NYSE$AZZ
Azz Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported solid demand and robust cash flow generation, reducing net leverage.
AZZ Inc. reported strong third-quarter sales, driven by growth in both Metal Coatings and Precoat Metals segments. The divestiture of the Infrastructure Solutions segment was completed, resulting in EPS growth from continuing operations. The company is raising its full-year adjusted EPS guidance.
- Sales from continuing operations reached $373.3 million.
- Metal Coatings sales increased by 17.2%, and Precoat Metals sales increased by 14.8%.
- Consolidated Adjusted EPS was $0.88, while Reported Diluted EPS was $(0.97).
- Net income from continuing operations was $18.4 million, compared to $13.1 million in the prior year.
Headline financials
Revenue & EPS history
Azz · Revenue · Quarterly
$373M
Revenue by segment
Azz · $373M total across 2 segments · Q3 2023
- Precoat Metals$215M—57.6%
- Metal Coatings$158M+18.7%42.4%
Forward guidance
The company reaffirms its annual sales guidance range of $1.27 billion to $1.32 billion and raises its guidance for adjusted earnings per diluted share for fiscal year 2023 to $4.05 – $4.25.
Tailwinds
- Consistent operating performance in business segments.
- Strong performance within segments during the third quarter.
- Focus on growth strategy reinforced by market position.
- Strong underlying fundamentals of business.
- Secular growth drivers in place in key end-markets.
Headwinds
- Seasonally lower fourth quarter.
- Additional interest expense.
- Dividends on Preferred Stock.
- Impact of a normalized forward-looking tax rate.
- Potential impact of equity in earnings on investment in the AIS JV.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.7%
Avg return
Earnings day
-0.9%
Avg return
5 days after
+1.7%
Avg return
30 days after
38%
25 / 65 earnings
Positive
+19.3%
Q1 2019
Best reaction
-14.4%
Q1 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -1.3% | +4.9% | +1.6% | |
| Q3 2026 | +6.5% | +10.9% | +18.4% | |
| Q2 2026 | -5.3% | -5.3% | -5.6% | |
| Q1 2026 | +3.2% | +4.9% | +6.0% | |
| Q4 2025 | +3.1% | +9.8% | +15.4% | |
| Q3 2025 | -2.3% | -1.6% | +12.3% | |
| Q2 2025 | -4.2% | +0.6% | +4.9% | |
| Q1 2025 | +8.2% | +10.9% | -1.4% | |
| Q4 2024 | +10.9% | -4.4% | +12.3% | |
| Q3 2024 | -0.4% | +1.5% | +17.8% | |
| Q2 2024 | +6.7% | +3.5% | +1.0% | |
| Q1 2024 | +2.7% | +4.4% | +9.1% | |
| Q4 2023 | -7.2% | -4.8% | -10.9% | |
| Q3 2023 | +6.9% | +4.2% | -2.3% | |
| Q2 2023 | -0.4% | -15.0% | +1.8% | |
| Q1 2023 | -2.3% | -3.4% | +4.8% | |
| Q4 2022 | -2.2% | -5.2% | -9.5% | |
| Q3 2022 | -5.8% | -6.5% | -11.4% | |
| Q2 2022 | +2.4% | -2.5% | +2.9% | |
| Q1 2022 | +6.8% | +2.2% | +2.6% | |
| Q4 2021 | -1.5% | -1.1% | +0.2% | |
| Q3 2021 | +1.4% | -4.1% | +0.5% | |
| Q2 2021 | -4.7% | -6.5% | +0.6% | |
| Q1 2021 | -11.6% | -12.3% | +1.8% | |
| Q4 2020 | +4.6% | -4.6% | +5.5% | |
| Q3 2020 | -2.2% | -1.3% | -6.3% | |
| Q2 2020 | +18.4% | +15.9% | +17.9% | |
| Q1 2020 | +2.1% | +0.2% | -6.1% | |
| Q4 2019 | -0.7% | -5.2% | -3.9% | |
| Q3 2019 | +7.2% | +9.7% | +8.9% | |
| Q2 2019 | -9.1% | -6.1% | -1.7% | |
| Q1 2019 | +19.3% | +21.2% | +24.0% | |
| Q4 2018 | -8.4% | -6.8% | +0.8% | |
| Q3 2018 | -8.4% | -6.8% | +0.8% | |
| Q2 2018 | -5.4% | -8.0% | -5.9% | |
| Q1 2018 | -14.0% | -12.9% | -9.8% | |
| Q4 2017 | -3.5% | +3.7% | -7.7% | |
| Q3 2017 | -11.3% | -6.7% | -8.3% | |
| Q2 2017 | -10.4% | -14.8% | -19.1% | |
| Q1 2017 | +0.1% | +0.3% | +4.6% | |
| Q4 2016 | -0.0% | — | — | |
| Q3 2016 | -0.7% | — | — | |
| Q2 2016 | -1.7% | — | — | |
| Q1 2016 | -1.1% | — | — | |
| Q4 2015 | +3.5% | — | — | |
| Q3 2015 | -7.7% | — | — | |
| Q2 2015 | +3.5% | — | — | |
| Q1 2015 | +9.6% | — | — | |
| Q4 2014 | -2.3% | — | — | |
| Q3 2014 | -14.1% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | -14.4% | — | — | |
| Q4 2013 | -2.4% | — | — | |
| Q3 2013 | +4.2% | — | — | |
| Q2 2013 | +9.3% | — | — | |
| Q1 2012 | +2.2% | — | — | |
| Q1 2013 | -1.5% | — | — | |
| Q4 2012 | +1.6% | — | — | |
| Q4 2010 | +1.6% | — | — | |
| Q3 2011 | -0.2% | — | — | |
| Q3 2012 | -0.2% | — | — | |
| Q2 2011 | -6.0% | — | — | |
| Q2 2012 | -6.0% | — | — | |
| Q4 2011 | -6.0% | — | — | |
| Q1 2011 | -3.6% | — | — |
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