UPDATE: AZZ Posts Downbeat Q2 Profit; Lowers Full-Year View
AZZ (NYSE: AZZ) reported a 3.1% rise in its fiscal second-quarter earnings and cut its full-year view.
AZZ now expects full-year profit of $2.45 to $2.65 per share on revenue of $780 million to $810 million. The company had earlier expected a profit of $2.65 to $2.95 per share on revenue of $825 million to $900 million.
AZZ's quarterly profit surged to $16.4 million, or $0.64 per share, from $15.9 million, or $0.62 per share, in the year-ago period. Excluding one-time items, its earnings declined to $0.57 per share from $0.65 per share.
Its sales climbed 24% to $189.8 million. The company had earlier expected earnings of $0.60 to $0.70 per share on revenue of $195 million to $210 million.
AZZ shares closed at $43.11 yesterday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.