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 position."
Meanwhile, the company announced it had acquired Dartmouth, Nova Scotia-based G3 Galvanizing Ltd.
"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.