AZZ Rallying on Strong Earning and Guidance
AZZ (NYSE: AZZ) is trading higher on the session following its Q1 earnings announcement last night. The company reported an EPS of $1.26 vs $0.81 estimates and revenues of $127.1 million vs $124.36 million estimates. AZZ also announced a 2-for-1 stock split and FY 2013 EPS guidance of $4.10-4.30 vs $3.74 estimates.
David H. Dingus, president and chief executive officer of AZZ incorporated, commented, "The operating results for the Electrical and Industrial Segment were as anticipated and internally forecasted. We continue to face market conditions where customers are hesitant to proceed with many capital expenditure programs. We are excited about the positive contribution that the NLI acquisition will make to the Company and the Electrical and Industrial Segment effective June 1, 2012. The Galvanizing Segment had another outstanding quarter, exceeding our internal expectations."
AZZ is currently trading at $58.40, a gain of $7.08 or 13.79%.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.