FORT WORTH, Texas, April 6, 2015 /PRNewswire/ -- AZZ
incorporated (NYSE:AZZ), a global provider of galvanizing services,
welding solutions, specialty electrical equipment and highly
engineered services, today announced expected revenue and earnings
performance versus previously issued guidance for fiscal year 2015.
Fiscal year 2015 refers to the 12 month period beginning
March 1, 2014 and ending on
February 28, 2015.
Preview of FY2015 financial performance
Tom Ferguson, president and chief
executive officer of AZZ, said, "Based upon the evaluation of
information currently available to management, we are projecting
our fiscal 2015 earnings to be slightly above the midpoint of the
previously issued range of $2.40 to
$2.60 per share, and revenues are estimated to be slightly
below the previously issued range of $825 to
$850 million."
"Our fiscal 2015 earnings performance is expected to exceed the
midpoint of our guidance on enhanced margins in our Energy business
segment and our improved effective tax rate. Revenues for fiscal
2015 fell slightly short of the bottom end of guidance, due to a
combination of severe weather conditions, continued market
uncertainty in oil and gas markets, as well as slight project
deferrals in refineries affected by ongoing strikes," said Mr.
Ferguson.
Reaffirms FY2016 guidance
AZZ reaffirms its fiscal 2016 guidance with earnings expected to
be within the range of $2.75 to $3.25
per diluted share, and revenues estimated to be within the range of
$875 to $925 million. "Our fiscal
2016 guidance reflects our current estimates given the current
market conditions, quarterly seasonality, and our plans for organic
growth through product innovation, geographic expansion, and
leveraging of our sales organization," said Mr. Ferguson.
Mr. Ferguson continued, "As we have discussed, during the course
of the past year, we have set the stage for sustainable
profitability as we achieved a number of strategic initiatives, and
made substantial progress in improving our operational efficiencies
and expanding the global markets we serve, and we are firmly
committed to focus on continuing to drive operational excellence,
cost control, and strong cash flow."
Announces upcoming earnings release date
Mr. Ferguson concluded, "We will be holding our fourth quarter
and full year fiscal 2015 conference call on April 22, 2015, where we will be reporting the
operating results for our fourth quarter and 2015 fiscal year, and
will further discuss our fiscal year 2016 guidance."
Announces Dividend
AZZ also announced today that its Board of Directors has
authorized a quarterly cash dividend in the amount of $0.15 per share on the company's outstanding
shares of common stock. The dividend is payable on May 1, 2015, to shareholders of record as of the
close of business on April 17,
2015.
Conference Call
AZZ incorporated will conduct a conference call to discuss
financial results for the fourth quarter and fiscal year 2015 at
11:00 A.M. ET on Wednesday, April 22, 2015. Interested parties can
access the conference call by dialing (877) 317-6789 or (412)
317-6789 (international). The call will be web cast via the
Internet at http://www.azz.com/investor-relations. A replay of
the call will be available for three days at (877) 344-7529 or
(412) 317-0088 (international), confirmation #10062911 or for 30
days at http://www.azz.com/investor-relations.
AZZ incorporated is a global provider of galvanizing 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. AZZ Galvanizing is a leading provider of metal
finishing solutions for corrosion protection, including hot dip
galvanizing to the North American steel fabrication industry. AZZ
Energy is dedicated to delivering safe and reliable transmission of
power from generation sources to end customers, and automated weld
overlay solutions for corrosion and erosion mitigation to critical
infrastructure in the energy markets worldwide.
Certain statements herein about our expectations of
future events or results constitute forward-looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as, "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"potential," "continue," or the negative of these terms or other
comparable terminology. Such forward-looking statements are based
on currently available competitive, financial and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. This release may
contain forward-looking statements that involve risks and
uncertainties including, but not limited to, changes in customer
demand and response to products and services offered by AZZ,
including demand by the power generation markets, electrical
transmission and distribution markets, the industrial markets, and
the hot dip galvanizing markets; prices and raw material cost,
including zinc and natural gas which are used in the hot dip
galvanizing process; changes in the political stability and
economic conditions of the various markets that AZZ serves, foreign
and domestic, customer requested delays of shipments, acquisition
opportunities, currency exchange rates, adequacy of financing, and
availability of experienced management and employees to implement
AZZ's growth strategy. AZZ has provided additional information
regarding risks associated with the business in AZZ's Annual Report
on Form 10-K for the fiscal year ended February 28, 2014 and other filings with the SEC,
available for viewing on AZZ's website at www.azz.com and on the
SEC's website at www.sec.gov. You are urged to consider these
factors carefully in evaluating the forward-looking statements
herein and are cautioned not to place undue reliance on such
forward-looking statements, which are qualified in their entirety
by this cautionary statement. These statements are based on
information as of the date hereof and AZZ assumes no
obligation to update any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Contact:
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Paul Fehlman, Senior Vice President – Finance and
CFO
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AZZ incorporated 817-810-0095
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Internet: www.azz.com
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Lytham Partners 602-889-9700
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Joe Dorame or Robert Blum
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Internet: www.lythampartners.com
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SOURCE AZZ incorporated