EmailStory Stocks®
Archive
Last Update: 08-Apr-13 08:18 ET
AZZ shares little changed following beat on earnings
AZZ (AZZ) reported fourth quarter earnings of $0.50 per share, excluding non-recurring items, $0.02 better than the Capital IQ consensus of $0.48, while revenues rose 13.6% year/year to $140.4 million versus the $142.9 mln consensus. During the fourth quarter the company recorded a gain on insurance proceeds of $3.1 million resulting from a fire at the Joliet galvanizing facility. This gain was partially offset by a loss recorded as a result of the consolidation of our Wheeling galvanizing facility with our Canton, Ohio location in the amount of $1.3 million as well as a loss at our Joliet galvanizing facility for business interruption costs incurred in the amount of $1.0 mln. Backlog: Backlog at the end of our fourth quarter was $221.7 million, which includes the favorable impact of Nuclear Logistics Incorporated's acquired backlog.
Backlog at the end of the fourth quarter of fiscal year 2012 was $138.6 million. Incoming orders for the fourth quarter were $146.3 million while shipments for the quarter totaled $140.4 million, resulting in a book to ship ratio of 104%. Of the backlog of $221.7 mln, 35% is to be delivered outside of the U.S. Guidance Co issues raises guidance for FY14, sees EPS of $2.65-2.95 vs. $2.96 Capital IQ Consensus Estimate; sees FY14 revs of $825-900 mln vs. $873.29 million Capital IQ Consensus Estimate. The revised guidance reflects the acquisition of Aquilex SRO during the last eleven months of fiscal 2014. The earnings guidance reflects the accretion after the write off of ~$6 mln in one-time cost associated with the acquisition. Additionally, the guidance does not reflect any additional gains which may be realized from the insurance settlement associated with the fire loss at Joliet. Any gains will be recognized in the period in which it is received. The previously issued guidance was for revenues to be in the range of $625-660 mln and that fully diluted earnings per share to be in the rage of $2.50-2.75/share
Backlog at the end of the fourth quarter of fiscal year 2012 was $138.6 million. Incoming orders for the fourth quarter were $146.3 million while shipments for the quarter totaled $140.4 million, resulting in a book to ship ratio of 104%. Of the backlog of $221.7 mln, 35% is to be delivered outside of the U.S. Guidance Co issues raises guidance for FY14, sees EPS of $2.65-2.95 vs. $2.96 Capital IQ Consensus Estimate; sees FY14 revs of $825-900 mln vs. $873.29 million Capital IQ Consensus Estimate. The revised guidance reflects the acquisition of Aquilex SRO during the last eleven months of fiscal 2014. The earnings guidance reflects the accretion after the write off of ~$6 mln in one-time cost associated with the acquisition. Additionally, the guidance does not reflect any additional gains which may be realized from the insurance settlement associated with the fire loss at Joliet. Any gains will be recognized in the period in which it is received. The previously issued guidance was for revenues to be in the range of $625-660 mln and that fully diluted earnings per share to be in the rage of $2.50-2.75/share
