AZZ incorporated (AZZ) reported third-quarter net income of $15.4 million, or $0.60 per share, compared to $10.0 million, or $0.39 per share, last year. Revenues for the third quarter were $149.7 million compared to $116.5 million for the same quarter last year, an increase of 29 percent.
On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.57 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $152.92 million for the quarter.
The company said its third-quarter reflects favorable year over year growth in both segments and effective identification and execution of opportunities in a market environment of continued economic and regulatory uncertainty.
The company also announced the acquisition of G3 Galvanizing, a galvanizing operation in Halifax, Nova Scotia on January 2. The company said, G3, while relatively small in terms of production and revenue, has a rich heritage of providing superior level of service and support to the customers in Canadian Maritimes. The acquisition is anticipated to be accretive in the first year of operation.
The company revised its fiscal 2013 guidance for revenues to be in the range of $575 million to $585 million. Earnings are anticipated to be in the range of $2.35 and $2.45 per share. The guidance reflects the two-for-one-stock split effective July 30, 2012.
The previously issued guidance was for revenues to be in the range of $575 to $600 million and that earnings per share to be in the rage of $2.25 to $2.40 after the effect of the two-for-one stock split.
Analysts polled by Thomson Reuters expect the company to report fiscal 2013 profit per share of $2.25 on revenue of $586.83 million.
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