By AZZ Inc., a leading provider of galvanizing and metal coating solutions, saw significant growth in sales during the latest quarter. Boosted by its precoat metals business, the company nearly doubled its sales compared to the same period last year.
Impressive Financial Results
For the fiscal first quarter, which ended on May 31, AZZ Inc. reported a net profit of $28.5 million, or 98 cents per share. This is an increase from $24.1 million, or 96 cents per share, in the previous year. After excluding one-time items, the company’s earnings per share stood at $1.14, slightly below the analysts’ forecast of $1.16.
Strong Sales Performance
AZZ Inc.’s sales soared by 89% to reach $390.9 million in the first quarter. Although this fell slightly short of analysts’ expectations of $396.7 million, it still signifies an impressive growth for the company. Within their product lines, sales of precoat metals saw a remarkable increase of 19% to reach $222.1 million, while sales of metal coating experienced a steady rise of 3.3% to reach $168.8 million.
Maintaining Guidance for the Future
In addition to their strong financial performance, AZZ Inc. announced that they would be maintaining their fiscal 2024 guidance. This indicates the company’s confidence in sustaining their growth and continuing their success in the coming years.
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