AZZ Inc., a global provider of metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services today announced financial results for the first quarter of fiscal year 2021, ended May 31, 2020.
For the first quarter of fiscal year 2021, the company reported revenues of $213.3 million compared to $289.1 million for the comparable period last year, a decrease of 26.2 percent. Net income for the three months decreased to $5.5 million, compared to $21.3 million in the same quarter in the prior fiscal year.
For the first quarter of fiscal year 2021, Metal Coatings Segment revenues decreased 2.6 percent to $119.0 million and operating income decreased 14.7 percent to $25.1 million compared to $122.2 million and $29.4 million respectively, for the same period in the prior fiscal year. The lower revenue for the quarter was attributable to lower volumes of steel processed in the company’s kettles.
For the first quarter of fiscal year 2021, Energy Segment revenues decreased 43.5 percent to $94.3 million as compared to $167.0 million in the same quarter of the prior year. The operating loss for the first quarter of fiscal year 2021 of $(1.0) million compared to operating income $12.6 million in the prior year’s quarter. The decrease in net sales and operating income for the three-month period was primarily attributable to several COVID-related factors, including significant reductions in turnaround activity in both the US and international markets.