Azz Q2 2023 Earnings Report
Key Takeaways
AZZ Inc. reported record sales of $406.7 million and adjusted EPS of $1.24 for the second quarter of fiscal year 2023. The company's performance was driven by strong execution, strategic pricing, and operational improvements, despite seeing signs of economic slowing in some areas.
Record sales of $406.7 million, including the first full quarter of AZZ Precoat Metals.
Adjusted EPS of $1.24, up $0.48 or 63.2% compared to the second quarter of 2021.
Net loss of $(58.6) million due to recording the estimated loss on the divestiture of AIS JV, but adjusted net income of $35.9 million, up $16.9 million or 89.3%.
Returned $4.2 million to shareholders through dividends.
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Forward Guidance
Due to the acquisition of Precoat Metals and the divestiture of a controlling interest in the Infrastructure Solutions segment, AZZ will not issue full-year fiscal year 2023 guidance at this time but anticipates returning to its normal cadence of issuing guidance prior to fiscal year 2024.
Positive Outlook
- Highly focused on executing upon growth strategy.
- Focused on initiatives within both Metal Coatings and Precoat Metals segments.
- Underlying fundamentals of business remain strong.
- Good foundation upon which to execute strategic plan.
- Carefully manage workforce to ensure a safe and healthy operating environment.