AZZ Inc. Reports Financial Results for the First Quarter of Fiscal Year 2017
First Quarter Fiscal 2017 EPS of $0.81, up 5.2% compared to $0.77 in Fiscal 2016
First Quarter Revenues of $242.7 million, up $13.8 million or 6.0% over First Quarter Fiscal 2016
First Quarter Bookings of $250.5 million, up 16.4% compared to First Quarter Fiscal 2016, resulting in record backlog of $354.2 million
Announces Quarterly Cash Dividend of $0.15 per Share
PR Newswire AZZ Inc.
July 5, 2016 6:30 AM
FORT WORTH, Texas, July 5, 2016 /PRNewswire/ -- AZZ Inc. (AZZ), a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services, today announced financial results for the three month period ended May 31, 2016.
Tom Ferguson, president and chief executive officer of AZZ Inc., commented, "The financial results for the first quarter were solid reflecting the operational performance of our two business segments. We are particularly pleased with the 13.8% revenue growth and the 10% increase in operating income in our galvanizing business, the 1.03 book-to-ship ratio of our overall business, and the 11% increase in the backlog at the end of the first quarter as compared to the first quarter last year. We are also pleased with the 104% increase in the operating cash flow versus last year's comparable quarter. Given the mixed market dynamics that we currently face, our sales teams are doing a great job."
"In the Energy Segment," continued Mr. Ferguson, "our acquisition of PEI, at the start of the just completed quarter, is doing very well, and we expect it to be accretive to earnings during the fiscal year. We continue to see domestic opportunities for growth during the fiscal year, despite the fact that lower oil prices are having a moderate impact on both our Energy and Galvanizing businesses. Looking ahead, we believe that our industry leading products and services uniquely positions AZZ to benefit from.