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 has entered a definitive agreement to divest a 60% stake in its Infrastructure Solutions Segment to Fernweh Group for an enterprise value of $300 million. The transaction, expected to close by the end of 2022, will yield approximately $228 million in cash for AZZ. This move supports AZZ's transformation into a focused metal coatings company, while also retaining a 40% interest in the joint venture, allowing participation in AIS's future growth. AIS generated around $375 million in sales for fiscal 2022, underscoring its strong market position.
AZZ Inc. (NYSE: AZZ), a leading provider of galvanizing and metal coating solutions, announced its participation in the East Coast IDEAS Virtual Investor Conference on June 23, 2022. David Nark, Senior Vice President, will present, with the webcast available at 6:00 a.m. ET on June 22, 2022. Investors can also arrange one-on-one meetings with management on June 23. AZZ specializes in solutions for critical infrastructure across power generation, transmission, and industrial markets, addressing the needs for corrosion protection and electrical equipment.
AZZ Inc. (NYSE: AZZ) announced its participation in the Sidoti & Company 2022 Summer Small Cap Virtual Investor Conference on June 15, 2022, at 1:45 p.m. ET. Senior Vice President, David Nark, will present key insights into the company’s galvanizing and metal coating solutions, along with its electrical equipment and engineered services. A live webcast will be accessible on the company's Investor Relations page, with a replay available later. Investors can also request one-on-one meetings during the conference.
AZZ Inc. has completed its acquisition of Precoat Metals, a division of Sequa Corporation, for approximately $1.28 billion. Precoat is a leading provider of metal coil coating solutions in North America, generating $700 million in sales and $137 million in adjusted EBITDA for the year ending December 31, 2021. This acquisition strengthens AZZ's position in the coatings market, expected to drive growth and profitability as they integrate Precoat into their operations. The move aligns with AZZ's strategy to expand their metal coatings offering and enhance operational scale.
AZZ Inc. (NYSE: AZZ), based in FORT WORTH, Texas, is set to present at the Oppenheimer 17th Annual Industrial Growth Conference on May 4, 2022, at 10:30 AM ET. David Nark, Senior Vice President of Marketing, Communications, and Investor Relations, will lead the presentation. Virtual one-on-one meetings will also be held the same day. AZZ provides various solutions, including metal coating, welding, and specialty electrical equipment, primarily serving power generation, transmission, and industrial sectors.
AZZ Inc. announced on April 25, 2022, its plan to launch a $1.3 billion First Lien Senior Term Loan, known as the 2022 Term Loan B, to refinance existing debt and facilitate the acquisition of Sequa's Precoat Metals division for $1.28 billion. The financial strategy includes a $400 million Revolving Credit Facility and a proposed $240 million investment from Blackstone, contingent on the acquisition's closure. The financing aims to optimize the Company’s debt structure while supporting its growth in galvanizing and metal coating solutions.
AZZ Inc. (NYSE: AZZ) reported its Fiscal Year 2022 results, achieving 35 consecutive years of profitability. The company earned diluted EPS of $3.35, with net income at $84 million and sales of $902.7 million, up 7.6% year-over-year. The Metal Coatings segment saw a 13.4% sales increase to $519 million, with adjusted operating income rising by 19.3%. The Infrastructure Solutions segment reported modest sales growth of 0.7%. Upcoming acquisition of Precoat Metals is expected to bolster future performance. Cash from operations decreased by 6.5% to $86 million.
AZZ Inc. (NYSE: AZZ), a leading provider of galvanizing and metal coating solutions, will conduct a conference call on April 22, 2022, at 11:00 a.m. ET to discuss its financial results for Q4 and fiscal year 2022. A press release detailing these results will be available before market opening on the same day. The company serves various markets including power generation and industrial sectors, and offers services like hot dip galvanizing and welding solutions. Interested parties can access the call via phone or webcast.
AZZ Inc. (NYSE: AZZ) declared a fourth-quarter cash dividend of $0.17 per share, payable on May 17, 2022, to shareholders of record by April 26, 2022. The company aims to maintain regular quarterly dividends, subject to Board approval, and considers factors like operating results and financial condition. AZZ provides metal coating solutions, welding solutions, and specialty electrical equipment across various markets, emphasizing its commitment to enhancing shareholder value.
AZZ Inc. (NYSE: AZZ) has secured a significant contract to supply 125 Battery Energy Storage System enclosures for a major energy storage facility in North America. The delivery of these lithium-ion enclosures is set to commence in the second half of 2022, with project completion projected for June 2023. This award highlights AZZ's expertise in providing quality solutions in the energy sector, reflecting its commitment to advancing carbon-free initiatives.
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