AZZ Inc. (AZZ - Free Report) reported earnings per share of 84 cents in third-quarter fiscal 2020 (ended Nov 30, 2019), which is in line with the Zacks Consensus Estimate. Moreover, the bottom line improved significantly from the year-ago quarter’s earnings of 59 cents by 42.4%.
Total Revenues
In the quarter under review, the company reported revenues of $291.1 million that surpassed the Zacks Consensus Estimate of $276 million by 5.5%.
Driven by strength in its reportable segments, the top line increased 21.6% from $239.5 million registered in the prior-year quarter. Revenues from the Energy and Metal Coatings segments increased 20.2% and 22.7% year over year, respectively.
Backlog & Bookings
Bookings in third-quarter fiscal 2020 were up 24.8% year over year to $263.7 million.
At the end of fiscal third quarter, the company’s total backlog was $274.5 million, down 10.8% from $307.8 million in the year-ago quarter. Of the existing backlog, 36% will be delivered outside the United States.
Quarterly Highlights
Total operating income in the quarter increased 47% to $33.4 million from the year-ago figure of $22.7 million.
Selling, general and administrative expenses came in at $34 million, up from $27 million in the prior-year quarter.
Interest expenses fell 10.8% to $3.3 million from $3.7 million in the prior-year quarter.
Financial Highlights
Cash and cash equivalents as of Nov 30, 2019 amounted to $14.3 million compared with $17.4 million in the year-ago period.
Long-term debt (net) was $254.8 million as of Nov 30, 2019 compared with $240.7 million on Feb 28, 2019.
Net cash used in operating activities at the end of first nine months of 2019 was $72 million compared with $58.1 million in the corresponding period of 2018.
Guidance
The company reaffirmed its fiscal 2020 earnings per share guidance in the range of $2.60-$2.90, whose midpoint of $2.75 is lower than the Zacks Consensus Estimate of $2.79 for fiscal 2020. It expects revenues guidance in the range of $1,020-$1,060 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.
Other Releases
Eaton Corporation (ETN - Free Report) reported third-quarter 2019 earnings of $1.52 per share, which surpassed the Zacks Consensus Estimate by a penny.
Regal Beloit Corporation (RBC - Free Report) delivered better-than-expected results for the third quarter of 2019, with earnings surpassing estimates by 1.5%.
Emerson Electric Co’s (EMR - Free Report) fourth-quarter fiscal 2019 (ended Sep 30, 2019) earnings of $1.07 per share were in line with the Zacks Consensus Estimate.
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AZZ Inc. (AZZ - Free Report) reported earnings per share of 84 cents in third-quarter fiscal 2020 (ended Nov 30, 2019), which is in line with the Zacks Consensus Estimate. Moreover, the bottom line improved significantly from the year-ago quarter’s earnings of 59 cents by 42.4%.
Total Revenues
In the quarter under review, the company reported revenues of $291.1 million that surpassed the Zacks Consensus Estimate of $276 million by 5.5%.
Driven by strength in its reportable segments, the top line increased 21.6% from $239.5 million registered in the prior-year quarter. Revenues from the Energy and Metal Coatings segments increased 20.2% and 22.7% year over year, respectively.
Backlog & Bookings
Bookings in third-quarter fiscal 2020 were up 24.8% year over year to $263.7 million.
At the end of fiscal third quarter, the company’s total backlog was $274.5 million, down 10.8% from $307.8 million in the year-ago quarter. Of the existing backlog, 36% will be delivered outside the United States.
Quarterly Highlights
Total operating income in the quarter increased 47% to $33.4 million from the year-ago figure of $22.7 million.
Selling, general and administrative expenses came in at $34 million, up from $27 million in the prior-year quarter.
Interest expenses fell 10.8% to $3.3 million from $3.7 million in the prior-year quarter.
Financial Highlights
Cash and cash equivalents as of Nov 30, 2019 amounted to $14.3 million compared with $17.4 million in the year-ago period.
Long-term debt (net) was $254.8 million as of Nov 30, 2019 compared with $240.7 million on Feb 28, 2019.
Net cash used in operating activities at the end of first nine months of 2019 was $72 million compared with $58.1 million in the corresponding period of 2018.
Guidance
The company reaffirmed its fiscal 2020 earnings per share guidance in the range of $2.60-$2.90, whose midpoint of $2.75 is lower than the Zacks Consensus Estimate of $2.79 for fiscal 2020. It expects revenues guidance in the range of $1,020-$1,060 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.
Other Releases
Eaton Corporation (ETN - Free Report) reported third-quarter 2019 earnings of $1.52 per share, which surpassed the Zacks Consensus Estimate by a penny.
Regal Beloit Corporation (RBC - Free Report) delivered better-than-expected results for the third quarter of 2019, with earnings surpassing estimates by 1.5%.
Emerson Electric Co’s (EMR - Free Report) fourth-quarter fiscal 2019 (ended Sep 30, 2019) earnings of $1.07 per share were in line with the Zacks Consensus Estimate.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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