NEW YORK AZZ
Inc.s net income and sales edged up in its fiscal second
quarter, buoyed by its electrical and industrial products and
services segment and acquisitions made since summer 2012.
The Fort Worth,
Texas-based galvanizer and electronics maker reported net
income of $16.4 million for the quarter ended Aug. 31, up 3.1
percent from $15.9 million in the same period last year, on
sales that increased 23.7 percent to $190 million.
higher earnings were led by its electrical and industrial
products and services segment, which recorded $104.1 million in
net sales for the fiscal second quarter, up 56.5 percent from
$66.5 million year on year. The companys latest
acquisitionsindustrial maintenance company Aquilex
Specialty Repair & Overhaul LLC and nuclear industry
equipment company Nuclear Logistics Inc.contributed $55.6
million in revenue, the company reported Sept. 27.
service segment recorded sales of $85.6 million for the
quarter, down 1.4 percent from $86.9 million in the same period
last year. The company cited an April 2012 fire at its hot-dip
galvanizing facility in Joliet, Ill., for the drop, which will
be offset with insurance proceeds when the claim is settled,
AZZ said. The Joliet facility is expected
to reopen in October.
"Despite the continued
sluggish economic conditions in our served markets, combined
with significant project delays, we anticipate that the net
earnings for fiscal 2014 will reflect an improvement over
fiscal 2013," AZZ president and chief executive officer David
H. Dingus said in a statement. He added that the company has
gained market share in the power generation, oil and gas, and
industrial markets with its acquisitions.
"Our businesses are
well positioned to capture a meaningful share of this spending,
which we expect to occur in fiscal 2015," he said.