FORT WORTH, Texas, Jan. 27, 2020 /PRNewswire/ -- AZZ Inc. (NYSE:
AZZ), a global provider of metal coating services, welding
solutions, specialty electrical equipment and highly engineered
services, today announced revenue and earnings guidance for
fiscal year 2021. Fiscal year 2021 refers to the 12-month period
beginning March 1, 2020 and ending on
February 28, 2021.
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 2021 earnings to be within the range of $2.65 and $3.15 per
diluted share, and estimate revenue to be within the range of
$970 million to $1.06 billion. Our fiscal year 2021 guidance
reflects our best estimates given current market conditions,
current backlog expectations, and does not include any potential
acquisitions or divestitures."
Mr. Ferguson concluded, "We expect fiscal year 2021 earnings to
continue to grow but revenue to be somewhat challenged due to our
lower anticipated backlog for China as we enter fiscal 2021."
"As we continue into fiscal 2021," continued Mr. Ferguson, "our
focus will be on growing our core Metal Coatings business, our
electrical enclosure and switchgear businesses, and international
welding solutions within our Energy segment. We are actively taking
the necessary actions to concentrate our resources on expanding our
core businesses, driving overall growth and enhancing shareholder
value. We are excited with the opportunities ahead."
About AZZ Inc.
AZZ Inc. is a global provider of metal coating solutions,
welding solutions, specialty electrical equipment and highly
engineered services to the power generation, transmission,
distribution and industrial markets. AZZ Metal Coatings 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.
Safe Harbor Statement
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 metal coatings 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,
2019 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 Inc.
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, Robert
Blum or Joe Diaz
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Internet:
www.lythampartners.com
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SOURCE AZZ Inc.