Operating segments (Tables)

3 Months Ended

May 31, 2023

Segment Reporting [Abstract]

Operations and assets by segment

Net income from continuing operations by segment for the three months ended May 31, 2023 and 2022 was as follows (in thousands):

	Three Months Ended May 31, 2023
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)(3)		Total
Sales	$	168,794	$	222,079	$	—	$	—	$	390,873
Cost of sales	117,858		175,996		—		—		293,854
Gross margin	50,936		46,083		—		—		97,019
Selling, general and administrative	5,466		8,392		22		17,643		31,523
Operating income (loss) from continuing operations	$	45,470	$	37,691	(22)		(17,643)		65,496
Interest expense					—		28,706		28,706
Equity in earnings of unconsolidated subsidiaries					(1,420)		—		(1,420)
Other (income) expense					—		38		38
Income (loss) from continuing operations before income tax					$	1,398	(46,387)		38,172
Income tax expense							9,650		9,650
Net income (loss) from continuing operations							$	(56,037)	$	28,522

	Three Months Ended May 31, 2022
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)(3)		Total
Sales	$	163,443	$	43,691	$	—	$	—	$	207,134
Cost of sales	113,580		33,501		—		—		147,081
Gross margin	49,863		10,190		—		—		60,053
Selling, general and administrative	4,593		3,542		—		24,009		32,144
Operating income (loss) from continuing operations	$	45,270	$	6,648	—		(24,009)		27,909
Interest expense					—		7,472		7,472
Other (income) expense					—		(27)		(27)
Income (loss) from continuing operations before income tax					$	—	(31,454)		20,464
Income tax expense							5,111		5,111
Net income (loss) from continuing operations							$	(36,565)	$	15,353
(1) Infrastructure Solutions segment includes the Company’s equity in (earnings) loss from its investment in the AVAIL JV, as well as other expenses related to receivables that were retained by the Company following the sale of the AIS business.
(2) Interest expense, Other (income) expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments.
(3) For fiscal year 2024, amortization expense for acquired intangible assets is included in Corporate expenses in "Selling, general and administrative" expense as these expenses are not allocated to the segments.

Reconciliation of Assets from Segment to Consolidated

Asset balances by operating segment for each period were as follows (in thousands):

	As of
	May 31, 2023		February 28, 2023
Assets:
Metal Coatings	$	582,664	$	588,337
Precoat Metals	1,489,635		1,488,810
Infrastructure Solutions - Investment in Joint Venture	87,068		84,760
Corporate	46,610		59,572
Total assets	$	2,205,977	$	2,221,479

Revenue from External Customers by Geographic Areas

Financial information about geographical areas for the periods presented was as follows (in thousands):

	Three Months Ended May 31,
	2023		2022
Sales:
United States	$	381,322	$	194,360
Canada	9,551		12,774
Total	$	390,873	$	207,134

Long-lived Assets by Geographic Areas

	As of
	May 31, 2023		February 28, 2023
Property, plant and equipment, net:
United States	$	484,305	$	478,722
Canada	19,727		19,781
Total	$	504,032	$	498,503