Electrical equipment manufacturer AZZ Incorporated (AZZ - Free Report) posted earnings per share of 55 cents in the second quarter of fiscal 2017 (ended Aug 31, 2016), missing the Zacks Consensus Estimate by 21.4%.
Quarterly earnings were also down 17.9% from 67 cents per share reported in the year-ago period.
The year-over-year decrease in earnings was due to lower operating income from the Energy and Galvanizing segments.
AZZ reported second-quarter fiscal 2017 revenues of $195 million, lagging the Zacks Consensus Estimate of $222 million by 11.9%. Moreover, quarterly revenues dropped 8.6% from $214.2 million reported last year.
Lower contributions from the Galvanizing and Energy segments led to the decline in the top line.
Fiscal Second-Quarter Highlights
The company’s backlog at the end of the quarter was $352.8 million, up 4.3% from $338.1 million a year ago. Nearly 27% of the backlog is related to customers outside the U.S.
Second-quarter order booking of $193.7 million was down 17% from $233.5 million booked in the comparable prior-year period.
Operating income stood at $14.9 million, down 43.6% from $26.4 million in the prior-year quarter.
Selling, general and administrative expenses came in at $26.9 million, almost on par with the year-ago quarter.
Interest expenses for the fiscal second quarter declined to $3.6 million from $4 million reported in the prior-year period.
Other Key Picks
Investors interested in this space may also consider EnerSys (ENS - Free Report) , Schneider Electric SE (SBGSY - Free Report) and AO Smith Corp. (AOS - Free Report) .
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