NEW YORK AZZ Inc.s
zinc galvanizing segment posted sharply higher results in its
fiscal third quarter.
The Fort Worth, Texas-based
companys galvanizing division posted sales of $89.25
million for the three months ended Nov. 30, up 22.9 percent
from $72.64 million in the same period a year earlier,
generating operating earnings of $24.45 million, a 31.8-percent
increase from $18.56 million in the same comparison.
The companys electrical
and industrial products segment posted quarterly sales of
$60.42 million, 37.8 percent higher than $43.85 million a year
earlier, and operating earnings of $8.95 million, a
56.5-percent jump from $5.72 million.
The companys overall sales
in its fiscal third quarter totaled $149.68 million, a
28.5-percent jump from $116.49 million a year earlier, and net
income climbed 53.3 percent to $15.36 million from $10.02
million. Nine-month sales of $430.2 million were up 24.5
percent from $345.49 million and net income soared 62.3 percent
to $47.22 million from $29.09 million.
"The third quarter and first
nine months of fiscal 2013 reflect favorable year-over-year
growth in both segments and effective identification and
execution of our opportunities in a market environment of
continued economic and regulatory uncertainty," AZZ president
and chief executive officer David H. Dingus said in a
statement. "We continue our effort to identify product and
market expansion opportunities to further enhance our strategic
Meanwhile, the company announced
it had acquired Dartmouth, Nova Scotia-based G3 Galvanizing
"This acquisition is part of the
stated AZZ strategy to continue the geographic expansion of its
served markets that should provide a basis for continued growth
of the galvanizing services segment of AZZ," the company said.
"G3, while relatively small in terms of production and revenue,
has a rich heritage of providing superior level of service and
support to the customers in (the) Canadian Maritimes."
G3s management has agreed to remain with the company.
AZZ said the acquisition is
expected to be accretive in the first year of operation.