report on Form 10-K for the year ended February 28, 2026.
Fiscal Year 2026 Overview (as compared to prior fiscal year 2025(1)):Total Sales of $1.65 billion, up 4.6%Metal Coatings sales of $758.7 million, up 14.1%Precoat Metals sales of $891.4 million, down 2.3%Net Income of $317.3 million, up 146.3%; Adjusted net income of $187.1 million, up 19.3%GAAP diluted EPS of $10.50 per share, up 486.6%; fiscal 2026 was meaningfully impacted by the equity in earnings from the AVAIL joint venture divestitures, while fiscal 2025 included full redemption of Series A Preferred Stock. Adjusted diluted EPS was $6.19, up 19.0%, primarily due to organic growthConsolidated Adjusted EBITDA of $367.6 million, or 22.3% of sales, versus prior year of $347.9 million, or 22.0% of salesSegment Adjusted EBITDA margin of 31.0% for Metal Coatings and 19.8% for Precoat MetalsCash flow from operations of $525.4 million, included $273.2 million from AVAIL JV cash distributionsRepurchased 201,416 shares of common stock, or approximately $20.0 million at an average price of $99.28Cash dividend payments totaling $23.1 millionNet leverage ratio of 1.4x, down from prior year of 2.5x; debt reduction of $385.3 millionFourth Quarter 2026 Overview (as compared to prior fiscal year fourth quarter(1)):Total Sales of $385.1 million, up 9.4%Metal Coatings sales of $186.5 million, up 25.7%, primarily due to increased volumePrecoat Metals sales of $198.6 million, down 2.4%, primarily due to lower volumeNet Income of $15.9 million, down 21.2%; Adjusted net income of $40.4 million, up 36.4%GAAP diluted EPS of $0.53 per share, down 20.9%, and Adjusted diluted EPS of $1.34, up 36.7%Consolidated Adjusted EBITDA of $81.3 million, or 21.1% of sales, versus prior year of $71.2 million, or 20.2% of salesSegment Adjusted EBITDA margins of 30.2% for Metal Coatings and 18.2% for Precoat Metals(1) Adjusted Net Income, Adjusted EPS, Adjusted EBITDA and net leverage ratio are non-GAAP financial measures as defined and reconciled in the tables below.Tom Ferguson, President, and Chief Executive Officer of AZZ, commented, "Fiscal year 2026 represents record full year sales and profitability, and AZZ's 39th consecutive year of profitability from continuing operations, as we continued to execute upon our growth strategy. We are pleased with full-year sales of $1.65 billion, up 4.6%, based primarily on organic growth and strong execution. For the year, our Metal Coatings segment delivered sales of $758.7 million, and 31.0% EBITDA margin, and Precoat Metals delivered sales of $891.4 million and 19.8% EBITDA margin. We are encouraged by the performance of our new Washington facility, which reached profitability in the fourth quarter, underscoring the success of our strategic investment."Looking forward, we remain focused on disciplined execution of our organic growth strategies while capitalizing on strong U.S. infrastructure investment across our key end markets. The Company is well-positioned to capitalize on a growing pipeline of M&A opportunities to augment organic growth in the new fiscal year. Finally, I want to thank our dedicated AZZ employees for their hard work, disciplined focus, and pride and passion for delivering quality and service to our customers," Ferguson concluded.Segment Performance
Full Year 2026 Metal Coatings
Strong sales of $758.7 million, up 14.1% from prior year. Improved sales were driven by an increase in volume for hot-dip galvanizing, supported by continued strength within construction, electrical transmission and distribution, and industrial end markets. Segment Adjusted EBITDA of $235.5 million was up 14.7% versus the prior year. Adjusted EBITDA margin of 31.0% was at the upper end of stated range of 27%-32%, and increased 10 basis points due to a higher volume of steel processed and operational efficiencies.Full Year 2026 Precoat Metals
Sales of $891.4 million, down 2.3% from prior year. Segment EBITDA of $176.2 million or 19.8% of sales, was down 1.6%, driven by materially lower volume within residential construction, HVAC and transportation end markets, and partially offset by higher average selling price.Fourth Quarter 2026 Metal Coatings
Sales increased 25.7% to $186.5 million and EBITDA increased 30.1% to $56.3 million versus the prior quarter in fiscal 2025. Sales were higher this year due to increased infrastructure-related demand, and unfavorable weather conditions in last year's quarter. Segment EBITDA margin increased to 30.2% of sales, or 100 basis points higher than the prior year fourth quarter EBITDA margin.Fourth Quarter 2026 Precoat Metals
Sales decreased 2.4% to $198.6 million and EBITDA increased 0.2% to $36.2 million, versus the prior quarter in fiscal 2025. Sales were lower as a result of decreased volume due to lower end market demand in construction, transportation, and HVAC. Segment EBITDA margin increased to 18.2% of sales, or 40 basis points higher than the prior year fourth quarter EBITDA margin.Balance Sheet, Liquidity and Capital Allocation
The Company generated significant operating cash flow of $525.4 million for fiscal 2026 through improved earnings, as well as cash distributions during the year totaling $273.2 million from the AVAIL JV following the sale of its Electrical Products Group ("EPG") and welding services businesses ("WSI"), coupled with a continued focus on working capital management. At the end of the fourth quarter, the Company's net leverage was 1.4x for the trailing twelve months ended February 28, 2026. Consistent with the capital allocation strategy, the Company paid down debt of $385.3 million, repurchased $20.0 million of common shares, completed an acquisition in the Metal Coatings segment of $30.1 million, and returned cash to common shareholders through cash dividend payments totaling $23.1 million. Capital expenditures were $80.8 million during the year, which included $7.8 million for the greenfield facility in Washington, Missouri. Fiscal 2027 capital expenditures are expected to be approximately $80 - $100 million, reflecting an increase in growth capital for hot-dip galvanizing capacity expansions and technology improvements. In fiscal 2027, we will continue to allocate our strong cash flow generated from operations to support our capital allocation strategy, which includes strategic M&A, managing leverage and returning capital to shareholders through share repurchases and dividends.Financial Outlook — Reiterating Fiscal Year 2027 Guidance
We are reiterating our fiscal year guidance for the year ending February 28, 2027, which reflects our confidence in the Company's strategic execution, operational resilience, and market positioning. Fiscal year 2027 guidance reflects our best estimates given expected market conditions for the full year, lower interest expense, an annualized effective tax rate of 25% and excludes M&A activity and any federal regulatory changes that may emerge.
FY2027 Guidance(1)Sales$1.725 - $1.775 billionAdjusted EBITDA$360 - $400 millionAdjusted Diluted EPS$6.50 - $7.00
(1) FY2027 Guidance Assumptions:
a.The newly built Washington, Missouri plant is expected to be accretive to earnings in FY2027.
b.Capital expenditures are expected to be approximately $80 to $100 million, reflecting an increase in growth capital for hot-dip galvanizing capacity expansions and technology improvements for both Metal Coatings and Precoat Metals.
c.Interest expense is expected to be $35 to $45 million.
d.The annualized effective tax rate of 25% excludes federal regulatory changes that may emerge.
e.Debt reduction in the range of $130 to $170 million.
f.Adjusted Diluted EPS guidance includes adding back amortization related to the Company's intangible assets.
g.Excludes all potential M&A activities.
h.Excludes the potential for equity in income (or loss) and cash distributions from AZZ's minority interest in its unconsolidated subsidiary.Conference Call Details
AZZ Inc. will conduct a live conference call with Tom Ferguson, Chief Executive Officer, Jason Crawford, Chief Financial Officer, and David Nark, Chief Marketing, Communications, and Investor Relations Officer to discuss financial results for the fourth quarter of the fiscal year 2026, Thursday, April 23, 2026, at 11:00 A.M. ET. Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). A webcast of the call will be available on the Company's Investor Relations page at http://www.azz.com/investor-relations. A replay of the call will be available at (855) 669-9658 or (412) 317-0088 (international), replay access code: 5871094 through April 30, 2026, or by visiting http://www.azz.com/investor-relations for the next 12 months.About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets in North America. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life.Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as "may," "could," "should," "expects," "plans," "will," "might," "would," "projects," "currently," "intends," "outlook," "forecasts," "targets," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases, including increases due to inflation, in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process, paint used in our coil coating process; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ's growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States and other foreign markets in which we operate; tariffs, acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2026, and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.Company Contact:
David Nark, Chief Marketing, Communications, and Investor Relations Officer
AZZ Inc.
(817) 810-0095
www.azz.com Investor Contact:
Sandy Martin / Phillip Kupper
Three Part Advisors
(214) 616-2207 or (817) 368-2556
www.threepa.com ---Financial tables on the following page---AZZ Inc.Condensed Consolidated Statements of Income(dollars in thousands, except per share data)(unaudited)
Three Months Ended February 28,
Year Ended February 28,
2026
2025
2026
2025Sales$ 385,097
$ 351,875
$ 1,650,080
$ 1,577,744Cost of sales297,505
273,157
1,255,125
1,195,064Gross margin87,592
78,718
394,955
382,680
Selling, general and administrative30,464
38,284
130,338
146,316Operating income57,128
40,434
264,617
236,364
Interest expense, net(11,216)
(17,375)
(55,650)
(81,282)Equity in earnings (loss) of unconsolidated subsidiaries(21,698)
3,693
209,733
16,163Other income (expense), net376
(420)
1,615
(562)Income before income taxes24,590
26,332
420,315
170,683Income tax expense8,659
6,122
103,055
41,850Net income15,931
20,210
317,260
128,833Series A Preferred Stock Dividends—
—
—
(1,200)Redemption premium on Series A Preferred Stock—
—
—
(75,198)Net income available to common shareholders$ 15,931
$ 20,210
$ 317,260
$ 52,435
Basic earnings per common share$ 0.53
$ 0.68
$ 10.59
$ 1.80Diluted earnings per common share$ 0.53
$ 0.67
$ 10.50
$ 1.79
Weighted average shares outstanding - Basic29,872
29,898
29,955
29,086Weighted average shares outstanding - Diluted30,138
30,169
30,211
29,344
Cash dividends declared per common share$ 0.20
$ 0.17
$ 0.77
$ 0.68 AZZ Inc.Segment Reporting(dollars in thousands)(unaudited)
Three Months Ended February 28,
Year Ended February 28,
2026
2025
2026
2025Sales:
Metal Coatings$ 186,512
$ 148,357
$ 758,709
$ 665,107Precoat Metals198,585
203,518
891,371
912,637Total Sales$ 385,097
$ 351,875
$ 1,650,080
$ 1,577,744
Adjusted EBITDA:
Metal Coatings$ 56,279
$ 43,248
$ 235,503
$ 205,362Precoat Metals36,240
36,175
176,161
179,013Infrastructure Solutions667
3,488
5,129
15,892Total Segment Adjusted EBITDA(1)$ 93,186
$ 82,911
$ 416,793
$ 400,267
(1)See the non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with GAAP to the non-GAAP financial measures. AZZ Inc.Condensed Consolidated Balance Sheets(dollars in thousands)(unaudited)
As of
February 28, 2026
February 28, 2025Assets:
Current assets
$ 395,368
$ 375,444Property, plant and equipment, net
609,305
592,941Other non-current assets, net
1,208,801
1,258,716Total Assets
$ 2,213,474
$ 2,227,101
Liabilities and Shareholders' equity:
Current liabilities
$ 232,274
$ 220,992Long-term debt, net
477,738
852,365Other non-current liabilities
166,431
108,249Shareholders' equity
1,337,031
1,045,495Total Liabilities and Shareholders' equity
$ 2,213,474
$ 2,227,101
AZZ Inc.Condensed Consolidated Statements of Cash Flows(dollars in thousands)(unaudited)
Year Ended February 28,
2026
2025Net cash provided by operating activities(1)$ 525,446
$ 249,909Net cash used in investing activities(91,482)
(114,997)Net cash used in financing activities(434,122)
(138,695)Effect of exchange rate changes on cash(625)
922Net decrease in cash and cash equivalents(783)
(2,861)Cash and cash equivalents at beginning of period1,488
4,349Cash and cash equivalents at end of period$ 705
$ 1,488
(1)For the year ended February 28, 2026, net cash provided by operating activities includes distributions from AVAIL of $273.2 million. Refer to footnote 8 on page 12. AZZ Inc.
Non-GAAP Disclosure
Adjusted Net Income, Adjusted Earnings Per Share and Adjusted EBITDAIn addition to reporting financial results in accordance with Generally Accepted Accounting Principles in the United States ("GAAP"), we provide Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA (collectively, the "Adjusted Earnings Measures"), which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency when comparing operating results across a broad spectrum of companies, which provides a more complete understanding of our financial performance, competitive position, prospects for future capital investment and debt reduction. Management also believes that investors regularly rely on non-GAAP financial measures, such as Adjusted Net Income, Adjusted Earnings per Share and Adjusted EBITDA to assess operating performance and that such measures may highlight trends in our business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP.In calculating adjusted net income and adjusted earnings per share, management excludes: 1) intangible asset amortization, 2) restructuring charges, 3) certain legal settlements and accruals, 4) retirement and other severance expenses, 5) redemption premium on Series A Preferred Stock, 6) additional stock compensation expense related to the adoption of our executive retiree long-term incentive program, and 7) certain adjustments related to the Company's unconsolidated joint venture from the reported GAAP measure. Management defines Adjusted EBITDA as adjusted net income excluding depreciation, amortization, interest and provision for income taxes. Management believes Adjusted EBITDA is used by investors to analyze operating performance and evaluate the Company's ability to incur and service debt, as well as its capacity for making capital expenditures in the future.Management provides non-GAAP financial measures for informational purposes and to enhance understanding of the Company's GAAP consolidated financial statements. Readers should consider these measures in addition to, but not instead of or superior to, the Company's financial statements prepared in accordance with GAAP, and undue reliance should not be placed on these non-GAAP financial measures. Additionally, these non-GAAP financial measures may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.The following tables provide a reconciliation for the three months ended and year ended February 28, 2026 and February 28, 2025 between the non-GAAP Adjusted Earnings Measures to the most comparable measures, calculated in accordance with GAAP (in thousands, except per share data):Adjusted Net Income and Adjusted Earnings Per Share
Three Months Ended February 28,
Year Ended February 28,
2026
2025
2026
2025
Amount
Per Diluted
Share(1)
Amount
Per Diluted
Share(1)
Amount
Per Diluted
Share(1)
Amount
Per Diluted
Share(1)Net income$ 15,931
$ 20,210
$ 317,260
$ 128,833
Less: Series A Preferred Stock dividends—
—
—
(1,200)
Less: Redemption premium on Series A Preferred Stock—
—
—
(75,198)
Net income available to common shareholders(2)15,931
$ 0.53
20,210
$ 0.67
317,260
$ 10.50
52,435
$ 1.74Impact of Series A Preferred Stock dividends(2)—
—
—
—
—
—
1,200
0.04Net income and diluted earnings per share for Adjusted net income calculation(2)15,931
0.53
20,210
0.67
317,260
10.50
53,635
1.79Adjustments:
Amortization of intangible assets5,726
0.19
5,758
0.19
23,083
0.76
23,111
0.77Restructuring charges(3)—
—
—
—
3,827
0.13
—
—Legal settlement and accrual(4)—
—
6,466
0.21
—
—
9,949
0.33Retirement and other severance expense(5)—
—
188
0.01
—
—
3,741
0.12Redemption premium on Series A Preferred Stock(6)—
—
—
—
—
—
75,198
2.50Executive retiree long-term incentive program(7)—
—
—
—
2,185
0.07
—
—AVAIL JV equity in earnings adjustment(8)22,369
0.74
—
—
(204,474)
(6.77)
—
—Subtotal28,095
0.93
12,412
0.41
(175,379)
(5.81)
111,999
3.72Tax impact(9)(3,593)
(0.12)
(2,979)
(0.10)
45,241
1.50
(8,832)
(0.29)Total adjustments24,502
0.81
9,433
0.31
(130,138)
(4.31)
103,167
3.42Adjusted net income and adjusted earnings per share (non-GAAP)$ 40,433
$ 1.34
$ 29,643
$ 0.98
$ 187,122
$ 6.19
$ 156,802
$ 5.20
Weighted average shares outstanding—Diluted for Adjusted earnings per share(2)
30,138
30,169
30,211
30,134See notes on page 12.Adjusted EBITDA
Three Months Ended February 28,
Year Ended February 28,
2026
2025
2026
2025Net income$ 15,931
$ 20,210
$ 317,260
$ 128,833Interest expense11,216
17,375
55,650
81,282Income tax expense8,659
6,122
103,055
41,850Depreciation and amortization23,080
20,821
90,056
82,205Adjustments:
Restructuring charges(3)—
—
3,827
—Legal settlement and accrual(4)—
6,466
—
9,949Retirement and other severance expense(5)—
188
—
3,741Executive retiree long-term incentive program(7)—
—
2,185
—AVAIL JV equity in earnings adjustment(8)22,369
—
(204,474)
—Adjusted EBITDA (non-GAAP)$ 81,255
$ 71,182
$ 367,559
$ 347,860See notes on page 12.Adjusted EBITDA by Segment
Three Months Ended February 28, 2026
Metal
Coatings
Precoat
Metals
Infra-structure
Solutions
Corporate
TotalNet income (loss)$ 49,116
$ 26,344
$ (21,702)
$ (37,827)
$ 15,931Interest expense—
—
—
11,216
11,216Income tax expense—
—
—
8,659
8,659Depreciation and amortization7,163
9,896
—
6,021
23,080Adjustments:
AVAIL JV equity in earnings adjustment(8)—
—
22,369
—
22,369Adjusted EBITDA (non-GAAP)$ 56,279
$ 36,240
$ 667
$ (11,931)
$ 81,255See notes on page 12.
Three Months Ended February 28, 2025
Metal
Coatings
Precoat
Metals
Infra-structure
Solutions
Corporate
TotalNet income (loss)$ 36,564
$ 28,124
$ (2,978)
$ (41,500)
$ 20,210Interest expense—
—
—
17,375
17,375Income tax expense—
—
—
6,122
6,122Depreciation and amortization6,684
8,051
—
6,086
20,821Adjustments:
Legal settlement and accrual(4)—
—
6,466
—
6,466Retirement and other severance expense(5)—
—
—
188
188Adjusted EBITDA (non-GAAP)$ 43,248
$ 36,175
$ 3,488
$ (11,729)
$ 71,182See notes on page 12.
Year Ended February 28, 2026
Metal
Coatings
Precoat
Metals
Infra-structure
Solutions
Corporate
TotalNet income (loss)$ 203,595
$ 138,102
$ 209,603
$ (234,040)
$ 317,260Interest expense—
—
—
55,650
55,650Income tax expense—
—
—
103,055
103,055Depreciation and amortization27,723
38,059
—
24,274
90,056Adjustments:
Restructuring charges(3)3,827
—
—
—
3,827Executive retiree long-term incentive program(7)358
—
—
1,827
2,185AVAIL JV equity in earnings adjustment(8)—
—
(204,474)
—
(204,474)Adjusted EBITDA (non-GAAP)$ 235,503
$ 176,161
$ 5,129
$ (49,234)
$ 367,559See notes on page 12.
Year Ended February 28, 2025
Metal
Coatings
Precoat
Metals
Infra-structure
Solutions
Corporate
TotalNet income (loss)$ 178,722
$ 147,828
$ 9,426
$ (207,143)
$ 128,833Interest expense—
—
—
81,282
81,282Income tax expense—
—
—
41,850
41,850Depreciation and amortization26,640
31,185
—
24,380
82,205Adjustments:
Legal settlement and accrual(4)—
—
6,466
3,483
9,949Retirement and other severance expense(5)—
—
—
3,741
3,741Adjusted EBITDA (non-GAAP)$ 205,362
$ 179,013
$ 15,892
$ (52,407)
$ 347,860See notes on page 12.Debt Leverage Ratio Reconciliation
Trailing Twelve Months Ended
February 28, 2026
February 28, 2025Gross debt$ 515,000
$ 900,250Less: Cash per bank statement(13,227)
(12,670)Add: Finance lease liability13,746
6,647Consolidated indebtedness$ 515,519
$ 894,227
Net income$ 317,260
$ 128,833Depreciation and amortization90,056
82,205Interest expense55,650
81,282Income tax expense103,055
41,850EBITDA566,021
334,170Cash items(10)5,426
15,325Non-cash items(11)14,832
12,161Equity in earnings, net of distributions(209,733)
(3,598)Adjusted EBITDA per Credit Agreement$ 376,546
$ 358,058
Net leverage ratio1.4x
2.5x
(1)Earnings per share amounts included in the "Adjusted Net Income and Adjusted Earnings Per Share" table above may not sum due to rounding differences.(2)For the year ended February 28, 2025, diluted earnings per share is based on weighted average shares outstanding of 29,344, as the Series A Preferred Stock that was redeemed May 9, 2024, is anti-dilutive for this calculation. The calculation of adjusted diluted earnings per share is based on weighted average shares outstanding of 30,134, as the Series A Preferred Stock is dilutive to adjusted diluted earnings per share. Adjusted net income for adjusted earnings per share also includes the addback of Series A Preferred Stock dividends for the period noted above. For further information regarding the calculation of earnings per share, see "Item 8. Financial Statements and Supplementary Data—Note 14" in the Company's Form 10-K for the year ended 2026.(3)Includes restructuring charges related to the closure of two surface technology facilities in our Metal Coatings segment. See "Item 8. Financial Statements and Supplementary Data—Note 21" in the Company's Form 10-K for the year ended 2026.(4)For the year ended February 28, 2025, consists of a $3.5 million legal settlement and accrual related to a non-operating entity, and is classified as "Corporate" in our operating segment disclosure and $6.5 million for the write off of receivable and related legal fees due to the unfavorable resolution of a litigation matter related to the AIS segment that was retained following the sale of the AIS business. See "Item 8. Financial Statements and Supplementary Data—Note 22" in the Company's Form 10-K for the year ended 2026.(5)Related to retention and transition of certain executive management employees.(6)On May 9, 2024, we redeemed AZZ's Series A Preferred Stock. The redemption premium represents the difference between the redemption amount paid and the book value of the Series A Preferred Stock.(7)During the year ended February 28, 2026, we recognized additional stock-based compensation expense of $2.2 million upon the adoption of the Executive Retiree Long-term Incentive Program. For further information regarding the adoption of the ERP, see "Item 8. Financial Statements and Supplementary Data—Note 16" in the Company's Form 10-K for the year ended 2026.(8)During fiscal year 2026, AVAIL completed the sale of EPG and WSI. The three months ended February 28, 2026, includes a loss related to the sale of WSI, and a prior period adjustment for accounting errors within the Brazil operations of the AVAIL JV. The year ended February 28, 2026, includes a net gain related to the sale of the EPG and WSI, partially offset by the recognition of an impairment loss on the AVAIL JV, a prior period adjustment for accounting errors within the Brazil operations of the AVAIL JV, and an adjustment related to a change in AVAIL's transfer pricing policy. For further information, see "Item 8. Financial Statements and Supplementary Data—Note 18" in the Company's Form 10-K for the year ended 2026.(9)For the three months ended February 28, 2026, the tax impact includes a non-GAAP effective tax rate of 24.0% for amortization of intangible assets, 25.5% for the AVAIL JV equity in earnings adjustment and an additional tax adjustment related to the AVAIL JV of $3.5 million. For the year ended February 28, 2026, the non-GAAP effective tax rate is 24.0% for amortization of intangible assets, restructuring charges, and executive retiree long-term incentive program, and is 25.5% for the AVAIL JV equity in earnings adjustment. For the year ended February 28, 2025, the non-GAAP effective tax rate is 24.0% for all adjustments, except the Redemption premium on Series A Preferred Stock, which is not tax effected.(10)Cash items include certain legal settlements, accruals, retirement and other severance expenses, and restructuring charges associated with the Metal Coatings segment.(11)Non-cash items include stock-based compensation expense.
View original content to download multimedia:https://www.prnewswire.com/news-releases/azz-inc-reports-fourth-quarter-and-fiscal-year-2026-full-year-results-302750753.htmlSOURCE AZZ, Inc.
Original: AZZ Inc. Reports Fourth Quarter and Fiscal Year 2026 Full-Year Results
Drmicrocap
10年前
AZZ Inc. Reports Financial Results for the First Quarter of Fiscal Year 2017
First Quarter Fiscal 2017 EPS of $0.81, up 5.2% compared to $0.77 in Fiscal 2016
First Quarter Revenues of $242.7 million, up $13.8 million or 6.0% over First Quarter Fiscal 2016
First Quarter Bookings of $250.5 million, up 16.4% compared to First Quarter Fiscal 2016, resulting in record backlog of $354.2 million
Announces Quarterly Cash Dividend of $0.15 per Share
PR Newswire AZZ Inc.
July 5, 2016 6:30 AM
????
FORT WORTH, Texas, July 5, 2016 /PRNewswire/ -- AZZ Inc. (AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three month period ended May 31, 2016.
Management Discussion
Tom Ferguson, president and chief executive officer of AZZ Inc., commented, "The financial results for the first quarter were solid reflecting the operational performance of our two business segments. We are particularly pleased with the 13.8% revenue growth and the 10% increase in operating income in our galvanizing business, the 1.03 book-to-ship ratio of our overall business, and the 11% increase in the backlog at the end of the first quarter as compared to the first quarter last year. We are also pleased with the 104% increase in the operating cash flow versus last year's comparable quarter. Given the mixed market dynamics that we currently face, our sales teams are doing a great job."
"In the Energy Segment," continued Mr. Ferguson, "our acquisition of PEI, at the start of the just completed quarter, is doing very well, and we expect it to be accretive to earnings during the fiscal year. We continue to see domestic opportunities for growth during the fiscal year, despite the fact that lower oil prices are having a moderate impact on both our Energy and Galvanizing businesses. Looking ahead, we believe that our industry leading products and services uniquely positions AZZ to benefit from a number of international opportunities in the coming quarters. We remain focused on leveraging our sales teams; expanding our markets internationally; driving operational excellence and maintaining an active M&A program, while seeking to better focus our platforms around their core products and markets."
Mr. Ferguson, concluded, "We expect fiscal 2017 to be a solid year and we are reaffirming our guidance for fiscal 2017 EPS in the range of $3.15 to $3.45 per diluted share and revenues in the range of $930 million to $970 million. As we discussed in our previous earnings call, we expect our results to be weighted towards the second half of the year."
First Quarter Results
Revenues for the first quarter of fiscal 2017 were $242.7 million compared to $228.9 million for the same quarter last year, an increase of 6.0%. Net income for the first quarter increased 5.7% to $21.1 million, or $0.81 per diluted share, compared to net income of $19.9 million, or $0.77 per diluted share, for the first quarter of fiscal 2016.
Earnings for the first quarter of fiscal 2017 were positively impacted by an improved gross margin of 26.1% compared to 25.9% in the first quarter of fiscal 2016. SG&A as a percentage of sales rose to 11.9% compared to 11.5% in the first quarter of fiscal 2017. Additionally, the effective tax rate slightly decreased to 31.6% in the current quarter compared to 31.7% in the first quarter of the prior year.
Incoming orders for the quarter were $250.5 million while shipments for the quarter totaled $242.7 million, resulting in a book to ship ratio of 1.03. In the first quarter of fiscal 2016, incoming orders were $215.2 million, resulting in a book to ship ratio of 0.94. Our backlog at the end of the first quarter of fiscal 2017 increased 11% to a record $354.2 million compared to backlog at the end of the prior year first quarter of $318.9 million. Approximately 25% of the backlog is expected to be delivered outside the U.S.
Energy Segment
Revenues for the Energy Segment for the first quarter of fiscal 2017 were $138.1 million as compared to $137.0 million for the same quarter last year, increasing 0.8%. Operating income for the segment increased 4.4% to $18.8 million compared to $18.0 million in the same period last year. Operating margins for the first quarter rose to 13.6% as compared to 13.1% in the prior year period. Revenues and operating income were moderately affected as a result of a wildfire-related demobilization from a large project in Canada during the first quarter at our WSI business.
Galvanizing Segment
Revenues for the Galvanizing Segment for the first quarter were $104.6 million, compared to the $91.9 million in the same period last year, an increase of 13.8%. Operating income for the segment increased 10.0% to $24.3 million compared to $22.1 million in the prior year first quarter. Operating margins for the first quarter were 23.2%, compared to 24.0% in the same period last year. Increases in revenues, operating incomes, and the reduction in operating margin all were primarily driven by the effects of the acquisition of U.S. Galvanizing at the beginning of the second quarter in the last fiscal year.
Announces Dividend
AZZ also announced today that its Board of Directors has authorized a quarterly cash dividend in the amount of $0.15 per share on the company's outstanding shares of common stock. The dividend is payable on August 1, 2016, to shareholders of record as of the close of business on July 18, 2016.
Conference Call
AZZ Inc. will conduct a conference call to discuss financial results for the first quarter of fiscal year 2017 at 11:00 A.M. ET on Tuesday, July 5, 2016. Interested parties may access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). The call will be webcast via the Internet at http://www.azz.com/investor-relations. A replay of the call will be available for three days following the call at (877) 344-7529 or (412) 317-0088 (international), confirmation #10088153, or for 30 days at http://www.azz.com/investor-relations.
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President - Finance and CFO
AZZ Inc. 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
AZZ Inc.
Condensed Consolidated Statement of Income
(in thousands, except per share data)
Three Months Ended
May 31, 2016
May 31, 2015
(unaudited)
(unaudited)
Net sales
$
242,667
$
228,888
Costs of Sales
179,340
169,584
Gross Margin
63,327
59,304
Selling, General and Administrative
28,819
26,419
Operating Income
34,508
32,885
Interest Expense
3,925
3,847
Net Gain on Sales or Insurance Settlement of Property, Plant and Equipment
(110)
(424)
Other (Income), net
(122)
307
Income before income taxes
30,815
29,155
Income Tax Expense
9,752
9,231
Net income
$
21,063
$
19,924
Net income per share
Basic
$
0.81
$
0.77
Diluted
$
0.81
$
0.77
Diluted average shares outstanding
26,043
25,862
Segment Reporting
(in thousands)
Three Months Ended
May 31, 2016
May 31, 2015
(unaudited)
(unaudited)
Net Sales:
Energy
138,102
$
137,003
Galvanizing
104,565
91,885
242,667
$
228,888
Segment Operating Income :
Energy
18,753
$
17,956
Galvanizing
24,302
22,094
Corporate
(8,547)
(7,165)
Total Segment Operating Income
34,508
$
32,885
Condensed Consolidated Balance Sheet
(in thousands)
May 31, 2016
February 29, 2016
(unaudited)
Assets:
Current Assets
$
316,633
$
309,334
Net Property, Plant and Equipment
230,165
226,333
Other Assets, Net
463,810
446,343
Total Assets
$
1,010,608
$
982,010
Liabilities and Shareholders' Equity:
Current Liabilities
$
154,586
$
148,405
Long Term Debt Due After One Year
300,932
302,429
Other Liabilities
52,200
49,960
Shareholders' Equity
502,890
481,216
Total Liabilities and Shareholders' Equity
$
1,010,608
$
982,010
Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
May 31, 2016
May 31, 2015
(unaudited)
(unaudited)
Net cash provided by operating activities
$
9,637
$
4,722
Net cash used in investing activities
(33,055)
(6,208)
Net cash provided by (used in) financing activities
(4,817)
25,237
Effect of exchange rate changes on cash
119
(514)
Net increase (decrease) in cash and cash equivalents
$
(28,116)
$
23,237
Cash and cash equivalents at beginning of period
40,191
22,527
Cash and cash equivalents at end of period
$
12,075
$
45,764
Drmicrocap
10年前
AZZ Inc. Reports Record Financial Results for Fiscal Year 2016
Full Year Fiscal 2016 EPS of $2.96 on a Reported Basis, or $3.08 on an Adjusted Basis
Annual Revenues of $903.2 million, up $86.5 million or 10.6% over Fiscal 2015
Annual Cash Flow from Operations up $25.4 million or 21.5% Compared to Prior Year
Company Announces Fiscal Year 2017 Revenue and Earnings Guidance Range
PR Newswire AZZ Inc.
April 21, 2016 6:30 AM
????
FORT WORTH, Texas, April 21, 2016 /PRNewswire/ -- AZZ Inc. (AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three and twelve-month periods ended February 29, 2016.
Fourth Quarter and Fiscal Year Results
Revenues for the fourth quarter were $217.6 million compared to $182.3 million for the same quarter last year, an increase of 19.4 percent. Net income for the fourth quarter was $16.1 million, or $0.62 per diluted share, compared to net income of $16.3 million, or $0.63 per diluted share, for last year's fourth fiscal quarter.
For the twelve-month period, the Company reported revenues of $903.2 million compared to $816.7 million for the comparable period last year, an increase of 10.6 percent. Net income for the twelve months was $76.8 million, or $2.96 per diluted share, compared to $64.9 million, or $2.52 per diluted share in the comparable period of last year.
Earnings for the full year of fiscal 2016 were negatively impacted by $0.12 per share from the costs related to attorney fees and the fourth quarter resolution of a commercial lawsuit, and charges taken in the fourth quarter related to rectifying incorrect matching payments made to the employee benefit plans of certain employees in prior years. Earnings for the fourth quarter of Fiscal 2016 were impacted by $0.10 per share from the issues described above. Details are covered in the Non-GAAP Disclosure Table.
Bookings for fiscal 2016 were $905.1 million, compared to $824.3 million for the prior year, an increase of 9.8 percent. Backlog at the end of the 2016 fiscal year was $334.5 million compared to backlog at the end of the prior year of $332.6 million. Incoming orders for the year were $905.1 million while revenues for the year totaled $903.2 million, resulting in a book to bill ratio of 100 percent. Of the backlog of $334.5 million, 31.8 percent is expected to be delivered outside of the U.S.
Energy Segment
Revenues for the Energy Segment for the fourth quarter of fiscal 2016 were $117.0 million as compared to $97.2 million for the same quarter last year, growing by 20.4 percent. Operating income for the segmentincreased 29.2 percent to $12.7 million compared to $9.8 million in the same period last year. Operating margins for the fourth quarter were 10.8 percent for the quarter as compared to 10.1 percent in the prior year period. For full year fiscal 2016, revenues increased 9.3 percent to $500.8 million and operating income increased 51.1 percent to $58.5 million compared to $458.3 million and $38.7 million respectively, in the prior year period. Operating margins for the 2016 fiscal year were 11.7 percent as compared to 8.4 percent in the prior fiscal year, as a result of increased net sales, improved pricing, and better operational execution overall.
Galvanizing Segment
Revenues for the Company's Galvanizing Segment for the fourth quarter of fiscal 2016 were $100.6 million, compared to the $85.1 million in the same period last year, an increase of 18.2 percent. Operating income was $23.1 million as compared to $20.3 million in the prior period, an increase of 13.5 percent. Operating margins for the fourth quarter were 22.9 percent, compared to 23.9 percent in the same period last year and up sequentially from the third quarter of fiscal 2016 margins of 22.8%. For full year fiscal 2016, revenues increased 12.3 percent to $402.4 million and operating income increased 7.0 percent to $94.8 million compared to $358.3 million and $88.6 million respectively, for the prior fiscal year. Operating margins for the 2016 fiscal year were 23.6 percent compared to 24.7 percent in the prior fiscal year.
Management Discussion
Tom Ferguson, president and chief executive officer of AZZ Inc., commented, "I am pleased with the financial performance achieved during the quarter and the full fiscal year. Our performance for the year resulted in record annual revenues, higher consolidated margins and strong cash flow, despite mixed conditions in our markets during the year. Fiscal Year 2016 was AZZ's 29th consecutive year of profitability, a testament to all the employees of AZZ."
Mr. Ferguson, continued, "As I noted on the third quarter earnings call, we saw improving operational performance and efficiencies in the Energy segment, as well as better deployment of technology, and good performance from our sales team, all driving growth in revenue and margins. In Galvanizing, we continue to see growth from acquisitions as well as from continuing innovations to our current customer-centered offerings. Although we continue to see a slight negative impact on a couple of our businesses due to lower oil prices and reduced rig count, we see a number of opportunities for growth in many of our served markets, especially in domestic utilities, and bridge and highway. I am also happy to report that the recently acquired PEI (Power Equipment Inc.) and Alpha Galvanizing are both off to a good start, and that our U.S. Galvanizing plants acquired earlier in the year tracked nicely during the fourth quarter toward reaching expected margins during fiscal 2017. We remain focused on leveraging our sales teams across our Energy businesses in North America; aggressively expanding internationally; driving operational excellence and growing our Galvanizing business, both organically and with targeted acquisitions."
Mr. Ferguson, continued, "The continued success of AZZ is due to the hard work, dedication, and the operational excellence displayed by our employees every day. I greatly appreciate their ongoing efforts. The Energy leadership team has made significant progress in accomplishing a number of strategic initiatives, which bolsters our confidence for continued growth in the coming years. The Galvanizing leadership team continues to excel and demonstrates both discipline and focus on providing our customers with industry leading service and support. We have a solid and balanced portfolio of products and innovative technologies; a respected position within our core markets; and loyal customers due to our commitment to superior service and quality products."
Announces Fiscal Year 2017 Guidance
Mr. Ferguson, concluded, " I am confident that fiscal 2017 will be a solid year and we are issuing management's guidance for fiscal 2017 EPS in the range of $3.15 to $3.45 per diluted share and revenues to be in the range of $930 million to $970 million. Our guidance reflects our estimates given the current challenging global market conditions, quarterly seasonality, our expected increase in realized tax rates, and our plans for organic growth through product innovation, and growth provided by our recently acquired businesses" said Mr. Ferguson.
Conference Call
AZZ Inc. will conduct a conference call to review the financial results for the fourth quarter and fiscal year 2016 at 11:00 A.M. ET on Thursday, April 21, 2016. Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). The call will be webcast via the Internet at http://www.azz.com/investor-relations. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10083713, or for 30 days at http://www.azz.com/investor-relations.
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 29, 2016 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President - Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame, Robert Blum or Joe Diaz
Internet: www.lythampartners.com
---Financial tables on the following page---
AZZ Inc.
Condensed Consolidated Statement of Income
(in thousands, except per share data)
Three Months Ended
Twelve Months Ended
February 29, 2016
February 28, 2015
February 29, 2016
February 28, 2015
(unaudited)
(unaudited)
Net Sales
$
217,611
$
182,311
$
903,192
$
816,687
Costs of Sales
162,757
134,879
673,081
610,991
Gross Margin
54,854
47,432
230,111
205,696
Selling, General and Administrative
28,278
24,339
107,823
98,871
Operating Income
26,576
23,093
122,288
106,825
Interest Expense
3,543
4,030
15,155
16,561
Net (Gain) Loss on Sales or Insurance Settlement of Property, Plant and Equipment
138
(1,330)
(327)
(2,525)
Other (Income) expense, net
2,264
1,350
3,092
2,659
Income before income taxes
20,631
19,043
104,368
90,130
Income Tax Expense
4,555
2,759
27,578
25,187
Net Income
$
16,076
$
16,284
$
76,790
$
64,943
Net Income Per Share
Basic
$
0.62
$
0.63
$
2.98
$
2.53
Diluted
$
0.62
$
0.63
$
2.96
$
2.52
Diluted average shares outstanding
25,988
25,794
25,937
25,778
Segment Reporting
(in thousands)
Three Months Ended
Twelve Months Ended
February 29, 2016
February 28, 2015
February 29, 2016
February 28, 2015
(unaudited)
(unaudited)
Net Sales:
Energy
$
117,043
$
97,206
$
500,830
$
458,339
Galvanizing
100,568
85,105
402,362
358,348
$
217,611
$
182,311
$
903,192
$
816,687
Segment Operating Income (Loss):
Energy
$
12,664
$
9,805
$
58,471
$
38,703
Galvanizing
23,077
20,337
94,766
88,562
Corporate
(9,165)
(7,049)
(30,949)
(20,440)
Total Segment Operating Income
$
26,576
$
23,093
$
122,288
$
106,825
Condensed Consolidated Balance Sheet
(in thousands)
February 29, 2016
February 28, 2015
Assets:
Current Assets
$
309,334
$
298,634
Net Property, Plant and Equipment
226,333
196,583
Other Assets, Net
447,704
441,697
Total Assets
$
983,371
$
936,914
Liabilities and Shareholders' Equity:
Current Liabilities
$
148,405
$
149,142
Long Term Debt Due After One Year
303,790
315,982
Other Liabilities
49,960
51,738
Shareholders' Equity
481,216
420,052
Total Liabilities and Shareholders' Equity
$
983,371
$
936,914
Condensed Consolidated Statements of Cash Flows
(in thousands)
Twelve Months Ended
February 29, 2016
February 28, 2015
Net cash provided by operating activities
$
143,589
$
118,157
Net cash used in investing activities
(99,308)
(39,565)
Net cash used in financing activities
(25,323)
(82,414)
Effect of exchange rate changes on cash
(1,294)
(1,216)
Net increase (decrease) in cash and cash equivalents
$
17,664
$
(5,038)
Cash and cash equivalents at beginning of period
22,527
27,565
Cash and cash equivalents at end of period
$
40,191
$
22,527
Non-GAAP Disclosure
Adjusted Earnings Per Share
Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, AZZ has provided adjusted earnings per share, which is a non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency comparison of operating results across reporting periods.
The following table provides a reconciliation for the three and twelve-month periods ended February 29, 2016 between adjusted earnings per diluted share and earnings per diluted share calculated in accordance with GAAP which is shown net of tax:
Three Months Ended
Twelve Months Ended
February 29, 2016
(in thousands, except per share data)
Diluted Earnings Per Share (GAAP)
$
0.62
$
2.96
Adjustments (Net of Tax):
Commercial Lawsuit - Remove costs incurred related to defending and resolving a commercial lawsuit
0.08
0.10
401K Matching - Remove costs incurred to rectify 401K matching error in prior years
0.02
0.02
Adjusted Diluted Earnings Per Share (Non-GAAP)
$
0.72
$
3.08
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/azz-inc-reports-record-financial-results-for-fiscal-year-2016-300255163.html
Drmicrocap
11年前
AZZ Inc. Reports Financial Results for the Second Quarter of Fiscal Year 2016
Second Quarter Fiscal 2016 EPS of $0.67, up 26.4% compared to $0.53 in Fiscal 2015
Second Quarter Revenues of $214.2 million, up $20.8 million or 10.8% over Fiscal 2015
Gross Margins Increased to 25.0% compared to 21.8% in Fiscal 2015
Announces incremental $0.4 million in Realignment Charges taken in Second Quarter
AZZ Reaffirms Previously Announced Fiscal Year 2016 Earnings and Revenue Guidance of EPS of $2.85 to $3.30 and Sales of $900 - $940 million
Announces Quarterly Cash Dividend of $0.15 per Share
PR Newswire
AZZ Inc.
September 29, 2015 8:00 AM
FORT WORTH, Texas, Sept. 29, 2015 /PRNewswire/ -- AZZ Inc. (AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets today announced financial results for the three month and six month periods ended August 31, 2015.
Management Discussion
Tom Ferguson, president and chief executive officer of AZZ Inc., commented, "I am pleased with the solid operating performance and the top- and bottom-line results achieved during the second quarter. We continued to make progress improving the operational performance and profitability of the Energy Segment, particularly in our WSI specialty welding business. During the quarter, we shipped some long-anticipated project backlog out of NLI. As we had indicated many times in the past, we expected our second quarter to be seasonally weaker on the smaller number of outages and turnarounds that occur during the summer as is typical. We believe that the strong results of the first half of the year will continue into the second half of the year as we expect solid bookings for the fall outage season, along with the continued expansion of international orders."
"In the Galvanizing Service Segment, I am pleased with the progress our team has accomplished with the integration of the recently acquired U.S. Galvanizing operations," continued Mr. Ferguson. "In our initial quarter of operation, we are already seeing improved operational performance from the business, and we are on track to meet our operational expectations for the acquired plants. Despite challenges in the Gulf Coast region from lower oil prices, we are seeing an upturn in several other markets, including electric utility and bridge and highway infrastructure that are counteracting the regional effects of declining oil prices. We are also solidly on schedule for the opening of our 43rd hot-dip galvanizing plant currently being constructed in Reno, Nevada."
Mr. Ferguson, concluded, "I continue to believe that fiscal 2016 will be a solid year and we are maintaining our guidance for fiscal 2016 EPS in the range of $2.85 to $3.30 per diluted share and revenues in the range of $900 million to $940 million. We remain confident in our global opportunities and look forward to a solid 2016 and beyond."
Second Quarter Results
Revenues for the second quarter of fiscal 2016 were $214.2 million compared to $193.4 million for the same quarter last year, an increase of 10.8%. Net income for the second quarter increased 25.2% to $17.2 million, or $0.67 per diluted share, compared to net income of $13.8 million, or $0.53 per diluted share, for the second fiscal quarter of last year.
Earnings for the second quarter of fiscal 2016 reflected an improved gross margin of 25.0% compared to 21.8% in the second quarter of fiscal 2015, on favorable comparisons to charges taken in the prior year. In the second quarter of fiscal 2016 AZZ recorded $0.4 million in net realignment charges compared to operational charges of $5.2 million for certain cost overruns and $2.8 million of realignment charges reflected in gross margin in the second quarter of fiscal 2015.
SG&A expense as a percentage of sales increased to 12.6% from 9.9% in the prior fiscal year as a result of the second quarter of the prior year including the release of a $9.1 million reserve held for the potential payment of a purchase price earn-out, partially offset by $1.1 million of realignment charges taken to SG&A in the same period.
Additionally the effective tax rate was reduced to 21.2% in the current quarter compared to 27.2% in the second quarter of the prior year primarily as a result of capturing certain state tax benefits.
Incoming orders for the second quarter of fiscal 2016 were $233.5 million while shipments for the second quarter totaled $214.2 million, resulting in a book to ship ratio of 109%. In the second quarter of last year incoming orders were $213.4 million, resulting in a book to ship ratio of 110%. Our backlog at the end of the second quarter of fiscal 2016 was $338.1 million compared to backlog at the end of the prior year second quarter of $329.1 million. Approximately 23% of the backlog is scheduled to be delivered outside the U.S.
Energy Segment
Revenues for the Energy Segment for the second quarter of fiscal 2016 were $110.8 million as compared to $100.6 million for the same quarter last year, increasing 10.2%, and included the partial shipment of certain large delayed nuclear projects. Operating income for the Energy Segment increased by $10.2 million to $9.0 million compared to an operating loss of $(1.2) million in the same period last year. Operating margins for the second quarter were 8.1% as compared to a negative margin of (1.2)% in the prior year period. Energy Segment operating income during the second quarter included $0.7 million of net realignment charges, while the same quarter of the prior year included a charge of $5.2 for cost overruns and a $2.6 million realignment charge.
Galvanizing Services Segment
Revenues for the Galvanizing Services Segment for the second quarter were $103.5 million, compared to the $92.9 million in the same period last year, an increase of 11.4% primarily due to the positive impact of the acquisition of US Galvanizing during the quarter. Operating income increased 9.9% to $25.3 million as compared to $23.0 million in the second quarter of fiscal 2015. Operating margins for the second quarter were 24.5%, compared to 24.8% in the same period last year. Segment operating income during the second quarter of fiscal 2015 included a $0.8 million realignment charge.
Announces Dividend
AZZ also announced today that its Board of Directors has authorized a quarterly cash dividend in the amount of $0.15 per share on the company`s outstanding shares of common stock. The dividend is payable on October 26, 2015, to shareholders of record as of the close of business on October 12, 2015.
Conference Call
AZZ Inc.will conduct a conference call to review the financial results for the second quarter of fiscal year 2016 at 11:00 a.m. ET on Tuesday, September 29, 2015. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be webcast via the Internet at http://www.azz.com/investor-relations. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10072707, or for 30 days at http://www.azz.com/investor-relations.
About AZZ Inc.
AZZ Inc. is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2015 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President – Finance and CFO
AZZ Inc. 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
---Financial tables on the following page---
AZZ Inc.
Condensed Consolidated Statement of Income
(in thousands, except per share data)
Three Months Ended
Six Months Ended
August 31, 2015
August 31, 2014
August 31, 2015
August 31, 2014
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net sales
$
214,246
$
193,416
$
443,134
$
409,542
Costs of Sales
160,741
151,316
330,325
312,053
Gross Margin
53,505
42,100
112,809
97,489
Selling, General and Administrative
27,086
19,144
53,505
46,685
Operating Income
26,419
22,956
59,304
50,804
Interest Expense
4,023
4,224
7,869
8,432
Net (Gain) Loss on Sales or Insurance Settlement of Property, Plant and Equipment
(25)
3
(449)
(23)
Other (Income) expense, net
547
17
855
(14)
Income before income taxes
21,874
18,712
51,029
42,409
Income Tax Expense
4,631
4,943
13,862
13,715
Net income
$
17,243
$
13,769
$
37,167
$
28,694
Net income per share
Basic
$
0.67
$
0.54
$
1.44
$
1.12
Diluted
$
0.67
$
0.53
$
1.44
$
1.11
Diluted average shares outstanding
25,922
25,758
25,892
25,749
Segment Reporting
(in thousands)
Three Months Ended
Six Months Ended
August 31, 2015
August 31, 2014
August 31, 2015
August 31, 2014
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net Sales:
Energy
$
110,777
$
100,560
$
247,780
$
231,081
Galvanizing Services
103,469
92,856
195,354
178,461
$
214,246
$
193,416
$
443,134
$
409,542
Segment Operating Income :
Energy
$
9,005
$
(1,241)
$
26,961
$
12,416
Galvanizing Services
25,331
23,059
47,425
45,069
Corporate
(7,917)
1,138
(15,082)
(6,681)
Total Segment Operating Income
$
26,419
$
22,956
$
59,304
$
50,804
Condensed Consolidated Balance Sheet
(in thousands)
August 31, 2015
February 28, 2015
(unaudited)
Assets:
Current Assets
$
310,623
$
298,634
Net Property, Plant and Equipment
223,573
196,583
Other Assets, Net
449,851
441,697
Total Assets
$
984,047
$
936,914
Liabilities and Shareholders' Equity:
Current Liabilities
$
152,798
$
149,142
Long Term Debt Due After One Year
337,478
315,982
Other Liabilities
46,162
51,738
Shareholders' Equity
447,609
420,052
Total Liabilities and Shareholders' Equity
$
984,047
$
936,914
Condensed Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended
August 31, 2015
August 31, 2014
(unaudited)
(unaudited)
Net cash provided by operating activities
$
54,857
$
53,826
Net cash used in investing activities
(70,896)
(21,896)
Net cash provided by (used in) financing activities
14,589
(18,007)
Effect of exchange rate changes on cash
(851)
139
Net increase (decrease) in cash and cash equivalents
$
(2,301)
$
14,062
Cash and cash equivalents at beginning of period
22,527
27,565
Cash and cash equivalents at end of period
$
20,226
$
41,627
Drmicrocap
11年前
AZZ incorporated Reports Financial Results for the First Quarter of Fiscal Year 2016
First Quarter Fiscal 2016 EPS of $0.77, up 32.8% compared to $0.58 in Fiscal 2015
First Quarter Revenues of $228.9 million, up $12.8 million or 5.9% over Fiscal 2015
Operating Margins Increases to 14.4% Compared to 12.9% in Fiscal 2015 on Improved Gross Margins and Lower SG&A Costs
AZZ Raises Previously Announced Fiscal Year 2016 Earnings and Revenue Guidance to EPS of $2.85 to $3.30 and Sales of $900 - $940 million
Anticipates Accretion from Recent Acquisition of $0.10 per Share for Balance of Fiscal 2016
Announces Quarterly Cash Dividend of $0.15 per Share
PR Newswire AZZ incorporated
3 hours ago
????
FORT WORTH, Texas, July 1, 2015 /PRNewswire/ -- AZZ incorporated (AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three month period ended May 31, 2015.
First Quarter Results
Revenues for the first quarter of fiscal 2016 were $228.9 million compared to $216.1 million for the same quarter last year, an increase of 5.9%. Net income for the first quarter increased 33.5% to $19.9 million, or $0.77 per diluted share, compared to net income of $14.9 million, or $0.58 per diluted share, for the first quarter of fiscal 2015.
Earnings for the first quarter of fiscal 2016 were positively impacted by an improved gross margin of 25.9% compared to 25.6% in the first quarter of fiscal 2015, despite the challenging comparison year over year from insurance proceeds related to business interruption settlements. In the first quarter of fiscal 2015 these proceeds benefitted the Galvanizing Services Segment gross profit by $2.4 million, compared to $0.3 million in the first quarter of fiscal 2016.
Earnings were also positively impacted by a reduction in SG&A as a percentage of sales to 11.5% compared to 12.7% in the prior fiscal year. Additionally the effective tax rate fell to 31.7% in the current quarter compared to 37.0% in the first quarter of the prior year.
Incoming orders for the quarter were $215.2 million while shipments for the quarter totaled $228.9 million, resulting in a book to ship ratio of 94%. In the first quarter a year earlier, incoming orders were $200.2 million, resulting in a book to ship ratio of 93%. Our backlog at the end of the first quarter of fiscal 2016 was $318.9 million compared to backlog at the end of the prior year first quarter was $309.0 million. Approximately 33% of the backlog will be delivered outside the U.S.
Energy Segment
Revenues for the Energy Segment for the first quarter of fiscal 2016 were $137.0 million as compared to $130.5 million for the same quarter last year, increasing 5.0%. Operating income for the segment increased 31.5% to $18.0 million compared to $13.7 million in the same period last year. Operating margins for the first quarter were 13.1% as compared to 10.5% in the prior year period.
Galvanizing Services Segment
Revenues for the Galvanizing Services Segment for the first quarter were $91.9 million, compared to the $85.6 million in the same period last year, an increase of 7.3%. Operating income was $22.1 million as compared to $22.0 million in the prior period, an increase of 0.4%. Operating margins for the first quarter were 24.0%, compared to 25.7% in the same period last year. As mentioned earlier, segment operating income during the first quarter of last year included a $2.4 million gain from the insurance settlement related to the fire at our Joliet facility.
Management Discussion
Tom Ferguson, president and chief executive officer of AZZ incorporated, commented, "We are off to a good start in fiscal 2016. In addition to solid top- and bottom-line results we are particularly pleased with the opportunity to have acquired the six galvanizing facilities of U.S. Galvanizing from Trinity Industries at the start of our second quarter of fiscal 2016. With 42 galvanizing facilities, we continue to offer our customers a wide array of services and options tailored to their needs. We have also made the strategic decision to build a new galvanizing plant in Reno, Nevada. We believe this is an underserved geographical area that represents significant opportunity and we expect to be a leading provider of corrosion protection services in the near future. Our last "greenfield" facility was built more than 20 years ago in Goodyear, Arizona. We have every expectation that the Reno facility will be very successful in the coming years."
"In the Energy Segment, WSI is now gaining traction as we have fully implemented our strategic reconfiguration of the business," continued Mr. Ferguson. "Our business development efforts are paying off as we have gained new customers, and have renewed business with previous customers in the refinery sector. We also improved efficiencies as operating margins in our Energy Segment increased by 264 basis points during the first quarter compared to the same period last year. As we look ahead, in addition to the progress that we have made in the U.S., we believe that our industry leading products and services uniquely positions WSI to benefit from a number of outstanding international opportunities in the coming quarters. We still remain cautious, however, as we continue to experience a slight impact on a couple of our businesses due to lower oil prices and reduced rig count, and we will continue to monitor zinc prices and competition in Galvanizing. To counter potential headwinds, we remain focused on leveraging our sales teams across our Energy Segment in North America; continuing to expand internationally; driving operational excellence and continuing to grow the galvanizing business."
Mr. Ferguson, concluded, "I am confident that fiscal 2016 will be a solid year and we are adjusting our guidance upward for fiscal 2016 EPS in the range of $2.85 to $3.30 per diluted share and revenues in the range of $900 million to $940 million, compared to our previously issued guidance of earnings of $2.75 to $3.25 per diluted share and revenues in the range of $875 million to $925 million. This is a direct result of our acquisition of U.S. Galvanizing and our expectation that it will provide accretion of approximately $0.10 in EPS for fiscal year 2016. We look forward to a solid 2016."
Announces Dividend
AZZ also announced today that its Board of Directors has authorized a quarterly cash dividend in the amount of $0.15 per share on the company`s outstanding shares of common stock. The dividend is payable on July 27, 2015, to shareholders of record as of the close of business on July 13, 2015.
Conference Call
AZZ incorporated will conduct a conference call to discuss financial results for the first quarter of fiscal year 2016 at 11:00 A.M. ET on Wednesday, July 1, 2015. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be webcast via the Internet at http://www.azz.com/investor-relations. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10067616, or for 30 days at http://www.azz.com/investor-relations.
About AZZ incorporated
AZZ incorporated is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure. AZZ Galvanizing is a leading provider of metal finishing solutions for corrosion protection, including hot dip galvanizing to the North American steel fabrication industry. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2015 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
---Financial tables on the following page---
AZZ incorporated
Condensed Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended
May 31, 2015
May 31, 2014
(unaudited)
(unaudited)
Net sales
$228,888
$216,126
Costs of Sales
169,584
160,738
Operating Income
59,304
55,388
Selling, General and Administrative
26,419
27,541
Operating Income
32,885
27,847
Interest Expense
3,847
4,209
Net (Gain) Loss on Sales or
Insurance Settlement of Property,
Plant and Equipment
(424)
(27)
Other (Income), net
307
(31)
Income before income taxes
29,155
23,696
Income Tax Expense
9,231
8,771
Net income
$19,924
$14,925
Net income per share
Basic
$0.77
$0.58
Diluted
$0.77
$0.58
Diluted average shares outstanding
25,862
25,739
Segment Reporting
(in thousands)
Three Months Ended
May 31, 2015
May 31, 2014
(unaudited)
(unaudited)
Net Sales:
Energy
$137,003
$130,521
Galvanizing Services
91,885
85,605
$228,888
$216,126
Segment Operating Income :
Energy
$17,956
$13,657
Galvanizing Services
22,094
22,010
Corporate
(7,165)
(7,820)
Total Segment Operating Income
$32,885
$27,847
Condensed Consolidated Balance Sheet
(in thousands)
May 31, 2015
(unaudited)
February 28, 2015
Assets:
Current Assets
$357,934
$298,634
Net Property, Plant and Equipment
195,830
196,583
Other Assets, Net
437,396
441,697
Total Assets
$991,160
$936,914
Liabilities and Shareholders' Equity:
Current Liabilities
$161,639
$149,142
Long Term Debt Due After One Year
344,821
315,982
Other Liabilities
47,443
51,738
Shareholders' Equity
437,257
420,052
Total Liabilities and Shareholders' Equity
$991,160
$936,914
Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
May 31, 2015
May 31, 2014
(unaudited)
(unaudited)
Net cash provided by operating activities
$4,722
$12,094
Net cash provided by (used in) investing activities
(6,208)
(5,820)
Net cash provided by (used in) financing activities
25,237
(8,447)
Effect of exchange rate changes on cash
(514)
256
Net increase (decrease) in cash and cash equivalents
$23,237
($1,917)
Cash and cash equivalents at beginning of period
22,527
27,565
Cash and cash equivalents at end of period
$45,764
$25,
Drmicrocap
12年前
AZZ incorporated Reports Financial Results for the First Quarter of Fiscal Year 2015
Reports First Quarter 2015 EPS of $0.58
Announces Record Quarterly Sales of $216.1 million, up $32.9 million or 18.0% compared to First Quarter Fiscal 2014
Backlog finishes at $309.0 million, compared to $270.6 million for First Quarter Fiscal 2014, an increase of 14.2%
Consolidated operating margins decline to 12.9% vs. 13.1% in First Quarter Fiscal 2014
Company reaffirms FY 2015 EPS target range of $2.40 to $2.80 per share and target sales range of $850 million to $900 million
Company declares quarterly dividend of $0.14 per share
PR Newswire AZZ incorporated
17 hours ago
FORT WORTH, Texas, June 27, 2014 /PRNewswire/ -- AZZ incorporated (AZZ), a global provider of electrical products and highly engineered services and a leading provider of galvanizing services in North America, today announced unaudited financial results for the three month period ended May 31, 2014. Revenues for the first quarter of fiscal year 2015 were $216.1 million compared to $183.2 million for the same quarter last year, an increase of 18.0 percent. Net income for the first quarter was $14.9 million, or $0.58 per diluted share, compared to net income of $14.5 million, or $0.57 per diluted share, for the same quarter last year.
Earnings during the quarter included a pretax gain of $2.4 million from an insurance settlement relating to losses incurred at our Joliet galvanizing facility. Adjusted earnings without this gain would have been $0.52 per share for the first quarter of fiscal 2015. During the prior year's first quarter AZZ recorded non-recurring items including income related to a favorable settlement of a lawsuit, expenses from acquisitions, and operating losses at our Joliet facility. Adjusted earnings per share for the first quarter of fiscal 2014 without these non-recurring items would have been $0.56 per share. Included with the attached financial tables is a reconciliation of these nonrecurring items.
AZZ's backlog at the end of the first quarter of fiscal 2015 was $309.0 million, compared to $270.6 million at the end of the first quarter of fiscal year 2014. Of the $309.0 million backlog, 27.0 percent will be delivered outside of the U.S. Incoming orders for the first quarter of fiscal 2015 were $200.2 million while revenue for the quarter totaled $216.1 million, resulting in a book to ship ratio of 93.0 percent.
Revenues for AZZ's Energy Segment for the first quarter of fiscal 2015 were $130.5 million as compared to $96.5 million for the same quarter last year, an increase of 35.3 percent. This increase is mainly attributable to the acquisition of WSI LLC (together with its subsidiaries, "WSI") on March 29, 2013 which contributed $72.9 million in revenues for the full quarter as compared to $41.5 million for two months in the same quarter last year. Operating income for the segment increased 5.9 percent to $13.8 million compared to $13.0 million for the same period last year. The increase in year-over-over operating income is also attributable to the acquisition of WSI which provided $6.9 million in operating income as compared to $3.3 million in the same period last year. Excluding the WSI acquisition, operating income decreased $2.7 million. Operating margins for the first quarter of fiscal 2015 were 10.6 percent as compared to 13.5 percent in the same period last year. Excluding the acquisition of WSI, first quarter fiscal year 2015 Energy Segment operating margins would have been 12.1 percent.
Revenues for AZZ's Galvanizing Service Segment for the first quarter of fiscal year 2015 were $85.6 million, compared to $86.7 million in the same period last year, a decrease of 1.3 percent. Operating income was $22.0 million as compared to $21.5 million in the same period last year, an increase of 2.3 percent. As mentioned earlier, segment operating income included a $2.4 million gain from the settlement of insurance related to the fire at our Joliet facility. These proceeds were recorded as an offset to cost of sales during the first quarter of fiscal 2015 as they were related to reimbursement for business interruption. During the first quarter of fiscal 2014, a loss was recorded in the amount of $0.8 million due to the fire at our Joliet facility. These gains and losses are included in the Galvanizing Services Segment operating income for segment reporting purposes. Without these non-recurring items, the Galvanizing Services Segment operating income would have been $19.6 million for the first quarter of fiscal 2015 and $22.3 million for the same period last year. Operating margins without these non-recurring items would have been 22.9% and 25.7%, respectively, for the three months ended May 31, 2014 and 2013. Margins were negatively impacted by decreases in the electric utility market, primarily solar, and higher overhead costs.
Tom Ferguson, president and chief executive officer of AZZ incorporated, said, "Financial results for the quarter were as anticipated with revenue hitting record levels at $216.1 million on the strength of a full quarterly contribution from WSI compared to just two months in last year's comparable quarter. Increased quoting activity and the current backlog in our Energy Segment gives us confidence that the latter half of the fiscal year continues to look promising. Within the Energy Segment our Industrial platform gained momentum, particularly in the petrochemical and refining market; and our Electrical platform faced mixed markets, but saw growth in enclosures and switchgear."
"Activity in the Galvanizing Services Segment is approaching more historical operating levels after experiencing severe winter conditions. We are also expanding the focus of our Galvanizing services segment to include other metal finishing technologies that we expect will create new opportunities and enhance our industry position as the leading corrosion protection solutions provider in North America."
Mr. Ferguson concluded, "I am appreciative of the efforts of all of our employees and their continued commitment to operational excellence and to the success of AZZ. I am encouraged that we have a solid portfolio of products and innovative technologies to successfully compete and attract larger market share. Going forward we will continue to leverage our sales teams across all of our Energy segment businesses in North America; aggressively expand our business internationally; streamline our platforms and grow our Galvanizing business, both organically and with targeted acquisitions. We see a large number of untapped opportunities that will permit us to continue to grow the Company in the coming years."
As previously noted, the Company's shipments are typically related to the completion of projects. Because of that, financial results, on a quarterly basis, are not of a linear nature and that variability can provide a distorted picture of the Company's performance on a quarter-over-quarter basis. However, based upon the evaluation of information currently available, management continues to anticipate fiscal year 2015 gross revenues to be in the range of $850 to $900 million and its earnings to be in the range of $2.40 and $2.80 per diluted share for the year.
Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.14 per share cash dividend on the Company's common stock outstanding. The dividend will be paid at the close of business on July 25, 2014, to shareholders of record on July 11, 2014.
AZZ incorporated will conduct a conference call to discuss financial results for the first quarter of fiscal year 2015 at 11:00 A.M. ET on Friday, June 27, 2014. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be web cast via the Internet at http://www.azz.com/investor-relations. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10048014 or for 30 days at http://www.azz.com/investor-relations.
AZZ incorporated is a global provider of specialty electrical equipment and highly engineered services to the power generation, transmission, distributions, and industrial markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer requested delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management and employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2014 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Paul Fehlman, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
AZZ incorporated
Condensed Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended
May 31, 2014
May 31, 2013
(unaudited)
(unaudited)
Net sales
$216,126
$183,175
Cost of Sales
160,738
132,460
Gross Margin
55,389
50,715
Selling, General and Administrative
27,541
26,687
Operating Income
27,847
24,028
Interest Expense
4,209
4,478
Net (Gain) Loss on Sale or Insurance Settlement of Property, Plant and Equipment
(27)
(23)
Other (Income)
(31)
(3,828)
Income before Income Taxes
$23,696
$23,402
Income Tax Expense
8,771
8,855
Net income
$14,925
$14,547
Earnings Per Common Share
Basic
$0.58
$0.57
Diluted
$0.58
$0.57
Diluted Average Shares Outstanding
25,739
25,655
Segment Reporting
(in thousands)
Three Months Ended
May 31, 2014
May 31, 2013
(unaudited)
(unaudited)
Net Sales:
Energy
$130,521
$96,466
Galvanizing Services
85,605
86,709
$216,126
$183,175
Segment Operating Income:
Energy
$13,812
$13,048
Galvanizing Services
21,990
25,699
Total Segment Operating Income
$35,802
$38,747
Condensed Consolidated Balance Sheet
(in thousands)
May 31, 2014
February 28, 2014
(unaudited)
(unaudited)
Assets:
Current Assets
$329,929
$296,181
Net Property, Plant and Equipment
197,416
197,639
Other Assets, Net
456,194
459,433
Total Assets
$983,539
$953,253
Liabilities and Shareholders' Equity:
Current Liabilities
$158,005
$144,016
Long Term Debt Due After One Year
378,607
384,768
Long Term Liabilities Due After One Year
9,121
9,121
Other Liabilities
45,865
39,435
Shareholders' Equity
391,941
375,913
Total Liabilities and Shareholders' Equity
$983,539
$953,253
AZZ incorporated
Non-GAAP Disclosure
Adjusted Earning and Adjusted Earnings Per Share
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, AZZ has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency comparison of operating results across a broad spectrum of companies, which provides a more complete understanding of AZZ's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP.
The following table provides a reconciliation for the three month period ended May 31, 2014 and 2013 between net income and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
Three Months Ended May 31,
2014
2013
(in thousands, except EPS)
Per Diluted Share
Per Diluted Share
Net Income and Diluted Earnings Per Share
$14,925
$0.58
$14,457
$0.57
Adjustments (Net of Tax)
Joliet Facility Fire Operating Loss
-
-
495
0.02
Joliet Facility Fire-Business Interruption Insurance Proceeds
(1,505)
(0.06)
-
-
Law Suit Settlement
-
-
(2,611)
(0.10)
Acquisition Related Expense
-
-
1,981
0.07
Adjusted Earnings and Adjusted Earnings Per Share
$13,420
$0.52
$14,322
$0.56
Rates
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12年前
AZZ incorporated Reports Financial Results for the Fourth Quarter and Year-To-Date of Fiscal Year 2014
Reports Fourth Quarter & Full Year 2014 EPS of $0.40 and $2.32, respectively
Annual sales of $751.7 million, up $181 million or 31.7% over 2013
Fourth Quarter sales of $181.0 million, up $41 million or 28.9% over 2013
Annual Net Cash Flow Provided By Operations of $107.3 million, up $14.5 million or 15.7% compared to prior year
Company declares quarterly dividend of $0.14 per share
Company reaffirms FY 2015 EPS target range of $2.40 to $2.80 per share and target sales range of $850 million to $900 million
PR Newswire AZZ incorporated
6 hours ago
FORT WORTH, Texas, April 4, 2014 /PRNewswire/ -- AZZ incorporated (AZZ), a global provider of electrical products and services and a provider of galvanizing services, today announced unaudited financial results for the three and twelve-month periods ended February 28, 2014. Revenues for the fourth quarter were $181.0 million compared to $140.4 million for the same quarter last year, an increase of 28.9 percent. Net income for the fourth quarter was $10.2 million, or $0.40 per diluted share, compared to net income of $13.2 million, or $0.52 per diluted share, in last year's fourth fiscal quarter.
For the twelve-month period, the Company reported revenues of $751.7 million compared to $570.6 million for the comparable period last year, an increase of 31.7 percent. Net income for the twelve months was $59.6 million, or $2.32 per diluted share, compared to $60.5 million, or $2.37 per diluted share in the comparable period of last year.
Our products backlog at the end of our fourth quarter was $229.9 million. Backlog at the end of the fourth quarter of fiscal year 2013 was $221.7 million. Incoming orders for the fourth quarter were $199.1 million while shipments for the quarter totaled $181.0 million, resulting in a book to ship ratio of 110 percent. Of the backlog of $229.9 million, 33.0 percent is to be delivered outside of the U.S.
Revenues for the Electrical and Industrial Products and Services Segment for the fourth quarter of fiscal 2014 were $103.5 million as compared to $61.9 million for the same quarter last year, an increase of 67.1 percent. Operating income for the segment increased 11.7 percent to $10.2 million compared to $9.2 million in the same period last year. Operating margins for the fourth quarter were 10.0 percent for the quarter as compared to 14.8 percent in the prior year period. AZZ WSI LLC (together with its subsidiaries, "WSI"), acquired March 29, 2013, contributed $53.8 million in revenues and $5.0 million in operating income for the quarter. Excluding WSI, margins for the quarter would have been 10.6 percent. For fiscal 2014, revenues increased 78.2 percent to $416.1 million and operating income increased 34.0 percent to $45.9 million compared to $233.6 million and $34.2 million respectively, in the prior year period. Operating margin for the 2014 fiscal year was 11.0 percent as compared to 14.7 percent in the prior year period. Excluding WSI, FY2014 year to date margins would have been 13.9 percent.
Revenues for the Company's Galvanizing Service Segment for the fourth quarter were $77.5 million, compared to the $78.5 million in the same period last year, a decrease of 1.2 percent. Operating income was $18.7 million as compared to $17.2 million in the prior period, an increase of 9 percent. Operating margins for the fourth quarter were 24.1 percent, compared to 21.9 percent in the same period last year. For fiscal 2014, revenues were $335.6 million and operating income increased 4.8 percent to $92.0 million compared to $337.0 million and $87.8 million respectively, for the twelve months of the prior fiscal year. Year to date operating margins were 27.4 percent compared to 26.1 percent for fiscal 2013.
Non-recurring expenses and income items recorded during the fourth quarter are related to the fire at our Joliet facility as well as expenses related to acquisitions. The rebuilt Joliet facility began a soft start in mid-November, and this facility is now in full production. While we expect to receive additional insurance proceeds under our insurance policy in the future related to the fire at our Joliet facility, the ultimate amount that we collect has not yet been determined. Any future recoveries under this policy will be recognized in the period in which proceeds are approved by our insurance carrier. A reconciliation of these non-recurring items for the compared period is included with the financial tables.
Based upon the evaluation of information currently available to management, we continue to anticipate our fiscal year 2015 gross revenues to be in the range of $850 to $900 million. Our earnings are anticipated to be in the range of $2.40 and $2.80 per diluted share.
Tom Ferguson, president and chief executive officer of AZZ Incorporated, commented, "As I noted on the last call, our markets during the fourth quarter did remain sluggish and our businesses were impacted by more weather delays than expected. We were able to pull in some projects at WSI and to catch up on some of the lost days within Galvanizing. We are seeing some improvement in our quoting activity and look forward to improvement in our core markets during FY2015. We are focused on leveraging our sales teams across all Electrical & Industrial businesses in North America; aggressively expanding internationally; driving operational excellence and growing our galvanizing business, both organically and with targeted acquisitions. I am appreciative of the hard work and dedication I have witnessed from our employees and committed to providing them better systems and tools to perform their roles even more effectively. We have a good portfolio of products and technologies; a respected position within our core markets; and customers that remain loyal due to our service and quality. I am quite optimistic about FY2015 and beyond and believe our guidance for FY2015 is achievable."
Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.14 per share cash dividend on the Company's common stock outstanding. The dividend will be paid at the close of business on May 5, 2014, to shareholders of record on April 21, 2014.
AZZ incorporated will conduct a conference call to discuss financial results for the fourth quarter of fiscal year 2014 at 11:00 A.M. ET on Friday, April 4, 2014. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be web cast via the Internet at http://www.azz.com/investor-relations. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10042828 or for 30 days at http://www.azz.com/investor-relations.
AZZ incorporated is a global provider of specialty electrical equipment and highly engineered services to the power generation, transmission, distributions, and industrial markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer request delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2013 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Dana Perry, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
AZZ incorporated
Condensed Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended
Twelve Months Ended
February 28, 2014
February 28, 2013
February 28, 2014
February 28, 2013
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net sales
$181,011
$140,391
$751,723
$570,594
Costs and Expenses:
Cost of Sales
135,287
102,399
546,018
406,422
Selling, General and Administrative
24,613
17,170
105,591
66,189
Interest Expense
4,663
3,270
18,407
13,073
Net (Gain) Loss on Sales or Insurance
Settlement of Property, Plant and
Equipment
217
(2,508)
(8,039)
(8,303)
Other (Income)
(549)
(455)
(4,165)
(1,155)
$164,231
$119,876
$657,812
$476,225
Income before income taxes
$16,780
$20,515
$93,911
$94,369
Income Tax Expense
6,538
7,281
34,314
33,913
Net income
$10,242
$13,234
$59,597
$60,456
Net income per share
Basic
$0.40
$0.52
$2.34
$2.39
Diluted
$0.40
$0.52
$2.32
$2.37
Diluted Average Shares Outstanding
25,721
25,635
25,693
25,561
Segment Reporting
(in thousands)
Three Months Ended
Twelve Months Ended
February 28, 2014
February 28, 2013
February 28, 2014
February 28, 2013
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net Sales:
Electrical and Industrial Products
$103,470
$61,921
$416,105
$233,555
Galvanizing Services
77,541
78,470
335,618
337,039
$181,011
$140,391
$751,723
$570,594
Segment Operating Income:
Electrical and Industrial Products
$10,232
$9,157
$45,866
$34,228
Galvanizing Services
18,723
17,176
91,983
87,807
Total Segment Operating Income
$28,955
$26,333
$137,849
$122,035
Condensed Consolidated Balance Sheet
(in thousands)
February 28, 2014
February 28, 2013
(unaudited)
(unaudited)
Assets:
Current assets
$296,181
$262,432
Net property, plant and equipment
197,639
154,476
Other assets, net
459,433
277,297
Total assets
$953,253
$694,205
Liabilities and shareholders' equity:
Current liabilities
$144,016
$118,900
Long term debt due after one year
384,768
196,429
Long term liabilities due after one year
9,121
8,539
Other liabilities
39,435
36,403
Shareholders' equity
375,913
333,934
Total liabilities and shareholders' equity
$953,253
$694,205
Condensed Consolidated Statement of Cash Flows
(in thousands)
Twelve Months Ended
February 28, 2014
February 28, 2013
(unaudited)
(unaudited)
Net cash provided by (used in) operating activities
$107,275
$92,738
Net cash provided by (used in) investing activities
($310,968)
($150,142)
Net cash provided by (used in) financing activities
176,333
($30,360)
Effect of exchange rate changes on cash
($673)
$59
Net increase (decrease) in cash and cash equivalents
($28,033)
($87,705)
Cash and cash equivalents at beginning of period
$55,598
$143,303
Cash and cash equivalents at end of period
$27,565
$55,598
AZZ incorporated
Non-GAAP Disclosure
Adjusted Earning and Adjusted Earnings Per Share
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency comparison of operating results across a broad spectrum of companies , which provides a more complete understanding of the Company's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP.
The following table provides a reconciliation for the three and twelve months ended February 28, 2014 and 2013 between net income and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
Three Months Ended February 28,
2014
2013
(in thousands)
Per Diluted Share
Per Diluted Share
Net income and diluted earnings per share
$10,242
$0.40
$13,234
$0.52
Adjustments (net of tax)
Joliet Facility Fire Operating Loss
126
0.0
637
0.03
Joliet Facility Fire-Business Interruption Insurance Proceeds
-
-
-
-
Joliet Facility Fire-Gain from Property Insurance Proceeds
(92)
-
-
-
Law Suit Settlement
-
-
-
-
Acquisition Integration Related Expenditures
476
0.02
197
0.0
Acquisition Related Expense
-
-
415
0.02
Adjusted earnings and adjusted earnings per share
$10,752
$0.42
$14,483
$0.57
Twelve Months Ended February 28,
2014
2013
(in thousands)
Per Diluted Share
Per Diluted Share
Net income and diluted earnings per share
$59,597
$2.32
$60,456
$2.37
Adjustments (net of tax)
Joliet Facility Fire Operating Loss
2,014
0.08
2,371
0.09
Joliet Facility Fire-Business Interruption Insurance Proceeds
(1,796)
(0.07)
-
-
Joliet Facility Fire-Gain from Property Insurance Proceeds
(5,098)
(0.20)
(5,827)
(0.23)
Law Suit Settlement
(2,665)
(0.10)
-
-
Acquisition Integration Related Expenditures
1,223
0.05
182
0.0
Acquisition Related Expense
2,193
0.08
1,090
0.05
Adjusted earnings and adjusted earnings per share
$55,468
$2.16
$58,272
$2.28
Drmicrocap
12年前
AZZ incorporated Reports Financial Results for the Third Quarter and Year-To-Date of Fiscal Year 2014
PR Newswire AZZ incorporated
4 minutes ago
FORT WORTH, Texas, Jan. 8, 2014 /PRNewswire/ -- AZZ incorporated (AZZ), a global provider of electrical products and services and a provider of galvanizing services, today announced unaudited financial results for the three and nine-month periods ended November 30, 2013. Revenues for the third quarter were $197.8 million compared to $149.7 million for the same quarter last year, an increase of 32.1 percent. Net income for the third quarter was $18.4 million, or $0.72 per diluted share, compared to net income of $15.4 million, or $0.60 per diluted share, in last year's third fiscal quarter.
For the nine-month period, the Company reported revenues of $570.7 million compared to $430.2 million for the comparable period last year, an increase of 32.7 percent. Net income for the nine months was $49.4 million, or $1.92 per diluted share, compared to $47.2 million, or $1.85 per diluted share in the comparable period of last year.
Non-recurring expenses and income items recorded during the third quarter are related to the fire at our Joliet facility. While we expect to receive additional insurance proceeds under our insurance policy in the future, the ultimate amount that we collect has not yet been determined. Any future recoveries under this policy will be recognized in the period in which proceeds are approved by our insurance carrier. Included with the financial tables is a reconciliation of these non-recurring items for the compared periods.
Our products backlog at the end of our third quarter of fiscal 2014 was $211.8 million, compared to $215.8 million at the end of the third quarter of fiscal 2013 and $221.7 million on February 28, 2013. Incoming orders for the third quarter were $198.2 million while shipments for the quarter totaled $197.8 million, resulting in a book to ship ratio of 100 percent. Of our products backlog of $211.8 million, 24.6 percent is to be delivered outside of the U.S.
Revenues for the Electrical and Industrial Products and Services Segment for the third quarter of fiscal 2014 were $112.0 million as compared to $60.4 million for the same quarter last year, an increase of 85.4 percent. Operating income for the segment increased 32.4 percent to $11.9 million compared to $9.0 million in the same period last year. Operating margins for the third quarter were 10.6 percent for the quarter as compared to 14.8 percent in the prior year period. Nuclear Logistics Incorporated ("NLI"), acquired June 1, 2012 and AZZ WSI LLC (together with its subsidiaries, "WSI"), acquired March 29, 2013, contributed $73.3 million in revenues and $7.1 million in operating income. Excluding NLI and WSI, margins for the quarter would have been 12.4 percent. For the first nine months of fiscal 2014, revenues increased 82.2 percent to $312.6 million and operating income increased 42.0 percent to $35.6 million compared to $171.6 million and $25.1 million respectively, for the first nine months of the prior year. Operating margins for the first nine months were 11.4 percent as compared to 14.6 percent in the prior year period. NLI and WSI contributed $188.0 million in revenues and $16.3 million in operating income. Excluding NLI and WSI, year to date margins would have been 15.5 percent.
Revenues for the Company's Galvanizing Services Segment for the third quarter were $85.7 million, compared to the $89.3 million in the same period last year. Operating income was $21.3 million as compared to $24.4 million in the prior period. Operating margins for the third quarter were 24.9 percent, compared to 27.4 percent in the same period last year. For the first nine months of fiscal 2014, revenues were $258.1 million and operating income $73.3 million compared to $258.6 million and $70.6 million, respectively, for the first nine months of the prior year. Year to date operating margins were 28.4 percent compared to 27.3 percent in the prior year period. The Galvanizing Services Segment recorded non-operating expense items during the third quarter of fiscal 2014 in the amount of $1.3 million resulting from the fire at the Joliet galvanizing facility. The losses at the Joliet facility are expected to continue to be offset with insurance proceeds for business interruption in future quarters, once the claim is settled. Pro forma operating income without the non-operating items would have been $22.7 million for the quarter resulting in an operating margin for the segment of 26.4 percent. The rebuilt Joliet facility began a soft start in mid-November, and we anticipate that this facility will be in full production mode by February 2014.
Based upon the evaluation of information currently available to management, we are revising our fiscal year 2014 guidance for revenues to be in the range of $760 to $770 million. Our earnings are anticipated to be in the range of $2.30 and $2.40 per diluted share. Our guidance reflects the acquisition of WSI during the last eleven months of fiscal 2014.
Tom Ferguson, president and chief executive officer of AZZ incorporated, commented, "While we are not satisfied with our third quarter fiscal 2014 performance, we continue to see progress in our assimilation efforts at WSI and NLI, and believe that fiscal 2015 offers numerous opportunities for growth in these businesses. We continued to face headwinds in many of our served markets and some customers continued to delay deliveries on major project orders. The hard work and dedication of AZZ's employees is appreciated and offers a solid platform for the future. I am optimistic about our future as we take our strong product, service and technology offerings to new geographies, while expanding their penetration in existing markets. While we continue to control SG&A expenses, we are investing in expanding our international market presence and leveraging sales resources across our array of Electrical and Industrial businesses. While we expect our markets to remain sluggish during the fourth quarter of fiscal 2014, we are confident of our opportunities in fiscal 2015 and beyond."
AZZ incorporated will conduct a conference call to discuss financial results for the third quarter of fiscal year 2014 at 11:00 A.M. ET on Wednesday, January 8, 2014. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be web cast via the Internet at www.azz.com/azzinvest.htm. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10038188, or for 30 days at www.azz.com/azzinvest.htm.
AZZ incorporated is a global provider of specialty electrical equipment and highly engineered services to the power generation, transmission, distributions, and industrial markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer request delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2013 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
AZZ incorporated
Condensed Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended
Nine Months Ended
November 30,
2013
November 30,
2012
November 30,
2013
November 30,
2012
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net sales
$197,755
$149,675
$570,712
$430,203
Costs and Expenses:
Cost of Sales
144,395
104,672
410,732
304,022
Selling, General and Administrative
28,113
17,895
80,978
49,019
Interest Expense
4,615
3,234
13,744
9,802
Net (Gain) Loss on Sales or
Insurance Settlement of Property,
Plant and Equipment
(7,373)
157
(8,256)
(5,794)
Other (Income)
93
(454)
(3,617)
(700)
$169,843
$125,504
$493,581
$356,349
Income before income taxes
27,912
24,171
77,131
73,854
Income Tax Expense
9,467
8,807
27,776
26,631
Net income
$18,445
$15,364
$49,355
$47,223
Net income per share
Basic
$0.72
$0.61
$1.94
$1.87
Diluted
$0.72
$0.60
$1.92
$1.85
Diluted average shares outstanding
25,720
25,603
25,683
25,537
Segment Reporting
(in thousands)
Three Months Ended
Nine Months Ended
November 30,
2013
November 30,
2012
November 30,
2013
November 30,
2012
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net Sales:
Electrical and Industrial Products
$112,035
$60,421
$312,635
$171,633
Galvanizing Services
85,720
89,254
258,077
258,570
$197,755
$149,675
$570,712
$430,203
Segment Operating Income :
Electrical and Industrial Products
$11,853
$8,952
$35,633
$25,087
Galvanizing Services
21,316
24,449
73,260
70,631
Total Segment Operating Income
$33,169
$33,401
$108,893
$95,718
Condensed Consolidated Balance Sheet
(in thousands)
November 30, 2013
February 28, 2013
(unaudited)
(audited)
Assets:
Current assets
$324,429
$262,432
Net property, plant and equipment
198,103
154,476
Other assets, net
466,643
277,297
Total assets
$989,175
$694,205
Liabilities and shareholders' equity:
Current liabilities
$146,552
$118,899
Long term debt due after one year
416,643
196,429
Other liabilities
51,484
44,943
Shareholders' equity
374,496
333,934
Total liabilities and shareholders' equity
$989,175
$694,205
Condensed Consolidated Statements of Cash Flows
(in thousands)
Nine Months Ended
November 30, 2013
November 30, 2012
(unaudited)
(unaudited)
Net cash provided by (used in) operating activities
$94,614
$66,586
Net cash provided by (used in) investing activities
(309,740)
(133,602)
Net cash provided by (used in) financing activities
210,466
(26,807)
Effect of exchange rate changes on cash
10
26
Net increase (decrease) in cash and cash equivalents
($4,650)
($93,797)
Cash and cash equivalents at beginning of period
55,597
143,303
Cash and cash equivalents at end of period
$50,947
$49,506
AZZ incorporated
Non-GAAP Disclosure
Adjusted Earning and Adjusted Earnings Per Share
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency comparison of operating results across a broad spectrum of companies , which provides a more complete understanding of the Company's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP.
The following table provides a reconciliation for the three and nine months ended November 30, 2013 and 2012 between net income and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
Three Months Ended November 30,
2013
2012
(in thousands)
Per Diluted
Share
Per Diluted
Share
Net income and diluted earnings per share
$18,445
$0.72
$15,364
$0.60
Adjustments (net of tax)
Joliet Facility Fire Operating Loss
888
0.03
638
0.02
Joliet Facility Fire-Business Interruption Insurance Proceeds
-
-
-
-
Joliet Facility Fire-Gain from Property Insurance Proceeds
(4,868)
(0.19)
-
-
Law Suit Settlement
-
-
-
-
Acquisition Related Expenditures
766
0.03
280
0.02
Adjusted earnings and adjusted earnings per share
$15,231
$0.59
$16,282
$0.64
Nine Months Ended November 30,
2013
2012
(in thousands)
Per Diluted
Share
Per Diluted
Share
Net income and diluted earnings per share
$49,355
$1.92
$47,223
$1.85
Adjustments (net of tax)
Joliet Facility Fire Operating Loss
1,898
0.07
1,734
0.07
Joliet Facility Fire-Business Interruption Insurance Proceeds
(1,713)
(0.07)
-
-
Joliet Facility Fire-Gain from Property Insurance Proceeds
(5,237)
(0.20)
(3,836)
(0.16)
Law Suit Settlement
(2,688)
(0.10)
-
-
Acquisition Related Expenditures
2,781
0.11
663
0.03
Adjusted earnings and adjusted earnings per share
$44,396
$1.73
$45,784
$1.79
Contact:
Dana Perry, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
Drmicrocap
13年前
AZZ incorporated Reports Financial Results for the Second Quarter and Year-To-Date of Fiscal Year 2014, and Declares Cash Dividend
PR NewswirePress Release: AZZ incorporated – 4 hours ago
Email
FORT WORTH, Texas, Sept. 27, 2013 /PRNewswire/ -- AZZ incorporated (AZZ), a global provider of electrical products and services and a provider of galvanizing services, today announced unaudited financial results for the three and six-month periods ended August 31, 2013. Revenues for the second quarter were $189.8 million compared to $153.4 million for the same quarter last year, an increase of 24 percent. Net income for the second quarter was $16.4 million, or $0.64 per diluted share, compared to net income of $15.9 million, or $0.62 per diluted share, in last year's second fiscal quarter.
For the six-month period, the Company reported revenues of $373 million compared to $280.5 million for the comparable period last year, an increase of 33 percent. Net income for the six months was $30.9 million, or $1.20 per diluted share, compared to $31.9 million, or $1.25 per diluted share in the comparable period of last year.
Non-recurring expenses and income items recorded during the second quarter are related to the fire at our Joliet facility. While we expect to receive substantial additional insurance proceeds under our insurance policy in the future, the ultimate amount that we collect has not yet been determined. Any future recoveries under this policy will be recognized in the period in which proceeds are approved by our insurance carrier. Included with the financial tables is a reconciliation of these non-recurring items for the compared periods.
Our E&I products backlog at the end of our second quarter of fiscal 2014 was $211.4 million, compared to $213.1 million at the end of the second quarter of fiscal 2013 and $221.7 million on February 28, 2013. Incoming orders for the second quarter were $180.7 million while shipments for the quarter totaled $189.7 million, resulting in a book to ship ratio of 96 percent. Of our E&I products backlog of $211.4 million, 35 percent is to be delivered outside of the U.S.
Revenues for the Electrical and Industrial Products and Services Segment for the second quarter of fiscal 2014 were $104.1 million as compared to $66.5 million for the same quarter last year, an increase of 57 percent. Operating income for the segment increased 15 percent to $10.7 million compared to $9.3 million in the same period last year. Operating margins for the second quarter were 10.3 percent for the quarter as compared to 14 percent in the prior year period. NLI, acquired June 1, 2012 and WSI, acquired April 1, 2013, contributed $55.6 million in revenues and $1.7 million in operating income. Excluding NLI and WSI, margins for the quarter would have been 18.6 percent. For the first six months of fiscal 2014, revenues increased 80 percent to $200.6 million and operating income increased 47 percent to $23.8 million compared to $111.2 million and $16.1 million respectively, for the first six months of the prior year. Operating margins for the first six months were 11.9 percent as compared to 14.5 percent in the prior year period. NLI, acquired June 1, 2012 and WSI, acquired April 1, 2013, contributed $114.6 million in revenues and $9.2 million in operating income. Excluding NLI and WSI, year to date margins would have been 16.9 percent.
Revenues for the Company's Galvanizing Service Segment for the second quarter were $85.6 million, compared to the $86.9 million in the same period last year. Operating income was $26.2 million as compared to $23.5 million in the prior period, an increase of 11 percent. Operating margins for the second quarter were 30.6 percent, compared to 27 percent in the same period last year. For the first six months of fiscal 2014, revenues increased 2 percent to $172.4 million and operating income increased 12 percent to $51.9 million compared to $169.3 million and $46.2 million respectively, for the first six months of the prior year. Year to date operating margins were 30 percent compared to 27 percent in the prior year period. The Galvanizing Service Segment recorded net non-operating income and expense items during the second quarter of fiscal 2014 in the amount of $1.9 million resulting from the fire at the Joliet galvanizing facility. The losses at the Joliet facility are expected to continue to be offset with insurance proceeds for business interruption in future quarters, once the claim is settled. Pro forma operating income without the non-operating items would have been $24.4 million for the quarter resulting in an operating margin for the segment of 28.4 percent. The Joliet facility is expected to re-open in October 2013.
David H. Dingus, president and chief executive officer of AZZ incorporated, commented, "Despite the continued sluggish economic conditions in our served markets, combined with significant project delays, we anticipate that the net earnings for fiscal 2014 will reflect an improvement over fiscal 2013. We continue to face headwinds in both our operating segments in fiscal 2014 tied to the deferral of capital and maintenance spending by our customers. With the acquisitions of both WSI and NLI, we have reoriented our business to capture benefits from maintenance spending on existing infrastructure required in the power generation, oil & gas and industrial markets. Our businesses are well positioned to capture a meaningful share of this spending which we expect to occur in fiscal 2015. We remain very bullish on our opportunities and look forward to seeing those come to fruition in fiscal 2015 and beyond."
Based upon the evaluation of information currently available to management, we are revising our fiscal year 2014 guidance for revenues to be in the range of $780 to $810 million. The continuing delay in new construction for domestic and international nuclear power projects and the delayed start for the petrochemical renaissance in the Gulf Coast have resulted in a significant portion of our backlog in the Electrical and Industrial Products and Services segment, as well as projected volume in the Galvanizing segment, to move out of the second half of this fiscal year. Our earnings are anticipated to be in the range of $2.45 and $2.65 per diluted share. Our guidance reflects the acquisition of WSI during the last eleven months of fiscal 2014. Our third quarter guidance for revenues will be in the range of $210 million to $230 million and our earnings are anticipated to be in the range of $0.65 to $0.75 per diluted share. The guidance does not reflect any additional gains which may be realized from the insurance settlement associated with the fire loss at the Company's Joliet facility. Any gains will be recognized in the period in which it is received.
Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a 14 cent per share cash dividend on the Company's common stock outstanding. The dividend will be paid at the close of business on October 25, 2013, to shareholders of record on October 11, 2013.
AZZ incorporated will conduct a conference call to discuss financial results for the second quarter of fiscal year 2014 at 11:00 A.M. ET on Friday, September 27, 2013. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be web cast via the Internet at www.azz.com/azzinvest.htm. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10033514, or for 30 days at www.azz.com/azzinvest.htm.
AZZ incorporated is a global provider of specialty electrical equipment and highly engineered services to the power generation, transmission, distributions, and industrial markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer request delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2013 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
---Financial tables on the following page---
AZZ incorporated
Condensed Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended
Six Months Ended
August 31, 2013
August 31, 2012
August 31, 2013
August 31, 2012
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net sales
$189,782
$153,385
$372,957
$280,528
Costs and Expenses:
Cost of Sales
133,877
110,073
266,337
199,351
Selling, General and Administrative
26,179
15,768
52,865
31,124
Interest Expense
4,651
3,228
9,129
6,568
Net (Gain) Loss on Sales or
Insurance Settlement of Property,
Plant and Equipment
(859)
17
(883)
(5,952)
Other (Income)
117
(294)
(3,710)
(246)
$163,965
$128,792
$323,738
$230,845
Income before income taxes
25,817
24,593
49,219
49,683
Income Tax Expense
9,454
8,720
18,309
17,824
Net income
$16,363
$15,873
$30,910
$31,859
Net income per share
Basic
$0.64
$0.63
$1.21
$1.26
Diluted
$0.64
$0.62
$1.20
$1.25
Diluted average shares outstanding
25,664
25,509
25,665
25,481
Segment Reporting
(in thousands)
Three Months Ended
Six Months Ended
August 31, 2013
August 31, 2012
August 31, 2013
August 31, 2012
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Net Sales:
Electrical and Industrial Products
$104,134
$66,530
$200,600
$111,212
Galvanizing Services
85,648
86,855
172,357
169,316
$189,782
$153,385
$372,957
$280,528
Segment Operating Income :
Electrical and Industrial Products
$10,733
$9,339
$23,781
$16,135
Galvanizing Services
26,245
23,549
51,943
46,182
Total Segment Operating Income
$36,978
$32,888
$75,724
$62,317
Condensed Consolidated Balance Sheet
(in thousands)
August 31, 2013
February 28, 2013
(unaudited)
(audited)
Assets:
Current assets
$318,683
$262,432
Net property, plant and equipment
193,265
154,476
Other assets, net
471,868
277,297
Total assets
$983,816
$694,205
Liabilities and shareholders' equity:
Current liabilities
$139,004
$118,899
Long term debt due after one year
434,455
196,429
Other liabilities
52,031
44,943
Shareholders' equity
358,326
333,934
Total liabilities and shareholders' equity
$983,816
$694,205
Condensed Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended
August 31, 2013
August 31, 2012
(unaudited)
(unaudited)
Net cash provided by (used in) operating activities
$55,183
$30,165
Net cash provided by (used in) investing activities
($298,661)
($81,109)
Net cash provided by (used in) financing activities
$229,950
($23,664)
Effect of exchange rate changes on cash
($86)
$ 21
Net increase (decrease) in cash and cash equivalents
($13,614)
($74,587)
Cash and cash equivalents at beginning of period
$55,598
$143,303
Cash and cash equivalents at end of period
$41,984
$68,716
AZZ incorporated
Non-GAAP Disclosure
Adjusted Earning and Adjusted Earnings Per Share
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency comparison of operating results across a broad spectrum of companies , which provides a more complete understanding of the Company's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measure calculated in accordance with GAAP.
The following table provides a reconciliation for the three and six months ended August 31, 2013 and 2012 between net income and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
Three Months Ended August 31,
2013
2012
(in thousands)
Per Diluted Share
Per Diluted Share
Net income and diluted earnings per share
$16,363
$0.64
$15,873
$0.62
Adjustments (net of tax)
Joliet Facility Fire Operating Loss
$524
$0.02
$764
$0.03
Law Suit Settlement
-
-
-
-
Acquisition Related Expenditures
$8
$0.00
$48
$0.00
Joliet Facility Fire-Gain from Insurance Proceeds
$(519)
$ (0.02)
-
-
Joliet Facility Fire-Business Interruption Insurance Proceeds
$(1,697)
$(0.07)
-
-
Adjusted earnings and adjusted earnings per share
$14,679
$0.57
$16,685
$0.65
Six Months Ended August 31,
2013
2012
(in thousands)
Per Diluted Share
Per Diluted Share
Net income and diluted earnings per share
$30,910
$1.20
$31,859
$1.25
Adjustments (net of tax)
Joliet Facility Fire Operating Loss
$1,019
$0.04
$1,095
$0.04
Law Suit Settlement
$(2,637)
$(0.10)
-
-
Acquisition Related Expenditures
$2,001
$0.08
$430
$0.02
Joliet Facility Fire-Gain from Insurance Proceeds
$(514)
$ (0.02)
$(3,847)
$(0.15)
Joliet Facility Fire-Business Interruption Insurance Proceeds
$(1,682)
$(0.07)
-
-
Adjusted earnings and adjusted earnings per share
$29,097
$1.13
$29,537
$1.16
Non-GAAP Disclosure
In addition to the financial information prepared in conformity with GAAP the Company provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Contact:
Dana Perry, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
Drmicrocap
13年前
FORT WORTH, Texas, June 28, 2013 /-- AZZ incorporated ( AZZ), (the "Company" or "AZZ") a manufacturer and provider of electrical services and products and a provider of galvanizing services, today announced unaudited financial results for the three month period ended May 31, 2013. Revenues for the first quarter of fiscal 2014 were $183.2 million compared to $127.1 million for the same quarter last year, an increase of 44 percent. Net income for the first quarter was $14.5 million, or $0.57 per diluted share, compared to net income of $16 million, or $0.63 per diluted share, in last year's first fiscal quarter.
The non-recurring items in the current quarter were significant. These non-recurring items included the continued losses related to the fire of our Joliet facility, income related to a favorable settlement of a law suit and significant expenditures associated with recent acquisitions. During the prior year first quarter, we also recorded non-recurring items for the gain from insurance proceeds related to the fire at the Joliet facility and costs related to our prior year acquisitions. Adjusted earnings per share for the first quarter of fiscal 2014 without these non-recurring items would have been $0.56 per diluted share compared to $0.51, for the first quarter of fiscal 2013 reflecting a year over year improvement of 10 percent. Included with the financial tables is a reconciliation of these non-recurring items.
Backlog at the end of our first quarter was $219.6 million which compares to our backlog at the end of the fourth quarter of fiscal 2013 of $221.7 million. Incoming orders for the first quarter were $181.1 million while shipments for the quarter totaled $183.2 million, resulting in a book to ship ratio of 99 percent. Of the $219.6 million in backlog, 35 percent of it is to be delivered outside of the U.S.
Revenues for the Electrical and Industrial Products and Services Segment for the first quarter of fiscal 2014 were $96.5 million as compared to $44.7 million for the same quarter last year, an increase of 116 percent. NLI, acquired June 1, 2012, and Aquilex SRO acquired on April 1, 2013, contributed $59 million of this increase. Operating income for the segment increased 91 percent to $13 million compared to $6.8 million in the same period last year. NLI and Aquilex SRO contributed $7.5 million to operating income for the three month period ending May 31, 2013. Operating margins for the first quarter were 13.5 percent for the quarter as compared to 15.3 percent in the prior year period.
Revenues for the Company's Galvanizing Service Segment for the first quarter were $86.7 million, compared to the $82.5 million in the same period last year, an increase of 5 percent. Operating income was $25.7 million as compared to $22.6 million in the prior period, an increase of 13.5 percent. Operating margins for the first quarter were 29.6 percent, compared to 27.4 percent in the same period last year. The Galvanizing Service Segment recorded net non-operating income and expense items during the first quarter of fiscal 2014 in the amount of $3.4 million due to the favorable settlement of a lawsuit in the amount of $4.2 million which was partially offset by $0.8 million resulting from the fire at the Joliet galvanizing facility. The losses at the Joliet facility are expected to be partially reimbursed upon final settlement of our business interruption insurance claim. Pro forma operating income without these non-recurring items would have been $22.3 million for the quarter resulting in an operating margin for the segment of 25.7 percent.
David H. Dingus, president and chief executive officer of AZZ incorporated, commented, "AZZ continues to demonstrate our commitment to growth through acquisitions and has strengthened our position globally, especially in the power generation and petrochemical markets. We are excited about our growth opportunities with the addition of a service offering to our portfolio, following the Aquilex SRO acquisition."
Additionally, the Company announced that the Board of Directors, at its regularly scheduled quarterly meeting, declared a $0.14 per share cash dividend on the Company's common stock outstanding. The dividend will be paid at the close of business on July 26, 2013, to shareholders of record on July 12, 2013.
Based upon the evaluation of information currently available to management, we are maintaining our fiscal year 2014 guidance for revenues to be in the range of $825 to $900 million. Our earnings are anticipated to be in the range of $2.65 and $2.95 per diluted share. Our guidance reflects the acquisition of Aquilex SRO during the last eleven months of fiscal 2014. Due to the increased seasonal trends associated with the acquisition of Aquilex SRO, we are issuing quarterly guidance for the balance of fiscal 2014. Our second quarter guidance for revenues will be in the range of $195 million to $210 million and our earnings are anticipated to be in the range of $0.60 to $0.70 per diluted share. The guidance does not reflect any additional gains which may be realized from the insurance settlement associated with the fire loss at the Company's Joliet facility. Any gains will be recognized in the period in which it is received.
At the regularly scheduled Board meeting on June 27, 2013, David H. Dingus, President and CEO of the Company informed the Board of his desire and intent to retire, due to health issues, from his current positions, effective March 1, 2014. The Board of Directors accepted the decision of Mr. Dingus. The Board has appointed a succession committee and will immediately commence a nationwide search to succeed Mr. Dingus. The search will encompass both internal and external candidates. Mr. Dingus advised the Board of his desire to remain an active member of the Board should he be duly re-elected at the Company's upcoming Annual Shareholders meeting. The Board extends to Mr. Dingus best wishes for a wonderful and well deserved retirement and expressed their deep gratitude and appreciation for all the accomplishments of the Company under the leadership of Mr. Dingus. Mr. Dingus joined the Company in September 1998 and has been CEO since 2001.
AZZ incorporated will conduct a conference call to discuss financial results for the first quarter of fiscal year 2014 at 11:00 A.M. ET on Friday, June 28, 2013. Interested parties can access the conference call by dialing (877) 317-6789 or (412) 317-6789 (international). The call will be web cast via the Internet at www.azz.com/azzinvest.htm. A replay of the call will be available for three days at (877) 344-7529 or (412) 317-0088 (international), confirmation #10030002 or for 30 days at www.azz.com/azzinvest.htm.
AZZ incorporated is a specialty electrical service and equipment manufacturer serving the global markets of power generation, transmission and distribution and industrial, as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer request delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2013 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Dana Perry, Senior Vice President – Finance and CFO
AZZ incorporated 817-810-0095
Internet: www.azz.com
Lytham Partners 602-889-9700
Joe Dorame or Robert Blum
Internet: www.lythampartners.com
---Financial tables on the following page---
AZZ incorporated
Condensed Consolidated Statement of Income
(in thousands except per share amounts)
Three Months Ended May 31,
2013
2012
(unaudited)
(unaudited)
Net sales
$183,175
$127,143
Costs and Expenses:
Cost of Sales
132,459
89,278
Selling, General and Administrative
26,687
15,356
Interest Expense
4,478
3,340
Net (Gain) Loss on Sales or Insurance Settlement of
Property, Plant and Equipment
(23)
(5,969)
Other (Income)
(3,828)
48
$159,773
$102,053
Income before income taxes
$23,402
$25,090
Income Tax Expense
8,855
9,104
Net income
$14,547
$15,986
Net income per share*
Basic
$0.57
$0.63
Diluted
$0.57
$0.63
Diluted average shares outstanding
25,665
25,463
Segment Reporting
(in thousands)
Three Months Ended May 31,
2013
2012
(unaudited)
(unaudited)
Net Sales:
Electrical and Industrial Products
$96,466
$44,682
Galvanizing Services
86,709
82,461
$183,175
$127,143
Segment Operating Income:
Electrical and Industrial Products
$13,048
$6,838
Galvanizing Services
25,699
22,633
Total Segment Operating Income
$38,747
$29,471
AZZ incorporated
Condensed Consolidated Balance Sheet
(in thousands)
May 31, 2013
February 29, 2012
(unaudited)
(audited)
Assets:
Current assets
$320,979
$262,432
Net property, plant and equipment
187,766
154,476
Other assets, net
473,159
277,297
Total assets
$981,904
$694,205
Liabilities and shareholders' equity:
Current liabilities
$149,190
$118,900
Long term debt due after one year
435,393
196,429
Long term accrued liability due after one year
8,910
8,539
Other liabilities
42,083
36,403
Shareholders' equity
346,328
333,934
Total liabilities and shareholders' equity
$981,904
$694,205
Condensed Consolidated Statement of Cash Flows
(in thousands)
Three Months Ended May 31,
2013
2012
(unaudited)
(unaudited)
Net cash provided by (used in) operating activities
$39,879
$16,224
Net cash provided by (used in) investing activities
(288,179)
($3,480)
Net cash provided by (used in) financing activities
234,382
($16,837)
Net cash provided by (used in) effect of exchange rate
(45)
$108
Net increase (decrease) in cash and cash equivalents
(13,963)
($3,985)
Cash and cash equivalents at beginning of period
55,598
$143,303
Cash and cash equivalents at end of period
$41,635
$139,318
AZZ incorporated
Non-GAAP Disclosure
Adjusted Earning and Adjusted Earnings Per Share
Adjusted Earnings and Adjusted Earnings Per Share
In addition to reporting financial results in accordance with GAAP, the Company has provided adjusted earnings and adjusted earnings per share, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency comparison of operating results across a broad spectrum of companies , which provides a more complete understanding of the Company's financial performance, competitive position and prospects for the future. Management also believes that investors regularly rely on non-GAAP financial measures, such as adjusted earnings and adjusted earnings per share, to assess operating performance and that such measures may highlight trends in the Company's business that may not otherwise be apparent when relying on financial measure calculated in accordance with GAAP.
The following table provides a reconciliation for the three months ended March 31, 2013 and 2012 between net income attributable to the Company and diluted earnings per share calculated in accordance with GAAP to adjusted earnings and adjusted per share, respectively, which are shown net of tax (dollars in thousands, except per share data):
Three Months Ended May 31,
2013
2012
$
Per Diluted Share
$
Per Diluted Share
Net income and diluted earnings per share attributable to AZZ incorporated
$14,457
$0.57
$15,986
$0.63
Adjustments (net of tax)
Joliet Facility Fire
$495
$0.02
$334
$0.01
Law Suit Settlement
$(2,611)
$(0.10)
$-
$ -
Acquisition Related Expenditures
$1,981
$0.07
$381
$0.02
Joliet Facility Fire-Gain from Insurance Proceeds
$-
$ -
$(3,823)
$(0.15)
Adjusted earnings and adjusted earnings per share
$14,322
$0.56
$12,878
$0.51
Non-GAAP Disclosure
In addition to the financial information prepared in conformity with GAAP the Company provides historical non-GAAP financial information. Management believes that presentation of non-GAAP financial information is meaningful and useful in understanding the activities and business metrics of the Company's operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of the Company's business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.
Management provides non-GAAP financial information for informational purposes and to enhance understanding of the Company's GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, its financial statements prepared in accordance with GAAP. The non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.
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