FORT WORTH, Texas, Feb. 21, 2013 /PRNewswire/ -- AZZ
incorporated (NYSE: AZZ), a manufacturer of electrical products and
a provider of galvanizing services, today announced it was lowering
its revenue and earnings guidance for Fiscal Year 2013 due to
recent significant customer requested delays in the delivery of the
Electrical and Industrial Products combined with lower revenues in
the Galvanizing Services Segment due to the higher than expected
slowdown during December and January.
Based upon information currently available to management, our
earnings are estimated to be within the range of $2.30 and $2.35 per
diluted share, and revenues are estimated to be within the range of
$570 to $575 million. Previous
guidance was for earnings per diluted share to be within the range
of $2.35 to 2.45 and revenues to be
within the range of $575 to $585
million.
Mr. Dingus stated, "Our next, regularly scheduled quarterly
conference call is in April 2013,
where we will be reporting the operating results for our fourth
quarter and 2013 fiscal year and a discussion on revenue shortfalls
that led to this revision. We will also discuss our Fiscal
Year 2014 guidance which is unchanged at this time. We are
continuing our efforts to seek out growth and expansion
opportunities for both Segments."
AZZ incorporated is a specialty electrical equipment
manufacturer serving the global markets of industrial, power
generation, transmission and distribution, as well as a leading
provider of hot dip galvanizing services to the North American
steel fabrication market.
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 economic conditions of the
various markets that AZZ serves, foreign and domestic, customer
request delays of shipments, acquisition opportunities, currency
exchange rates, adequacy of financing, and availability of
experienced management 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 29,
2012 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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Dana
Perry, 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