By Will Feuer
AZZ posted higher sales for its fiscal third quarter, lifted by spending on new infrastructure projects, the reshoring of manufacturing and other trends that are powering demand for metal coatings.
The Fort Worth, Texas, company, which provides hot-dip galvanizing and coil-coating solutions, reported fiscal third-quarter profit of $26.9 million, or 92 cents a share, for the three months ended Nov. 30, compared with a loss of $20.5 million, or 97 cents a share, in the same period last year.
Stripping out one-time items, including amortization, adjusted earnings were $1.19 a share. Analysts surveyed by FactSet were expecting $1.00 a share.
Revenue rose more than 2% to $381.6 million. Analysts expected $374.7 million, according to FactSet. Metal-coatings sales rose by more than 3% while precoat-metals sales rose by nearly 2% on an organic basis.
Chief Executive Tom Ferguson said the company is benefiting from nonbuilding construction on infrastructure and renewables projects, reshoring of manufacturing and “continued migration to more environmentally friendly pre-painted steel and aluminum.”
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