AZZ Inc. - AZZ STOCK NEWS

AZZ Inc. (NYSE:AZZ) announced strategic initiatives to enhance shareholder value, including a comprehensive Board-led review of its portfolio and capital allocation. The company has engaged independent financial, legal, and tax advisors to support this review. AZZ aims to become a focused metal coatings company and has repurchased over 500,000 shares, with a new stock repurchase program authorized at $100 million. CEO Tom Ferguson highlighted recent divestitures and the ongoing evaluation of Infrastructure Solutions businesses as critical steps in maximizing shareholder value.

AZZ Inc. (NYSE: AZZ) announced the appointment of Philip A. Schlom as Senior Vice President and Chief Financial Officer, effective immediately. Schlom has been serving as Interim CFO since May 2020 and brings over 25 years of financial expertise, having previously held roles at Exterran Corporation and Parker Drilling Company. CEO Tom Ferguson expressed confidence in Schlom's abilities to enhance financial management and support strategic growth.

AZZ Inc. (NYSE:AZZ) has successfully divested its AZZ SMS LLC business unit to Mid-State Machine and Fabricating Corporation. This transaction includes a 26,155 square foot facility in St. Petersburg, Florida. While the terms remain undisclosed, AZZ expects a nominal revenue impact of approximately $35 million from this divestiture, which aligns with its strategic focus on core business growth. CEO Tom Ferguson stated the deal is part of AZZ's restructuring efforts to enhance returns on invested capital and improve long-term margins.

AZZ reported second-quarter fiscal 2021 results, showing adjusted EPS of $0.49 and net income of $13 million, despite a reported loss of $1.8 million. Sales reached $203.4 million, down 13.9% year-over-year. The Metal Coatings segment held steady with sales of $117 million, while Infrastructure Solutions faced a 22.5% drop in sales to $86.3 million. The company completed refinancing of $150 million in notes, expecting $2.5 million annual interest savings. Guidance remains suspended due to ongoing COVID-19 impacts.

AZZ Inc. (NYSE: AZZ) has announced the promotion of Gary Hill to Chief Operating Officer of Infrastructure Solutions, as part of a strategic focus shift from its Energy Segment. Hill, who joined AZZ in 2013 and previously led the Industrial platform, aims to enhance the Infrastructure Solutions segment through consolidation of Electrical Systems and Industrial operations. This change follows the earlier appointment of Bryan Stovall as COO of the Metal Coatings segment. The company continues to provide metal coating and electrical solutions for critical infrastructure.

AZZ Inc. (NYSE: AZZ), a global provider of metal coating services, has announced a quarterly cash dividend of $0.17 per share. This dividend is set for payment on November 04, 2020, to shareholders recorded by October 21, 2020. The company expresses its commitment to maintain regular dividends based on its financial condition and operating results. AZZ operates within the power generation and industrial markets, providing metal coatings and welding solutions.

AZZ Inc. (NYSE: AZZ) will hold a conference call at 11:00 a.m. ET on October 13, 2020, to discuss its second quarter fiscal year 2021 financial results. A press release will be issued before the market opens on the same day. The call can be accessed by dialing (844) 855-9499 or (412) 317-5497 internationally. Interested parties can also join via the webcast on the Company's Investor Relations page. AZZ specializes in metal coating services and solutions for the power generation and industrial markets.

AZZ Inc. (NYSE: AZZ), a global provider of metal coating services and engineering solutions, announced its participation in Sidoti's Fall 2020 Investor Conference. CEO Tom Ferguson, Interim CFO Philip Schlom, and Senior VP David Nark will present on September 23, 2020, at 1:00 p.m. ET via a virtual platform. A webcast will be available on the company's Investor Relations page, with a replay accessible after the event. Additionally, institutional investors can schedule one-on-one meetings on September 24, 2020.

AZZ Inc. (NYSE: AZZ), a leader in metal coating and engineering solutions, announced its participation at CL King's 18th Annual Best Ideas 2020 Conference on September 16, 2020, at 2:45 p.m. ET. The presentation will be led by CEO Tom Ferguson, Interim CFO Philip Schlom, and SVP David Nark, and will be available via webcast on the Company’s Investor Relations page. Additionally, management will hold one-on-one meetings with institutional investors throughout the day. Investors interested in meetings can contact Lytham Partners.