AZZ incorporated Issues Revenue and Earnings Guidance for Fiscal - Year 2009
18 January 2008 - 9:00PM
PR Newswire (US)
REVENUES AND EARNINGS PROJECTED TO INCREASE OVER FY 2008 AND REACH
RECORD SETTING LEVELS FORT WORTH, Texas, Jan. 18
/PRNewswire-FirstCall/ -- AZZ incorporated (NYSE:AZZ), a
manufacturer of electrical products and a provider of galvanizing
services today announced revenue and earnings guidance for Fiscal
Year 2009. Fiscal Year 2009 refers to the 12 month period beginning
March 1, 2008 and ending on February 28, 2009. David H. Dingus,
president and chief executive officer of the company stated, "Based
upon the evaluation of information currently available to
management, we are pleased to project what we believe will be
another record setting and excellent year for AZZ in Fiscal 2009.
Our earnings are estimated to be within the range of $2.20 and
$2.30 per diluted share, and revenues are estimated to be within
the range of $320 to $330 million. We continue to build upon the
success we have been able to achieve, and continually strive to
enhance the performance of the Company. The growth that we are
projecting in our Electrical and Industrial Products Segment is
projected to offset the reduction that is projected in our
Galvanizing Services business. This decrease is the result of lower
pricing due to reduced zinc cost. Our estimates assume that we will
see a continuation of strong domestic and international demand for
our products and services. It is anticipated that 63 percent of our
revenues will be derived from the Electrical and Industrial
Products Segment and 37 percent from Galvanizing Services Segment.
Margins for both Segments are projected to remain very strong, and
should be in the range of 15.5 to 16.5 percent for the Electrical
and Industrial Products Segment and 20 to 21 percent in the
Galvanizing Services Segment. We anticipate that the power
generation market will approximate 14 percent, transmission and
distribution 31 percent, and industrial 55 percent of fiscal 2009
revenues. Further information is provided in our 8-K filing on
January 18, 2008." Mr. Dingus continued, "Our next, regularly
scheduled quarterly conference call is in April 2008, where we will
be reporting the operating results for the fourth quarter and 2008
fiscal year. We are encouraged with the record setting growth and
expansion of the company both in revenues and in earnings over the
past few years and are continuing our efforts to seek out
additional growth and expansion opportunities. The strength of our
balance sheet, and in particular the continued reduction in our
funded debt, fully supports this strategy." AZZ incorporated is a
specialty electrical equipment manufacturer serving the global
markets of industrial, power generation, transmission and
distributions, as well as a leading provider of hot dip galvanizing
services to the steel fabrication market nationwide. Except for the
statements of historical fact, this release may contain
forward-looking statements that involve risks and uncertainties
some of which are detailed from time to time in documents filed by
the company with the SEC. Those risks and uncertainties include,
but are not limited to: changes in customer demand and response to
products and services offered by the company, including demand by
the electrical power generation markets, electrical transmission
and distribution markets, the industrial markets, and the hot dip
galvanizing markets; prices and raw material costs, including zinc
and natural gas which are used in the hot dip galvanizing process;
changes in the economic conditions of the various markets the
company serves, foreign and domestic, customer requested delays of
shipments, acquisition opportunities, adequacy of financing, and
availability of experienced management employees to implement the
company's growth strategy. The company can give no assurance that
such forward-looking statements will prove to be correct. We
undertake no obligation to affirm, publicly update or revise any
forward-looking statements, whether as a result of information,
future events or otherwise. Contact: Dana Perry, Senior Vice
President - Finance and CFO AZZ incorporated 817-810-0095 Internet:
http://www.azz.com/ Lytham Partners 602-889-9700 Joe Dorame or
Robert Blum Internet: http://www.lythampartners.com/ DATASOURCE:
AZZ incorporated CONTACT: Dana Perry, Senior Vice President -
Finance and CFO of AZZ incorporated, +1-817-810-0095; or Joe Dorame
or Robert Blum, both of Lytham Partners, +1-602-889-9700, for AZZ
incorporated Web site: http://www.azz.com/
http://www.lythampartners.com/
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