AZZ Inc. Bid Higher on Q1 Earnings Results

Shares of AZZ Incorporated AZZ are bid higher in the after-hours following the release of its Q1 earnings results. Currently, shares are bid $47.00, at $56.00; they ended the regular session higher by 0.24%, at $45.80. AZZ Incorporated reported Q1 EPS of $0.75 on revenues of $114.3 million; the Street was looking for $0.63 per share on revenues of $104.6 million. Revenues increased 47.5% year over year. David H. Dingus, president and chief executive officer of AZZ incorporated, commented, "As we reported last quarter, opportunities are increasing, but pricing remains a challenge due to competitive forces. This has and will continue to impact our backlog growth as we continue to adhere to our margin targets for new business.” “We are pleased that our book to ship ratio was strong despite these competitive conditions as we strive to improve the margins in our backlog. Quarterly revenues reflected improvement in both segments and is encouraging. Operating margins, while below our prior year, were in line with our internal expectations.” AZZ incorporated is an electrical equipment and components manufacturer, serving the global markets of power generation, transmission and distribution, and the general industrial markets.