Breaking News
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

AZZ Q3 Profit Rises, Lifts Full-year Earnings Outlook - Update

RELATED NEWS
Trade AZZ now with 
1/9/2013 8:02 AM ET

Electrical products maker AZZ Inc. (AZZ: Quote) Wednesday reported a higher third-quarter profit, as net sales grew 29 percent, benefited by favorable year-over-year growth in both of its segments. The company lifted its earnings per share outlook for the fiscal year, while cut the upper end of its revenue view. The guidance reflects two-for-one-stock split effective July 30, 2012.

David Dingus, president and chief executive officer of the company stated, "The third quarter and first nine months of fiscal 2013 reflects favorable year over year growth in both segments and effective identification and execution of our opportunities in a market environment of continued economic and regulatory uncertainty."

Quarterly revenues from Electrical and Industrial Products segment increased 38 percent and Galvanizing Service segment revenues were up 23 percent from last year.

In the third quarter, the company's net income increased to $15.36 million or $0.60 per share from $10.02 million or $0.39 per share in the previous year.

On average, five analysts polled by Thomson Reuters expected the company to earn $0.57 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter grew 29 percent to $149.68 million, but came below analysts' estimate of $152.92 million.

For fiscal 2013, the company now expects earnings to be in the range of $2.35 to $2.45 per share, up from the earlier outlook of $2.25 to $2.40 per share. Revenues are now anticipated to be between $575 million and $585 million, compared to the prior guidance range of $575 million to $600 million.

Analysts are looking for earnings of $2.25 per share, on revenue of $586.83 million for the fiscal year.

The company also announced acquisition of G3 Galvanizing, a galvanizing operation in Halifax, Nova Scotia, on January 2. The acquisition is anticipated to be accretive in the first year of operation.

AZZ closed Tuesday's regular trading at $39.81 on the NYSE.

Register
To receive FREE breaking news email alerts for AZZ incorporated and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Intel Corp. said Tuesday after the markets closed that its first quarter profit fell 5% from last year, hurt mainly by higher income tax expenses even as revenue grew slightly. The company's quarterly earnings per share came in above analysts' expectations, but its quarterly revenue fell shy of analysts' forecast. With traders digesting a mixed batch of catalysts, stocks saw considerable volatility over the course of the trading day on Tuesday before closing mostly higher. The gains on the day extended the recovery off the two-month lows set last Friday. The major averages showed a notable rebound in afternoon trading to end the day in positive territory. U.S. President Barack Obama and his Russian counterpart Vladimir Putin spoke regarding the ongoing crisis in Ukraine for the first time in over two weeks on Monday, although the two leaders remain far apart on the cause of escalating tensions.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.