UPDATE: AZZ Posts 9% Drop In FQ1 Profit, Issues Weak FQ2 Forecast

AZZ AZZ reported a 9% drop in its fiscal first-quarter earnings. AZZ expects current-quarter earnings of $0.60 to $0.70 per share on revenue of $195 million to $210 million. However, analysts project earnings of $0.79 per share on revenue of $230 million. AZZ's quarterly profit fell to $14.5 million, or $0.57 per share, from $16 million, or $0.63 per share, in the year-ago period. Excluding one-time items, its adjusted earnings climbed to $0.56 from $0.51 per share. Its sales rose 44% to $183.2 million. However, analysts were expecting earnings of $0.63 per share on revenue of $197 million. AZZ's operating margin narrowed to 12.8% from 19.7%. AZZ shares closed at $43.10 yesterday.