AZZ (NYSE:AZZ) came out with third-quarter figures Thursday which quickened the pulses of investors.
Earnings per Share improved 42.4% to $0.84 versus $0.59 for Q3 FY2019
Third-quarter FY2020 revenues were up 21.6% to $291.1 million versus $239.5 million in the prior-year quarter.
Third-quarter operating margin was 11.5% compared to 9.5% in Q3 FY2019.
The company maintained its full fiscal year 2020 guidance to revenues of $1,020 million - $1,060 million and EPS of $2.60 - $2.90 per share
According to AZZ CEO Tom Ferguson, "Third-quarter fiscal year 2020 financial results were driven by strength in both our Energy and Metal Coatings segments with consolidated revenue increasing 21.6% to $291.1 million and net income increasing 43.1% to $22.0 million, as compared to the third quarter last year.
"We are confident that our Digital Galvanizing System ("DGS") initiative will allow us to realize greater operational efficiency and productivity. We anticipate the uptick in the costs associated with growing the Surface Technologies and Continuous Galvanized Rebar businesses to be temporary. AZZ remains the industry leader in North America with 41 galvanizing plants and continues to pursue growth through organic and inorganic channels."
The Fort Worth-based company is a global provider of metal coatings services, welding solutions, specialty electrical equipment and highly engineered services to the markets of power generation, transmission, distribution and industrial in protecting metal and electrical systems used to build and enhance the world's infrastructure.
Shares leaped $2.96, or 6.5%, to $48.18
