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AZZ Inc. - $AZZ STOCK NEWS

Welcome to our dedicated page for AZZ news (Ticker: $AZZ), a resource for investors and traders seeking the latest updates and insights on AZZ stock.

AZZ Inc. (NYSE: AZZ) is a prominent provider of specialty electrical equipment and services to global power generation, industrial, transmission, and distribution markets. The company also leads in hot-dip galvanizing services for the North American steel fabrication industry. AZZ operates through two primary business segments: the Energy segment and the Galvanizing segment.

Within the Energy segment, AZZ offers a diverse product portfolio, including custom switchgear, electrical enclosures, medium and high voltage ducts, hazardous and specialty lighting, and tubular products. The company is also a leading third-party supplier of safety-related equipment to the nuclear industry and provides specialized repair and overhaul solutions to industrial and utility markets worldwide.

The Galvanizing segment provides metal coating solutions to protect against corrosion. These services include hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating. The Precoat Metals segment offers aesthetic and corrosion-resistant coatings for steel and aluminum coils, further cementing AZZ's position as a comprehensive metal coatings provider.

Recently, AZZ announced the successful repricing of its $980 million Term Loan B, reducing the interest rate margin and resulting in significant annual interest savings. This financial maneuver is part of AZZ's disciplined approach to lowering its net debt to EBITDA leverage ratio, with a target of 3.0 times or lower by 2024.

The company also announced the retirement of its CFO, Philip Schlom, and the appointment of Jason Crawford as the new CFO. Under Schlom's tenure, AZZ strengthened its financial and compliance functions, contributing to the company's strategic transformation. Crawford brings over 20 years of experience in finance and has a proven track record in mergers and acquisitions.

Additionally, AZZ declared a fourth-quarter cash dividend, reflecting its commitment to enhancing shareholder value. The company continues to focus on organic growth, particularly within its Metal Coatings and Precoat Metals segments, aiming to grow market share and maintain superior customer service and operational excellence.

AZZ is also committed to sustainability, providing unmatched metal coating solutions that enhance the longevity and appearance of buildings, products, and infrastructure essential to everyday life.

For those interested, AZZ will conduct a conference call to review its financial results for the fourth quarter and fiscal year 2024. Investors can access the call via the company's Investor Relations page or through specified phone numbers.

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AZZ Inc. (NYSE: AZZ), a leader in hot-dip galvanizing and coil coating solutions in North America, announced the appointment of Jason Crawford as Chief Financial Officer (CFO) effective June 3, 2024. Crawford has over 20 years of senior-level accounting and finance experience, notably with Boston Scientific and Precoat Metals. He holds an MBA from Washington University in St. Louis and a BA in Accounting from the University of Abertay, Scotland. The former CFO, Philip Schlom, will remain as a consultant to ensure a smooth transition. CEO Tom Ferguson praised Crawford's finance acumen and experience, emphasizing the importance of internal career development at AZZ.

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AZZ Inc. (NYSE: AZZ), a leader in hot-dip galvanizing and coil coating solutions in North America, has announced the participation of David Nark, Senior VP of Marketing, Communications, and Investor Relations, in two key conferences in June 2024.

The first event, the Stifel Cross Sector Insight Conference, will take place on June 4-5, 2024, at The InterContinental Boston in Boston, Massachusetts, where AZZ will host one-on-one meetings on June 4.

The second event is the 14th Annual East Coast IDEAS Conference, set for June 12-13, 2024, at Jay Conference – Bryant Park in New York City, New York. AZZ will present at 2:45 pm Eastern on June 13, 2024, followed by one-on-one meetings.

Interested investors can schedule meetings by contacting Sandy Martin or Phillip Kupper with Three Part Advisors.

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AZZ Inc. announced its participation in the Oppenheimer 19th Annual Industrial Growth Conference and B. Riley Financial 24th Annual Institutional Investor Conference in May 2024. David Nark, Senior Vice President, Marketing, Communications, and Investor Relations will represent the company. The Oppenheimer conference will be held from May 6-9, 2024, while the B. Riley conference will take place on May 22-23, 2024.

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AZZ Inc. announced the closing of a public offering of 4.6 million shares of common stock, generating gross proceeds of $322 million. The offering included the full exercise of the underwriters' option to buy an additional 600,000 shares. The net proceeds will be used to redeem the Company's 6.0% Series A Convertible Preferred Stock.

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AZZ Inc. announces the pricing of its public offering of 4,000,000 shares of common stock at $70.00 per share, totaling $280,000,000 in gross proceeds. The offering grants the underwriters an option to purchase an additional 15% of the shares. The proceeds will be used for redeeming preferred stock and general corporate purposes. The offering is set to close on April 30, 2024.
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AZZ Inc. (NYSE: AZZ) announces a proposed public offering of 4.0 million shares of common stock, with an option for additional shares. The company plans to use the proceeds to redeem its 6.0% Series A Convertible Preferred Stock. The offering is subject to market conditions and underwritten by Evercore ISI, Jefferies, Baird, Wells Fargo Securities, Wolfe | Nomura Alliance, and Roth Capital Partners.
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AZZ Inc. achieved record full-year sales, profitability, and cash flow in fiscal year 2024. Total sales reached $1,537.6 million, up 16.2% from the previous year. Metal Coatings sales were $656.2 million, up 3.0%, and Precoat Metals sales were $881.4 million, up 28.4%. Diluted EPS increased by 48.5% to $3.46, and adjusted EPS rose by 34.8% to $4.53. Net income surged by 53.2% to $101.6 million, with adjusted net income up by 39.5% to $132.8 million. Adjusted EBITDA reached $333.6 million, representing 21.7% of sales. Cash from operations rose to $244.5 million, while debt decreased by $115.0 million, resulting in a net leverage of 2.9x. In the fourth quarter of 2024, total sales were $366.5 million, up 8.9% year-over-year, with notable growth in both Metal Coatings and Precoat Metals segments.
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AZZ Inc. announced an upward revision in financial guidance for fiscal year 2025, with sales projected at $1.525 - $1.625 billion, Adjusted EBITDA at $310 - $360 million, and Adjusted Diluted EPS at $4.50 - $5.00. The guidance excludes future acquisitions and includes equity income from minority interest in a subsidiary. CEO Tom Ferguson expressed confidence in the company's performance.
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AZZ Inc. to Review Q4 and Fiscal Year 2024 Financial Results in Conference Call
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AZZ Inc. (NYSE: AZZ) declares a fourth-quarter cash dividend of $0.17 per share, payable on May 2, 2024. The company plans to continue regular quarterly dividends, subject to Board discretion.
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FAQ

What does AZZ Inc. specialize in?

AZZ Inc. specializes in specialty electrical equipment, engineered services for power generation, and hot-dip galvanizing services.

What are the primary business segments of AZZ Inc.?

The primary business segments of AZZ are the Energy segment and the Galvanizing segment.

What recent financial achievement has AZZ Inc. accomplished?

AZZ recently repriced its $980 million Term Loan B, reducing the interest rate margin and resulting in significant annual interest savings.

Who will be the new CFO of AZZ Inc.?

Jason Crawford will be the new CFO of AZZ Inc., succeeding Philip Schlom.

What services are included in AZZ's Galvanizing segment?

The Galvanizing segment includes hot-dip galvanizing, spin galvanizing, powder coating, anodizing, and plating services.

What is AZZ's approach to enhancing shareholder value?

AZZ is committed to regular quarterly cash dividends and strategic financial management to enhance shareholder value.

What are the core products in AZZ's Energy segment?

Core products in the Energy segment include custom switchgear, electrical enclosures, medium and high voltage ducts, hazardous and specialty lighting, and tubular products.

How is AZZ contributing to sustainability?

AZZ provides sustainable metal coating solutions that enhance the longevity and appearance of buildings, products, and infrastructure.

When is AZZ's next conference call to discuss financial results?

AZZ will conduct a conference call to review its financial results for the fourth quarter and fiscal year 2024 on April 22, 2024.

What is the focus of AZZ's growth strategy for 2025?

AZZ's growth strategy for 2025 focuses on organic growth within its Metal Coatings and Precoat Metals segments, aiming to grow market share and maintain superior customer service and operational excellence.

AZZ Inc.

NYSE:AZZ

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AZZ Stock Data

2.33B
24.44M
2.43%
91.55%
1.43%
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