Achieves Record Full Year Results from
Continuing Operations:
Sales $1.32
billion; Adjusted EPS $3.48(1), Adjusted EBITDA $267 million or 20.2% of Sales
Reaffirming Fiscal 2024 Full Year
Guidance
FORT
WORTH, Texas, April 25,
2023 /PRNewswire/ -- - AZZ Inc. (NYSE: AZZ), the
leading independent provider of hot-dip galvanizing and coil
coating solutions, today issued its audited consolidated financial
statements contained in the Company's Fiscal Year 2023 Annual
Report on Form 10-K for the year ended February 28,
2023.
Fiscal Year 2023 Results from Continuing Operations:
- Sales of $1,323.6 million, up
20.5% on a comparable basis
- Strong segment performance with Metal Coatings sales up 21.2%
and Precoat Metals up 19.9% on a comparable basis
- GAAP Diluted EPS of $2.33;
Adjusted EPS of $3.48(1)
- Adjusted EBITDA $267.4 million or
20.2% of sales
- Adjusted EBITDA margin for Metal Coatings 29.7% and Precoat
Metals 17.4%, which included seasonally weak quarters for
Precoat
(1)
|
Adjusted diluted EPS
from continuing operations includes $2.6 million of equity in
earnings from the AIS joint venture.
|
Fourth Quarter 2023 Results from Continuing
Operations:
- Sales of $336.5 million, up 16.0%
on a comparable basis
- Metal Coatings sales up 14.8% and Precoat Metals, on a
comparable basis, up 17.0%
- GAAP Diluted EPS of $0.15, and
Adjusted EPS of $0.30 after giving
effect to higher interest expense and an effective tax rate of
34.8%
- Adjusted EBITDA $57.2 million or
17.0% of sales
- Segment Adjusted EBITDA margins: Metal Coatings 27.0%; Precoat
Metals 13.8%
Tom Ferguson, President and Chief
Executive Officer of AZZ, commented, "Fiscal year 2023 was a
transformational year and represents AZZ's 36th
consecutive year of profitability from continuing operations. We
are pleased with our sales growth of 20.5%, including strong
results at Metal Coatings and results in line with expectations for
Precoat. For the year, our Metal Coatings segment delivered
record sales of $637.0 million, and
29.7% adjusted EBITDA margin, while Precoat Metals delivered sales
results of $686.7 million and 17.4%
adjusted EBITDA margin during the 42 weeks as part of AZZ. We
are improving production efficiencies and have implemented pricing
actions to offset inflation at Precoat Metals and expect to show
progress throughout fiscal 2024."
"I want to thank our entire AZZ team for tremendous performance
in fiscal 2023, a truly transformational year in our company
history. I am confident that 2024 will result in value
creation as we capitalize on strong demand within construction,
utility, container and renewables end markets from our leading
market positions," concluded Ferguson.
Segment Performance
Full Year 2023 Metal Coatings
Strong sales of $637.0 million, up
21.2% from prior year. Improved sales were driven by value pricing
initiatives, the impact of fully integrated prior acquisitions, and
an increase in volume for hot-dip galvanizing driven by continued
strength within the renewables, utility, OEM, and non-residential
construction markets.
Adjusted EBITDA of $188.9 million
was up 18.7% versus the prior year. Adjusted EBITDA margin of
29.7% was within our previously stated range of 25%-30%, and
declined 60 basis points due to higher inflation, partially offset
by increased price.
Full Year 2023 Precoat Metals
Sales were $686.7 million,
primarily driven by value pricing initiatives and stable volumes
from construction and container markets.
Adjusted EBITDA of $119.7 million
or 17.4% of sales, in line with expectations. As previously
stated, higher than normal customer inventories and inflationary
pressures resulted in productivity, efficiency, and cost
headwinds. We have specific plans in place to address
production inefficiencies and are encouraged by the results to
date.
Fourth Quarter 2023 Metal Coatings
Sales increased 14.8% to $149.4
million and adjusted EBITDA increased 1.3% to $40.3 million versus the comparable quarter in
fiscal 2022. Sales were primarily driven by increased volume and
value-pricing initiatives. Segment EBITDA margin decreased to
27.0% of sales, or 360 basis points lower than the comparable prior
year fourth quarter EBITDA margin. The decline in EBITDA margin was
a result of higher zinc costs.
Fourth Quarter 2023 Precoat Metals
Sales increased to $187.1 million
and adjusted EBITDA of $25.9 million
or 13.8% of sales, on seasonally lower volume and inflationary
pressures.
Balance Sheet, Liquidity and Capital Allocation
The Company generated fiscal 2023 operating cash flow of
$91.4 million through solid earnings
and prudent management of working capital. At the end of the fourth
quarter, net leverage was 3.5x LTM EBITDA, which improved
approximately 0.7x in the nine months since closing the Precoat
Metals acquisition. Consistent with the capital allocation
strategy, the Company paid down debt of $237.5 million and returned cash to shareholders
through cash dividend payments totaling $22.7 million. Capital expenditures were
$57.1 million during the year. Fiscal
2024 capital expenditures are expected to be approximately
$80 million, which includes cash
outlays planned this year for AZZ's new coil coating plant
scheduled to be operational by summer fiscal year 2025.
Financial Outlook - Reaffirming Full Fiscal Year
Guidance(2)
Management is reaffirming the fiscal year 2024 guidance with
annual sales guidance range of $1.40
billion to $1.55 billion,
adjusted EBITDA range of $300-$325 million
and adjusted earnings per diluted share of $3.85-$4.35.
Full year guidance reflects strong performance within our segments,
a seasonally higher first quarter, higher interest expense,
dividends on our Preferred Stock, and the impact of an annualized
effective tax rate of approximately 24%.
This reflects our best estimates given current market
conditions, existing execution on our current backlog, and does not
include the impact of future acquisitions or divestitures, related
expenditures, or any federal regulatory changes that may
emerge.
(2)
|
Fiscal Year 2024
guidance excludes equity in earnings on the investment in the AIS
JV.
|
Conference Call Details
AZZ Inc. will conduct a live conference call with Tom Ferguson, Chief Executive Officer, and
Philip Schlom, Chief Financial
Officer to discuss financial results for the fourth quarter and
fiscal year 2023 tomorrow, April 26,
2023, at 11:00 A.M. ET.
Interested parties can access the conference call by dialing (844)
855-9499 or (412) 317-5497 (international). A webcast of the call
will be available on the Company's Investor Relations page at
http://www.azz.com/investor-relations.
A replay of the call will be available at (877) 344-7529 or
(412) 317-0088 (international), replay access code: 8060817,
through May 3, 2023, or by visiting
http://www.azz.com/investor-relations for the next 90
days.
There will be a slide presentation accompanying today's event.
The Company's slide presentation for the call will be available on
the Investor Relations page at
http://www.azz.com/investor-relations.
About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip
galvanizing and coil coating solutions to a broad range of
end-markets. Collectively, our business segments provide
sustainable, unmatched metal coating solutions that enhance the
longevity and appearance of buildings, products and infrastructure
that are essential to everyday life.
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," "could," "should,"
"expects," "plans," "will," "might," "would," "projects,"
"currently," "intends," "outlook," "forecasts," "targets,"
"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. Forward-looking
statements speak only as of the date they are made and are subject
to risks that could cause them to differ materially from actual
results. Certain factors could affect the outcome of the matters
described herein. This press release may contain forward-looking
statements that involve risks and uncertainties including, but not
limited to, changes in customer demand for our products and
services, including demand by the construction markets, industrial
markets, and the metal coatings markets. We could also experience
additional increases in labor costs, components and raw materials,
including zinc and natural gas, which are used in our hot-dip
galvanizing process; supply-chain vendor delays; customer requested
delays of our products or services; delays in additional
acquisition opportunities; currency exchange rates; an increase in
our debt leverage and/or interest rates on our debt, of which a
significant portion is tied to variable interest rates;
availability of experienced management and employees to implement
AZZ's growth strategy; a downturn in market conditions in any
industry relating to the products we inventory or sell or the
services that we provide; economic volatility, including a
prolonged economic downturn or macroeconomic conditions such as
inflation or changes in the political stability in the United States and other foreign markets in
which we operate; acts of war or terrorism inside the United States or abroad; and other changes
in economic and financial conditions. AZZ has provided
additional information regarding risks associated with the
business, in Part I, Item 1A. Risk Factors, in AZZ's Annual Report
on Form 10-K for the fiscal year ended February 28, 2023, and
other filings with the Securities and Exchange Commission ("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.
Company Contact:
David Nark, Senior Vice
President of Marketing, Communications and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com
Investor Contact:
Sandy
Martin / Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com
---Financial tables on the following
page---
AZZ
Inc.
|
Condensed
Consolidated Statements of Income
|
(dollars in thousands,
except per share data)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended
February 28,
|
|
Year Ended February
28,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales
|
|
$
336,504
|
|
$
130,140
|
|
$
1,323,649
|
|
$
525,598
|
Cost of
sales
|
|
275,251
|
|
93,873
|
|
1,027,706
|
|
379,445
|
Gross margin
|
|
61,253
|
|
36,267
|
|
295,943
|
|
146,153
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
25,058
|
|
19,233
|
|
122,305
|
|
66,934
|
Operating income
(loss)
|
|
36,195
|
|
17,034
|
|
173,638
|
|
79,219
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
27,061
|
|
1,345
|
|
88,800
|
|
6,363
|
Equity in (earnings)
loss of unconsolidated subsidiaries
|
|
(1,591)
|
|
—
|
|
(2,597)
|
|
|
Other (income) expense,
net
|
|
(658)
|
|
(69)
|
|
(1,240)
|
|
(175)
|
Income from continuing
operations before income taxes
|
|
11,383
|
|
15,758
|
|
88,675
|
|
73,031
|
Income tax expense
(benefit)
|
|
3,956
|
|
4,436
|
|
22,336
|
|
23,214
|
Net income from
continuing operations
|
|
7,427
|
|
11,322
|
|
66,339
|
|
49,817
|
Income (loss) from
discontinued operations, net of tax
|
|
(4,356)
|
|
10,301
|
|
12,770
|
|
34,205
|
Loss on disposal of
discontinued operations, net of tax
|
|
(2,010)
|
|
—
|
|
(132,083)
|
|
—
|
Net income (loss) from
discontinued operations
|
|
(6,366)
|
|
10,301
|
|
(119,313)
|
|
34,205
|
Net income
(loss)
|
|
1,061
|
|
21,623
|
|
(52,974)
|
|
84,022
|
Dividends on preferred
stock
|
|
(3,600)
|
|
—
|
|
(8,240)
|
|
|
Net income (loss)
available to common shareholders
|
|
$
(2,539)
|
|
$
21,623
|
|
$
(61,214)
|
|
$
84,022
|
Basic earnings (loss)
per share
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share from continuing operations
|
|
$
0.15
|
|
$
0.46
|
|
$
2.34
|
|
$
2.00
|
Earnings (loss) per
common share from discontinued operations
|
|
$
(0.26)
|
|
$
0.42
|
|
$
(4.81)
|
|
$
1.38
|
Earnings (loss) per
common share
|
|
$
(0.10)
|
|
$
0.88
|
|
$
(2.47)
|
|
$
3.38
|
Diluted earnings (loss)
per share
|
|
|
|
|
|
|
|
|
Earnings (loss) per
common share from continuing operations
|
|
$
0.15
|
|
$
0.45
|
|
$
2.33
|
|
$
1.99
|
Earnings (loss) per
common share from discontinued operations
|
|
$
(0.25)
|
|
$
0.41
|
|
$
(4.78)
|
|
$
1.36
|
Earnings (loss) per
common share
|
|
$
(0.10)
|
|
$
0.87
|
|
$
(2.45)
|
|
$
3.35
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
25,013
|
|
24,918
|
|
24,978
|
|
25,077
|
AZZ
Inc.
|
Segment
Reporting
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended
February 28,
|
|
Year Ended February
28,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
(In
thousands)
|
|
(In
thousands)
|
Sales:
|
|
|
|
|
|
|
|
|
Metal
Coatings
|
|
$
149,415
|
|
$
130,140
|
|
$
636,982
|
|
$
525,598
|
Precoat
Metals
|
|
187,089
|
|
—
|
|
686,667
|
|
—
|
Total sales
|
|
$
336,504
|
|
$
130,140
|
|
$
1,323,649
|
|
$
525,598
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(1)
|
|
|
|
|
|
|
|
|
Metal
Coatings
|
|
$
40,311
|
|
$
39,803
|
|
$
188,909
|
|
$
159,211
|
Precoat
Metals
|
|
25,904
|
|
—
|
|
119,708
|
|
—
|
Total Segment Adjusted
EBITDA
|
|
$
66,215
|
|
$
39,803
|
|
$
308,617
|
|
$
159,211
|
|
|
|
|
|
|
|
|
|
(1) See the
Non-GAAP disclosure section below for a reconciliation between the
various measures calculated in accordance with GAAP to the Adjusted
Earnings Measures.
|
AZZ
Inc.
|
Condensed
Consolidated Balance Sheets
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
February 28,
2023
|
|
February 28,
2022
|
Assets:
|
|
|
|
|
Current
assets
|
|
$
417,416
|
|
$
184,869
|
Property, plant and
equipment, net
|
|
498,503
|
|
193,358
|
Other assets,
net
|
|
1,305,560
|
|
246,924
|
Assets of discontinued
operations
|
|
—
|
|
507,876
|
Total assets
|
|
$
2,221,479
|
|
$
1,133,027
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
Current
liabilities
|
|
$
187,240
|
|
$
62,248
|
Long-term debt,
net
|
|
1,058,120
|
|
226,484
|
Other
liabilities
|
|
122,659
|
|
64,440
|
Liabilities of
discontinued operations
|
|
—
|
|
112,490
|
Shareholders'
Equity
|
|
853,460
|
|
667,365
|
Total liabilities and
shareholders' equity
|
|
$
2,221,479
|
|
$
1,133,027
|
|
AZZ
Inc.
|
Condensed
Consolidated Statements of Cash Flows
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
Year
Ended
|
|
|
February 28,
2023
|
|
February 28,
2022
|
Net cash provided by
operating activities of continuing operations
|
|
$
91,430
|
|
$
60,598
|
Net cash used in
investing activities of continuing operations
|
|
(1,228,921)
|
|
(82,143)
|
Net cash provided by
financing activities of continuing operations
|
|
1,027,335
|
|
912
|
Cash provided by
discontinued operations
|
|
97,389
|
|
20,720
|
Effect of exchange rate
changes on cash
|
|
505
|
|
158
|
Net increase (decrease)
in cash and cash equivalents
|
|
(12,262)
|
|
245
|
Cash and cash
equivalents at beginning of period
|
|
15,082
|
|
14,837
|
Less: Cash and cash
equivalents from discontinued operations at end of year
|
|
—
|
|
(3,000)
|
Cash and cash
equivalents from continuing operations at end of period
|
|
$
2,820
|
|
$
12,082
|
AZZ
Inc.
|
Non-GAAP
Disclosure
|
Adjusted Earnings,
Adjusted Earnings Per Share and Adjusted EBITDA
|
|
In addition to
reporting financial results in accordance with Generally Accepted
Accounting Principles in the United States ("GAAP"), we provided
adjusted earnings and adjusted earnings per share, (collectively,
the "Adjusted Earnings Measures"), which are non-GAAP measures.
Management believes that the presentation of these measures
provides investors with greater transparency when comparing
operating results across a broad spectrum of companies, which
provides a more complete understanding of our financial
performance, competitive position and prospects for future capital
investment and debt reduction. Management also believes that
investors regularly rely on non-GAAP financial measures, such as
adjusted earnings and adjusted earnings per share, to assess
operating performance and that such measures may highlight trends
in our business that may not otherwise be apparent when relying on
financial measures calculated in accordance with GAAP.
|
|
Management also
provides Adjusted EBITDA, which is a non-GAAP measure. Management
defines Adjusted EBITDA as earnings excluding depreciation,
amortization, interest, provision for income taxes and acquisition
and transaction-related expenses. Management believes Adjusted
EBITDA is used by investors to analyze operating performance and
evaluate the Company's ability to incur and service debt and its
capacity for making capital expenditures in the future. Adjusted
EBITDA is also useful to investors to help assess the Company's
estimated enterprise value. In addition, management believes that
the adjustments shown below are useful to investors in order to
allow them to compare the Company's financial results during the
periods shown without the effect of each of these
adjustments.
|
|
Management provides
non-GAAP financial measures for informational purposes and to
enhance understanding of the Company's GAAP consolidated financial
statements. Readers should consider these measures in addition to,
but not instead of or superior to, the Company's financial
statements prepared in accordance with GAAP. These non-GAAP
financial measures may be determined or calculated differently by
other companies, limiting the usefulness of those measures for
comparative purposes.
|
|
The following tables
provides a reconciliation for the three and twelve months ended
February 28, 2023 and 2022 between the various measures
calculated in accordance with GAAP to the Adjusted Earnings
Measures, which are shown net of tax (dollars in thousands, except
per share data):
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
February 28,
2023
|
|
February 28,
2023
|
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Amount
|
|
Per
Diluted
Share(1)
|
Net income from
continuing operations
|
|
$
7,427
|
|
|
|
$
66,339
|
|
|
Less: Series A
Preferred Stock dividends
|
|
(3,600)
|
|
|
|
(8,240)
|
|
|
Net income (loss) from
continuing operations available to common shareholders
|
|
3,827
|
|
$
0.15
|
|
58,099
|
|
$
2.33
|
Adjustments:
|
|
|
|
|
|
|
|
|
Acquisition and
transaction-related expenditures(2)
|
|
—
|
|
—
|
|
15,320
|
|
0.61
|
Amortization of
intangible assets
|
|
4,998
|
|
0.20
|
|
22,613
|
|
0.91
|
Subtotal
|
|
4,998
|
|
0.20
|
|
37,933
|
|
1.51
|
Tax
impact(3)
|
|
(1,200)
|
|
(0.05)
|
|
(9,104)
|
|
(0.36)
|
Total
adjustments
|
|
3,798
|
|
0.15
|
|
28,829
|
|
1.15
|
Adjusted earnings and
adjusted earnings per share from continuing
operations(4)
|
|
$
7,625
|
|
$
0.30
|
|
$
86,928
|
|
$
3.48
|
|
|
|
|
|
|
|
|
|
(1) Earnings
per share amounts included in the table above may not sum due to
rounding differences.
|
(2) Includes
Corporate expenses related to the Precoat Metals acquisition, as
well as the divestiture of AZZ Infrastructure Solutions business
into the AIS JV.
|
(3)
The non-GAAP effective tax rates for the three months ended
February 28, 2023 and full year fiscal 2023 were 24.0% and 24.0%,
respectively.
|
(4) Adjusted
earnings from continuing operations includes $1.6 million and $2.6
million of equity in earnings for the three months ended February
28, 2023 and full year fiscal 2023, respectively.
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
February 28,
2022
|
|
February 28,
2022
|
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Amount
|
|
Per
Diluted
Share(1)
|
Net income (loss) from
continuing operations available to common shareholders
|
|
11,322
|
|
$
0.45
|
|
49,817
|
|
$
1.99
|
Adjustments:
|
|
|
|
|
|
|
|
|
Acquisition and
transaction-related expenditures(2)
|
|
1,554
|
|
0.06
|
|
1,554
|
|
0.06
|
Amortization of
intangible assets
|
|
1,662
|
|
0.07
|
|
6,658
|
|
0.27
|
Subtotal
|
|
3,216
|
|
0.13
|
|
8,212
|
|
0.33
|
Tax
impact(3)
|
|
(708)
|
|
(0.03)
|
|
(1,881)
|
|
(0.08)
|
Total
adjustments
|
|
2,508
|
|
0.10
|
|
6,331
|
|
0.25
|
Adjusted earnings and
adjusted earnings per share from continuing operations
|
|
$
13,830
|
|
$
0.56
|
|
$
56,148
|
|
$
2.24
|
|
|
|
|
|
|
|
|
|
(1) Earnings
per share amounts included in the table above may not sum due to
rounding differences.
|
(2) Includes
Corporate expenses related to the Precoat Metals
acquisition.
|
(3) The
non-GAAP effective tax rate for the three months ended February 28,
2022 and full year fiscal 2022 were 22.0% and 22.9%,
respectively.
|
Adjusted EBITDA
from Continuing Operations
|
|
|
Three Months ended
February 28,
|
|
Year Ended February
28,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income from
continuing operations
|
$
7,427
|
|
$
11,322
|
|
$
66,339
|
|
$
49,817
|
Interest
expense
|
27,061
|
|
1,345
|
|
88,800
|
|
6,363
|
Income tax
expense
|
3,956
|
|
4,436
|
|
22,336
|
|
23,214
|
Depreciation and
amortization
|
18,777
|
|
8,252
|
|
74,590
|
|
32,081
|
Acquisition and
transaction-related expenditures
|
—
|
|
1,554
|
|
15,320
|
|
1,554
|
Adjusted EBITDA from
continuing operations
|
$
57,221
|
|
$
26,909
|
|
$
267,385
|
|
$
113,029
|
Adjusted EBITDA
from Continuing Operations by Segment
|
|
|
Three Months ended
February 28,
|
|
Year Ended February
28,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Metal
Coatings
|
|
|
|
|
|
|
|
Operating
income
|
$
32,141
|
|
$
31,960
|
|
$
155,954
|
|
$
128,758
|
Depreciation and
amortization expense
|
8,170
|
|
7,843
|
|
32,955
|
|
30,453
|
Adjusted
EBITDA
|
$
40,311
|
|
$
39,803
|
|
$
188,909
|
|
$
159,211
|
|
|
|
|
|
|
|
|
Precoat
Metals
|
|
|
|
|
|
|
|
Operating
income
|
$
15,595
|
|
$
—
|
|
$
79,509
|
|
$
—
|
Depreciation and
amortization expense
|
10,309
|
|
—
|
|
40,199
|
|
—
|
Adjusted
EBITDA
|
$
25,904
|
|
$
—
|
|
$
119,708
|
|
$
—
|
|
|
|
|
|
|
|
|
Corporate
|
|
|
|
|
|
|
|
Operating
income
|
$
(11,541)
|
|
$
(14,926)
|
|
$
(61,825)
|
|
$
(49,539)
|
|
|
|
|
|
|
|
|
Consolidated operating
income
|
$
36,195
|
|
$
17,034
|
|
$
173,638
|
|
$
79,219
|
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SOURCE AZZ Inc.