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AZZ Q2 Earnings & Revenues Miss Estimates, Backlog Up Y/Y
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AZZ Incorporated (AZZ - Free Report) posted earnings per share (EPS) of 43 cents in second-quarter fiscal 2019 (ended Aug 31, 2018), which lagged the Zacks Consensus Estimate of 45 cents by 4.44%. Nevertheless, the bottom line improved 13.1% year over year.
Total Revenues
In the quarter under review, the company delivered revenues of $222.8 million, which missed the Zacks Consensus Estimate of $231 million by 3.5%.
The top line increased 13.5% from $196.3 million in the prior-year quarter. Revenues in the Energy and Metal Coatings segments increased 9.5% and 17.4% on a year-over-year basis, respectively.
Bookings in second-quarter fiscal 2019 were $253.9 million and the book-to-revenue ratio was at 1.13.
At the end of second-quarter fiscal 2019, the company’s total backlog was $ 336 million, up 12% from $300.1 million in the year-ago quarter. Of the existing backlog, 54% will be delivered outside the United States.
Quarterly Highlights
Total operating income in the quarter inched down 1.6% to $17.1 million from the year-ago quarter’s figure.
Selling, general and administrative expenses came in at $29.7 million, up 12.8% from $26.4 million in the prior-year quarter.
Interest expenses increased 17% to $3.9 million from $3.4 million in the prior-year quarter.
Financial Highlights
Cash and cash equivalents as of Aug 31, 2018 was of $9.2 million compared with $20.8 million as of Feb 28, 2018.
Long-term debt was $295.7 million as of Aug 31, 2018 compared with $286.6 million as of Feb 28, 2018.
Net cash provided by continuing operations activities at the end of first six months of 2018 was $17.5 million, up from $2.8 million at the end of first six months of 2017.
Guidance
The company revised fiscal 2019 EPS guidance in the range to $1.90-$2.25 from $1.75- $2.25. Also, it raised sales guidance to the range to $930-$970 million from to $900-$960 million.
Eaton Corp. (ETN - Free Report) is expected to release third-quarter 2018 results on Oct 30, 2018. The Zacks Consensus Estimate for 2018 earnings moved up 2.7% to $5.36 in the past 90 days.
A. O. Smith Corp. (AOS - Free Report) is expected to release third-quarter 2018 results on Oct 30. The Zacks Consensus Estimate for 2018 earnings inched up 0.4% to $2.61 in the past 90 days.
Emerson Electric Co. (EMR - Free Report) is expected to report fourth-quarter fiscal 2018 results on Nov 6. The Zacks Consensus Estimate for 2018 earnings inched up 0.9% to $3.21 in the past 90 days.
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AZZ Q2 Earnings & Revenues Miss Estimates, Backlog Up Y/Y
AZZ Incorporated (AZZ - Free Report) posted earnings per share (EPS) of 43 cents in second-quarter fiscal 2019 (ended Aug 31, 2018), which lagged the Zacks Consensus Estimate of 45 cents by 4.44%. Nevertheless, the bottom line improved 13.1% year over year.
Total Revenues
In the quarter under review, the company delivered revenues of $222.8 million, which missed the Zacks Consensus Estimate of $231 million by 3.5%.
The top line increased 13.5% from $196.3 million in the prior-year quarter. Revenues in the Energy and Metal Coatings segments increased 9.5% and 17.4% on a year-over-year basis, respectively.
AZZ Inc. Price, Consensus and EPS Surprise
AZZ Inc. Price, Consensus and EPS Surprise | AZZ Inc. Quote
Backlogs & Booking
Bookings in second-quarter fiscal 2019 were $253.9 million and the book-to-revenue ratio was at 1.13.
At the end of second-quarter fiscal 2019, the company’s total backlog was $ 336 million, up 12% from $300.1 million in the year-ago quarter. Of the existing backlog, 54% will be delivered outside the United States.
Quarterly Highlights
Total operating income in the quarter inched down 1.6% to $17.1 million from the year-ago quarter’s figure.
Selling, general and administrative expenses came in at $29.7 million, up 12.8% from $26.4 million in the prior-year quarter.
Interest expenses increased 17% to $3.9 million from $3.4 million in the prior-year quarter.
Financial Highlights
Cash and cash equivalents as of Aug 31, 2018 was of $9.2 million compared with $20.8 million as of Feb 28, 2018.
Long-term debt was $295.7 million as of Aug 31, 2018 compared with $286.6 million as of Feb 28, 2018.
Net cash provided by continuing operations activities at the end of first six months of 2018 was $17.5 million, up from $2.8 million at the end of first six months of 2017.
Guidance
The company revised fiscal 2019 EPS guidance in the range to $1.90-$2.25 from $1.75- $2.25. Also, it raised sales guidance to the range to $930-$970 million from to $900-$960 million.
Zacks Rank
AZZ currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Manufacturing Electronics Releases
Eaton Corp. (ETN - Free Report) is expected to release third-quarter 2018 results on Oct 30, 2018. The Zacks Consensus Estimate for 2018 earnings moved up 2.7% to $5.36 in the past 90 days.
A. O. Smith Corp. (AOS - Free Report) is expected to release third-quarter 2018 results on Oct 30. The Zacks Consensus Estimate for 2018 earnings inched up 0.4% to $2.61 in the past 90 days.
Emerson Electric Co. (EMR - Free Report) is expected to report fourth-quarter fiscal 2018 results on Nov 6. The Zacks Consensus Estimate for 2018 earnings inched up 0.9% to $3.21 in the past 90 days.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>