AZZ Inc. reports $1.8 million net loss for fiscal Q2

AZZ Inc. reports $1.8 million net loss for fiscal Q2

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AZZ Inc., a global provider of metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services today announced financial results for the second quarter of fiscal year 2021, ended August 31, 2020.

Sales for the second quarter of fiscal year 2021 were $203.4 million compared to $236.2 million for the comparable period last year, a decrease of 13.9 percent.  Reported net loss for the quarter was $1.8 million, down $17.4 million from the prior year, same quarter. Adjusted net income was $13.0 million, down 16.9 percent compared to the comparable prior year period on a diluted basis. 

Incoming orders for the three-month period declined to $208.6 million, as compared to $238.0 million for the same quarter last year.  The book-to-sales ratio improved to 1.03, compared to 1.01 in last year’s comparable period. Backlog at the end of the quarter was $210.6 million, a decrease of 30.2 percent as compared to backlog at the end of the same quarter in the prior year.

For the second quarter of fiscal year 2021, Metal Coatings segment sales decreased 6.3 percent to $117.0 million and adjusted operating income of $26.9 million was $1.7 million, or 6.1 percent lower than the comparable prior year quarter. 

For the second quarter of fiscal year 2021, Infrastructure Solutions segment sales decreased 22.5 percent to $86.3 million as compared to $111.3 million in the same quarter of the prior year.    Infrastructure Solutions operating income of $3.1 million was $1.2 million, or 27.8 percent lower than the comparable prior year quarter, on an adjusted basis. 

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