AZZ Q3 adj EPS $0.88, raises FY2023 adj EPS guidance to $4.05-$4.25

AZZ INC

2023-Q3 EPS reported -$2.35 revenue$987,145,000

Sales from continuing ops $373.3M; Metal Coatings +17.2%, Precoat Metals +14.8% vs prior year.
Reported diluted EPS $(0.97) includes non-cash write-down on AIS divestiture; adjusted EPS $0.88.
Adjusted EBITDA $71.2M (19.1% of sales); net income from continuing ops $18.4M vs $13.1M.
FY2023 adjusted EPS guidance raised by $0.25 to $4.05-$4.25; sales guidance reaffirmed $1.27B-$1.32B.
Debt reduced by $230.3M; net leverage improved to 3.4x from AIS divestiture proceeds.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

AZZ INC reported the third quarter ended November 30, 2022 results: revenue $373.3 million, net income $18.4 million, EPS $0.88. Guidance raised.

Period: the third quarter ended November 30, 2022
Revenue: $373.3 million
Net income: $18.4 million
EPS: $0.88
Guidance: raised
Result: reported results

Exact text from the filing

Third quarter notable highlights: ◦ Sales of $373.3 million from continuing operations; Excludes one month of AIS sales totaling $42.3 million, classified as discontinued operations ◦ Strong third quarter sales performance across both segments with Metal Coatings up 17.2% and Precoat Metals up 14.8% on a comparable basis ◦ Consolidated Adjusted EPS of $0.88; Reported Diluted EPS of $(0.97) includes non-cash write down related to previously announced AIS divestiture ◦ Adjusted EBITDA of $71.2 million or 19.1% of sales for the quarter ◦ Net income from continuing operations of $18.4 million compared to $13.1 million in the prior year ◦ Raising Fiscal Year 2023 Adjusted EPS guidance to $4.05 - $4.25

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Source: SEC EDGAR

accession 0000008947-23-000010

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