AZZ incorporated Issues Revenue and Earnings Guidance for Fiscal - Year 2010
16 January 2009 - 9:00PM
PR Newswire (US)
FORT WORTH, Texas, Jan. 16 /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 2010. Fiscal Year 2010 refers to
the 12 month period beginning March 1, 2009 and ending on February
28, 2010. 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 excellent year for AZZ in Fiscal 2010,
the second strongest in our history, and also the 23rd consecutive
year of profitability. Our earnings are estimated to be within the
range of $2.75 and $2.95 per diluted share, and revenues are
estimated to be within the range of $420 to $440 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 will not fully offset the reduction that is
projected in our Galvanizing Services business. The growth in the
Electrical and Industrial Products Segment should approximate 9
percent, and the reduction in galvanizing will approximate 9
percent. The decrease in revenues for the Galvanizing Services
Segment will be the result of lower pricing brought about from
softer demand associated with economic conditions. Our estimates
assume that we will see a continuation of strong domestic and
international demand for our products and services. It is
anticipated that 59 percent of our revenues will be derived from
the Electrical and Industrial Products Segment and 41 percent from
Galvanizing Services Segment. Margins for both Segments are
projected to remain very strong, and should be in the range of 16.5
to 17.5 percent for the Electrical and Industrial Products Segment
and 22 to 23 percent in the Galvanizing Services Segment. Further
information is provided in our Form 8-K filing on January 16,
2009." Mr. Dingus continued, "Our next, regularly scheduled
quarterly conference call is in April 2009, where we will be
reporting the operating results for the fourth quarter and 2009
fiscal year. We are encouraged with the excellent 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 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
and steel, aluminum and copper which are used in the electrical and
industrial segment; 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, currency fluctuations, 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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