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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. achieved record financial results for fiscal year 2023, reporting sales of $1.32 billion, a 20.5% year-over-year increase. Adjusted EPS reached $3.48 and adjusted EBITDA was $267 million, representing 20.2% of sales. The company reaffirmed its fiscal year 2024 guidance, projecting sales between $1.40 billion and $1.55 billion and adjusted EBITDA of $300-$325 million. The Metal Coatings segment delivered record sales of $637 million with an adjusted EBITDA margin of 29.7%, while Precoat Metals achieved $686.7 million in sales. The company also improved its net leverage and returned $22.7 million to shareholders through dividends.
AZZ Inc. (NYSE: AZZ) will hold a conference call on April 26, 2023, at 11:00 a.m. ET to discuss financial results for the fourth quarter and full fiscal year 2023. The company will release its financial results after the market closes on April 25, 2023. Interested parties can join the call by calling (844) 855-9499 or (412) 317-5497 for international access. A webcast will be available on the company's Investor Relations page. A replay will be accessible until May 3, 2023, using the replay code 8060817. AZZ Inc. specializes in hot-dip galvanizing and coil coating solutions, serving essential markets across North America.
AZZ Inc. (NYSE: AZZ), a leader in hot-dip galvanizing and coil coating solutions, announced a fourth quarter cash dividend of $0.17 per share, payable on May 17, 2023, to shareholders of record as of April 26, 2023.
The company aims to continue regular quarterly cash dividends, subject to Board approval based on financial performance and outlook. AZZ Inc. provides essential metal coating solutions across various markets, emphasizing sustainability and product longevity.
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