Azz Inc (AZZ) SEC Filing 10-Q Quarterly report for the period ending Friday, May 31, 2019

Azz Inc

CIK: 1444144 Ticker: AZZ

AZZ Inc. Reports Financial Results for the
First Quarter of Fiscal Year 2020

First Quarter FY2020 EPS Up 35% to $0.81 versus $0.60 for Q1 FY2019

First Quarter FY2020 Revenues Up 10.3% to $289.1 million versus Q1 FY2019

First Quarter FY2020 Energy Segment Operating Income Increased 26.2% versus Q1 FY2019

First Quarter FY2020 Metal Coatings Segment reported Operating Margin of 24.1%, with Operating Income Up 16.7% versus Q1 FY2019

July 8, 2019 - FORT WORTH, TX - AZZ Inc. (NYSE: AZZ), a global provider of metal coatings solutions, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three-month period ended May 31, 2019.

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

The following information was filed by Azz Inc (AZZ) on Monday, July 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Azz Inc's 10-Q Quarterly Report:
Ticker: AZZ
CIK: 8947
Form Type: 10-Q Quarterly Report
Accession Number: 0000008947-19-000136
Submitted to the SEC: Mon Jul 08 2019 2:34:11 AM EST
Accepted by the SEC: Mon Jul 08 2019
Period: Friday, May 31, 2019
Industry: Electric Lighting And Wiring Equipment

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