AZZ Inc. (AZZ) Q1 Earnings Miss, Revenues Meet, View Same

Electrical equipment manufacturer AZZ Incorporated (NYSE:AZZ) posted earnings per share of 81 cents in the first quarter of fiscal 2017 (ended May 31, 2016), missing the Zacks Consensus Estimate by 2.4%.

Quarterly earnings were up 5.2% from 77 cents per share reported in the year-ago period.

The year-over-year increase in earnings was due to higher operating income from the Energy and Galvanizing segments.

Total Revenues

AZZ reported first quarter fiscal 2017 revenues of $243 million, on par with the Zacks Consensus Estimate. Quarterly revenues, however, climbed 6.1% from $229 million reported last year.

Higher contributions from the Galvanizing segment helped in boosting the top line.

Fiscal First Quarter Highlights

The company’s backlog at the end of the quarter was $354.2 million, up 11% from $318.9 million a year ago. Nearly 25% of the backlog is expected to be delivered to its customers outside the U.S.

Order booking of $250.5 million was 16.4% higher than $215.2 million booked in the comparable prior-year period.

Interest expenses for the fiscal first quarter slightly increased to $3.9 million from $3.8 million reported in the prior-year period.

Guidance for Fiscal 2017

The company reaffirmed its earnings per share expectation for fiscal 2017 of $3.15 to $3.45.

The company also reiterated its revenue guidance range for fiscal 2017 of $930 million to $970 million.

Upcoming Peer Releases

EnerSys (NYSE:ENS) is expected to report second-quarter earnings on Aug 3, 2016. The Zacks Consensus Estimate stands at $1.10.

Alamo Group, Inc. (NYSE:ALG) is expected to report second-quarter earnings on Aug 3, 2016. The Zacks Consensus Estimate stands at $1.01.

SPX FLOW, Inc. (NYSE:FLOW) is expected to report second-quarter earnings on Aug 3, 2016. The Zacks Consensus Estimate stands at 43 cents.

Zacks Rank

AZZ Incorporated currently has a Zacks Rank #2 (Buy).

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