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AZZ 3Q Profit Rises As Rev Jump 29 Pct, Buys G3 Galvanizing

 January 09, 2013 07:16 AM

(By Balachander) AZZ Inc. (NYSE: AZZ) posted a rise in quarterly profit driven by 29 percent jump in revenue and the maker of electrical equipment said it has acquired G3 Galvanizing. The company also updated its guidance for the full year.

Earnings were $15.36 million or $0.60 per share for the third quarter, up from $10.02 million or $0.39 per share in the year-ago quarter. Net sales rose to $149.6 million.

Wall Street analysts, on average, expected earnings of $0.57 per share on revenue of $152.92 million.

Backlog at the end of the company's third quarter was $215.8 million, of which AZZ expects to deliver 29 percent outside of the U.S.

[Related -AZZ Incorporated (AZZ): Fundamental Stock Research Analysis]

Looking ahead for fiscal 2013, the company now expects earnings per share in the range of $2.35 to $2.45 from prior expectations of $2.25 to $2.40. Revenue is now projected to be between $575 million and $585 million from $575 million to $600 million projected earlier. Analysts expect earnings of $2.25 per share on revenue of $587 million.

The company said the guidance reflects the two-for-one-stock split effective July 30, 2012.

AZZ said the purchase of G3 Galvanizing, a galvanizing operation in Halifax, Nova Scotia, is part of its strategy to continue the geographic expansion of its served markets.

AZZ closed Tuesday's regular trading session at $39.81. The stock has been trading in the 52-week range between $22.51 and $40.66.

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