Shares of AZZ Incorporated (NYSE: AZZ), an electrical equipment and components manufacturer serving the worldwide markets of power generation, transmission and distribution, and the general industrial markets, surged in trading on Friday after the company reported its first-quarter fiscal 2013 financial results. The company also lifted its fiscal 2013 outlook and declared a 2 for 1 tock split.
For the first quarter, AZZ reported net income of $16 million, or $1.26 per share, compared to $9.5 million, or $0.75 per share reported for the same period last year. Excluding one-time items, the company reported a profit of $1.02 per share, up 36% over the same period last year.
Revenue for the quarter jumped 11% to $127.1 million.
Analysts surveyed by Thomson Reuters were expecting the company to report earnings of $0.81 per share and revenue of $124.36 million.
AZZ also raised its guidance for the fiscal year 2013. The company now expects revenue to be between $550 million and $575 million, compared to previous forecast of $475-$510 million. Fiscal 2013 earnings, before the effect of the stock split, are expected to be between $4.10 per share and $4.30 per share, compared to previous guidance of $3.25-$3.55 per share.
Analysts expect the company’s fiscal 2013 earnings to come in at $3.74 per share on revenue of $571.38 million.
AZZ Incorporated’s Board also authorized a $0.25 per share cash dividend. In addition, the Board also authorized a 2 for 1 stock split of the company’s common stock in the form of a 100% stock dividend.
AZZ shares rose to a new 52-week high of $61.43 in trading on Friday. The stock ended the day 19.37% higher at $61.26 on above average volume of 291,983. Year-to-date, the stock gained 34.82%, outperforming the S&P 500, which gained 8.31%.
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