CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

AZZ shares up on fiscal Q2 earnings, full-year guidance

By Robert Davis

16:28, 12 October 2021

Worker power coating a pipeline
AZZ shares up on fiscal Q2 earnings - Photo: Shutterstock

Shares of AZZ were up nearly 5% to $56.75 during Tuesday’s early trading window after the company reported its fiscal second-quarter 2022 earnings and adjusted its full-year guidance.

The move is the equipment manufacturer’s largest single-day increase since late August. Shares are up more than 8% on the month and more than 21% year to date.

Earnings details

The Fort Worth, Texas-based company said its sales increased to $216.4m (£159.3m) in the second quarter, a 6.4% increase from a year ago.

Sales for AZZ’s metal coatings segment increased by 10.7%, accounting for $129.6m in the quarter. The company’s infrastructure segment brought in sales of $86.9m, a 0.6% increase from the prior-year period.

The company reported net income of $19m and EPS of $0.76 compared with a net loss of $1.8m and a loss per share of $0.07 a year ago.   

In the fiscal second quarter of 2022, the company declared a cash dividend of $0.17 per share of common stock and repurchased more than $15m of its own shares. AZZ has repurchased more than 416,000 shares to date, totalling $21.2m.

US100

14,349.10 Price
-0.130% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 1.8

BTC/USD

27,766.20 Price
+0.180% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00

Oil - Crude

72.23 Price
-1.190% 1D Chg, %
Long position overnight fee -0.0146%
Short position overnight fee -0.0073%
Overnight fee time 21:00 (UTC)
Spread 0.03

Gold

1,936.10 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0184%
Short position overnight fee 0.0102%
Overnight fee time 21:00 (UTC)
Spread 0.30

“The strength of our businesses coupled with our teams executing at a high level are key drivers for our growth and improving profitability across all segments,” CEO Tom Ferguson said.

Guidance

The company now anticipates its full-year sales to be between $865m-$925m compared with its previous guidance of $855m-$935m.

AZZ also expects EPS in a range of $2.90-$3.20 compared with the $2.65-$3.05 range it previously announced.

The underlining fundamentals of our business remain strong, providing us the foundation to aggressively pursue growth opportunities that fit our strategic plan,” Ferguson said.

Read more: Industrial profit growth slows again in China

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 530.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading