AZZ incorporated Reports Results for the First Quarter of Fiscal Year 2013
AZZ (NYSE: AZZ) announced Thursday unaudited financial results for the first quarter ended May 31, 2012. Revenues for the first quarter were $127.1 million compared to $114.3 million for the same quarter last year, an increase of 11 percent. Net income for the quarter was $16 million, or $1.26 per diluted share, compared to net income of $9.5 million, or $0.75 per diluted share, in last year's first fiscal quarter.
The net income and earnings per diluted share for the first quarter reflect a pre-tax gain related to a partial insurance settlement for assets destroyed in a recent fire at one of the Company's galvanizing facilities. Based on preliminary estimate of the damage sustained at this facility, a pre-tax asset impairment charge of approximately $4 million was recorded during the first quarter of FY 2013, which was reduced by $10 million in insurance proceeds received under our property and casualty insurance policy, resulting in a $6 million gain. While we expect to receive substantial additional insurance proceeds under the policy in the future, the ultimate amount that we collect has not yet been determined. Any future recoveries under this policy will be recognized in the period in which proceeds are approved by our insurance carrier. In addition, the company booked $.6 million of expense associated with the acquisition of Nuclear Logistics, Incorporated ("NLI") during the first quarter. Pro forma earnings per diluted share exclusive of these non operational income and expense items were $1.02, a 36 percent gain over the same period last year.
Backlog at the end of the first quarter of fiscal year 2013 was $136.1 million. Backlog at the end of the first quarter of FY 2012 was $114.7 million and $138.6 million at February 29, 2012. Incoming orders for the first quarter were $124.6 million while shipments for the quarter totaled $127.1 million, resulting in a book to ship ratio of 98 percent.
Revenues for the Electrical and Industrial Products Segment for the first quarter of FY 2013 were $44.7 million as compared to $48.3 million for the same quarter last year, a decrease of 7 percent. Operating income for the segment decreased 8 percent to $6.8 million compared to $7.4 million in the same period last year. Operating margins were 15 percent for each of the three month periods ended May 31, 2012 and 2011. Revenues for the Company's Galvanizing Service Segment for the first quarter of fiscal year 2013 were $82.5 million, compared to the $66.1 million in the same period last year, an increase of 25 percent. Operating income was $22.6 million as compared to $17.1 million in the prior period, an increase of 32 percent. Operating margins for the first quarter were 27 percent compared to 26 percent in the same quarter last year.
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