FORT WORTH, Texas, Jan. 22, 2019 /PRNewswire/ -- AZZ Inc.
(NYSE:AZZ), a global provider of metal coating services, welding
solutions, specialty electrical equipment and highly engineered
services, today announced its revenue and earnings guidance for
fiscal year 2020. Fiscal year 2020 refers to the 12-month period
beginning March 1, 2019 and ending on
February 29, 2020.
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 2020 earnings to be within the range of $2.25 and $2.75 per
diluted share, and revenues are estimated to be within the range of
$950 to $1,030
million. Our fiscal year 2020 guidance reflects our
estimates given the current market conditions, current backlog
expectations, and does not include any significant acquisitions or
divestitures."
Mr. Ferguson concluded, "We expect fiscal year 2020
earnings to grow 20.5% and revenues to grow 4.2% at the midpoint of
our guidance compared to the recently updated fiscal year 2019
earnings guidance. We will focus on maintaining market share in
Metal Coatings while improving operating margin by improving
productivity and efficiency of both zinc and labor, and maintaining
price realization. In the Energy segment we will focus on
continuing to improve Electrical Platform margins while integrating
electrical enclosure and switchgear facilities, as well as continue
to grow the Industrial international business and expanding its
technology and service offerings."
About AZZ Inc.
AZZ Inc. is a global provider of metal coating 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
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,
2018 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.