AZZ Inc. (AZZ: Quote) reported that its first-quarter net income was $16 million, or $1.26 per share, up from $9.5 million, or $0.75 per share, in last year's first fiscal quarter. The net income and earnings per share for the first quarter reflect a pre-tax gain related to a partial insurance settlement for assets destroyed in a recent fire at one of the Company's galvanizing facilities.
Pro forma earnings per share exclusive of these non operational income and expense items were $1.02, a 36 percent gain over the same period last year.
Revenues for the first quarter were $127.1 million compared to $114.3 million for the same quarter last year, an increase of 11 percent.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.81 per share on revenues of $124.36 million for the quarter. Analysts' estimates typically exclude special items.
The company revised its fiscal year 2013 guidance for revenues to be in the range of $550 million to $575 million. The company's earnings guidance, before the effect of the two-for-one stock split, is revised and anticipated to be within the range of $4.10 to $4.30 per share. Analysts expect the company to report earnings of $3.74 per share on revenues of $571.38 million for fiscal 2013.
The previously issued guidance was for revenues to be in the range of $475 million to $510 million and earnings per share to be in the range of $3.25 to $3.55 per share for fiscal 2013.
The company said that its guidance does reflect the effect of the acquisition of NLI during the last nine months of fiscal 2013. Revenues from the acquisition are anticipated to range from $55 million to $60 million and earnings per share accretion to be $0.30 to $0.35 per share.
The Company announced that its board declared a $0.25 per share cash dividend on the Company's common stock outstanding. The cash dividend of $0.25 cents a share is prior to the effective date of the two-for-one stock dividend. The cash dividend will be paid at the close of business on July 26, 2012, to shareholders of record on July 12, 2012.
Additionally, the Company announced that the Board of Directors declared a 2 for 1 stock split of the Company's Common Stock in the form of a 100% stock dividend, payable on July 30, 2012 to shareholders of record as of July 16, 2012, with a broker's cut-off date of July 23, 2012.
Prior to the most recent quarterly filing of May 31, 2012, the company had outstanding approximately 12.6 million shares. Upon completion of the stock dividend, the outstanding shares will be approximately 25.3 million shares.
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by RTT Staff Writer
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