Welcome to our dedicated page for AZZ news (Ticker: AZZ), a resource for investors and traders seeking the latest updates and insights on AZZ stock.
AZZ Inc. (NYSE: AZZ) is a prominent provider of specialty electrical equipment and services to global power generation, industrial, transmission, and distribution markets. The company also leads in hot-dip galvanizing services for the North American steel fabrication industry. AZZ operates through two primary business segments: the Energy segment and the Galvanizing segment.
Within the Energy segment, AZZ offers a diverse product portfolio, including custom switchgear, electrical enclosures, medium and high voltage ducts, hazardous and specialty lighting, and tubular products. The company is also a leading third-party supplier of safety-related equipment to the nuclear industry and provides specialized repair and overhaul solutions to industrial and utility markets worldwide.
The Galvanizing segment provides metal coating solutions to protect against corrosion. These services include hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating. The Precoat Metals segment offers aesthetic and corrosion-resistant coatings for steel and aluminum coils, further cementing AZZ's position as a comprehensive metal coatings provider.
Recently, AZZ announced the successful repricing of its $980 million Term Loan B, reducing the interest rate margin and resulting in significant annual interest savings. This financial maneuver is part of AZZ's disciplined approach to lowering its net debt to EBITDA leverage ratio, with a target of 3.0 times or lower by 2024.
The company also announced the retirement of its CFO, Philip Schlom, and the appointment of Jason Crawford as the new CFO. Under Schlom's tenure, AZZ strengthened its financial and compliance functions, contributing to the company's strategic transformation. Crawford brings over 20 years of experience in finance and has a proven track record in mergers and acquisitions.
Additionally, AZZ declared a fourth-quarter cash dividend, reflecting its commitment to enhancing shareholder value. The company continues to focus on organic growth, particularly within its Metal Coatings and Precoat Metals segments, aiming to grow market share and maintain superior customer service and operational excellence.
AZZ is also committed to sustainability, providing unmatched metal coating solutions that enhance the longevity and appearance of buildings, products, and infrastructure essential to everyday life.
For those interested, AZZ will conduct a conference call to review its financial results for the fourth quarter and fiscal year 2024. Investors can access the call via the company's Investor Relations page or through specified phone numbers.
AZZ Inc. reported third quarter fiscal 2021 results, with earnings per share of $0.76 and net income of $19.7 million. Total sales were $226.6 million, reflecting an 11.4% sequential increase but a 22.2% decline year-over-year. The Metal Coatings segment saw a 10.5% drop in sales, while the Infrastructure Solutions segment fell 31.5%. A new $100 million share repurchase program was approved. Management remains optimistic, anticipating improved fourth quarter results and emphasizing strategic growth in Metal Coatings.
AZZ Inc. (NYSE: AZZ) announced the acquisition of Acme Galvanizing, Inc., a century-old provider of hot-dip galvanizing and zinc electroplating services, based in Milwaukee, Wisconsin. Although transaction terms were undisclosed, AZZ anticipates the acquisition will contribute positively to earnings within its first operational year. The acquisition enhances AZZ's Midwest presence by adding a facility with advanced automated zinc plating lines and a galvanizing kettle, expanding its hot-dip galvanizing network to 40 sites across North America.
AZZ Inc. (NYSE: AZZ) will hold a conference call on January 11, 2021, at 11:00 a.m. ET to discuss its third-quarter fiscal year 2021 financial results, which will be released before market open on the same day. AZZ is known for its metal coating services, welding solutions, and specialty electrical equipment for the power generation and industrial markets. The company highlighted its commitment to safety and reliability in energy transmission. Investors can access the call via phone or webcast.
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.
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