AZZ Fiscal 2Q Profit Edges Down
FORT WORTH, Texas (AP) ¿ Electrical products maker and galvanizing services provider AZZ Inc. reported Friday that its fiscal second-quarter profit edged down 2 percent to $11.1 million as sales slipped 8 percent.
It also boosted its guidance for its full fiscal year, sending its shares higher in morning trading. The stock gained $1.91, or 5.3 percent, to $37.86. It has traded between $15.09 and $43.80 over the past 12 months, and is up 43 percent since the start of the year.
The profit for the three months ended Aug. 31 was equivalent to 89 cents per share, compared to a profit of $11.3 million, or 92 cents per share, a year earlier.
Quarterly revenue fell to $95.2 million from $103.3 million a year earlier.Analysts surveyed by Thomson Reuters, who generally exclude one-time items from their estimates, were expecting a profit of 69 cents per share, on sales of $94.5 million. The company said it expects the slow and selective release of orders continuing into its fiscal third quarter. It said it expects that it will be the first quarter of its fiscal 2011 year before it starts seeing a rebuilding of its backlog.
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