NEW YORK Galvanizer and electrical products maker AZZ Inc.s net income saw a 48.4-percent boost in fiscal 2013 on higher sales and insurance proceeds related to a fire at its hot-dip galvanizing facility in Joliet, Ill.
The Fort Worth, Texas-based company posted net income of $60.46 million for the year ended Feb. 28 vs. $40.74 million in the same period a year earlier on sales that climbed 21.6 percent to $570.59 million.
Fiscal fourth-quarter net income increased 13.7 percent to $13.23 million from $11.64 million a year earlier as sales rose 13.6 percent to $140.39 million.
The company received a $3.1-million insurance payment following an April 2012 fire that destroyed its Joliet facility (amm.com, April 30, 2012), which was partially offset by costs related to the consolidation of its Wheeling, W.Va., galvanizing facility with its Canton, Ohio location, as well as losses due to the interruption of business at Joliet.
"We are extremely proud of our accomplishments for the year, both strategically and operationally," David Dingus, president and chief executive officer of AZZ, said in a statement, noting that fiscal 2013 was the companys 26th consecutive year of profitability. "We believe AZZ is well positioned for the future, with a balanced portfolio of products and services as well as a strong balance sheet with superior earnings potential."