AZZ Reports Higher 4Q, Fiscal-year Profit
FORT WORTH, Texas (AP) ¿ AZZ Inc., which provides electrical products and galvanizing services, said Friday its fourth-quarter earnings rose 36 percent, helped by stronger revenue in both business segments.
The Fort Worth, Texas, company, however, cut its earnings guidance for the current year amid a recent slowdown in orders, and its shares declined in morning trading.
AZZ said earnings for the quarter ended Feb. 28 increased to $10 million, or 81 cents per share, from $7.3 million, or 60 cents per share, a year earlier. Revenue rose 31 percent to $100.3 million from $76.6 million.
Analysts polled by Thomson Reuters expected earnings of 79 cents per share on $112.1 million in sales, on average.AZZ said sales increased in both its electrical-products unit and its smaller galvanizing-services unit. However, Chief Executive David H. Dingus said orders have begun to slow recently. The company's backlog was $174.8 million at the end of the fourth quarter. For the fiscal year, the company said its earnings rose 52 percent to $42.2 million, or $3.43 per share, from $27.7 million, or $2.26 per share, a year ago. Revenue rose 29 percent to $412.4 million from $320.2 million. Analysts expected $3.39 per share on $424.1 million in revenue. Shares of AZZ declined $1.53, or 5.7 percent, to $25.57 in morning trading.
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