Things were shaking the Monday after the long weekend for Fort Worth, Texas-based AZZ Inc. (NYSE: AZZ). The global provider of metal coatings solutions, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three-month period ended May 31, 2019.
First-quarter Earnings per Share rocketed 35% to $0.81 versus $0.60 for the prior-year quarter. Revenues improved 10.3% to $289.1 million from the prior-year quarter.
Operating margin of 24.1%, with operating income Up 16.7% from the prior-year quarter.
According to CEO Tom Ferguson, "We are off to a solid start in fiscal year 2020, with 10% revenue and 35% net income growth year-over-year. Our energy segment, given a normal spring season for turnarounds, made a solid contribution to first quarter consolidated revenue which increased 10.3% to $289.1 million.
“(Moreover) the Metal Coatings segment continues to strengthen with increased demand and improved operational efficiencies, driving consolidated net income up 35.4% to $21.3 million this year compared to $15.7 million in the first quarter last year.
"While our consolidated bookings were down 13.3% to $256.3 million compared to $295.7 million in the first quarter last year, it's important to note, during the first half of fiscal year 2019, we booked two large Chinese orders with $45 million in the first quarter and $55 million in the second quarter."
Shares spiked $3.72, or 8.1%, to $49.82
