(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Exhibit | Description | ||||
99.1 | |||||
AZZ Inc. | ||||||||||||||
Date: | April 22, 2024 | By: | /s/ Philip A. Schlom | |||||||||||
Philip A. Schlom Chief Financial Officer |
Reiterating FY25 Guidance(1) | ||||||||
Sales | $1.525 - $1.625 billion | |||||||
Adjusted EBITDA | $310 - $360 million | |||||||
Adjusted Diluted EPS | $4.50 - $5.00 | |||||||
AZZ Inc. | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||||||
Three Months Ended February 29/28, | Year Ended February 29/28, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Sales | $ | 366,499 | $ | 336,504 | $ | 1,537,589 | $ | 1,323,649 | ||||||||||||||||||
Cost of sales | 285,452 | 275,251 | 1,174,128 | 1,027,706 | ||||||||||||||||||||||
Gross margin | 81,047 | 61,253 | 363,461 | 295,943 | ||||||||||||||||||||||
Selling, general and administrative | 38,774 | 25,058 | 141,861 | 122,305 | ||||||||||||||||||||||
Operating income | 42,273 | 36,195 | 221,600 | 173,638 | ||||||||||||||||||||||
Interest expense | (24,734) | (27,061) | (107,065) | (88,800) | ||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 4,271 | 1,591 | 15,407 | 2,597 | ||||||||||||||||||||||
Other income, net | 152 | 658 | 161 | 1,240 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 21,962 | 11,383 | 130,103 | 88,675 | ||||||||||||||||||||||
Income tax expense | 4,099 | 3,956 | 28,496 | 22,336 | ||||||||||||||||||||||
Net income from continuing operations | 17,863 | 7,427 | 101,607 | 66,339 | ||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (4,356) | — | 12,770 | ||||||||||||||||||||||
Loss on disposal of discontinued operations, net of tax | — | (2,010) | — | (132,083) | ||||||||||||||||||||||
Net loss from discontinued operations | — | (6,366) | — | (119,313) | ||||||||||||||||||||||
Net income (loss) | 17,863 | 1,061 | 101,607 | (52,974) | ||||||||||||||||||||||
Dividends on preferred stock | (3,600) | (3,600) | (14,400) | (8,240) | ||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | 14,263 | $ | (2,539) | $ | 87,207 | $ | (61,214) | ||||||||||||||||||
Basic earnings (loss) per share | ||||||||||||||||||||||||||
Earnings per common share from continuing operations | $ | 0.57 | $ | 0.15 | $ | 3.48 | $ | 2.34 | ||||||||||||||||||
Loss per common share from discontinued operations | $ | — | $ | (0.26) | $ | — | $ | (4.81) | ||||||||||||||||||
Earnings (loss) per common share | $ | 0.57 | $ | (0.10) | $ | 3.48 | $ | (2.47) | ||||||||||||||||||
Diluted earnings (loss) per share | ||||||||||||||||||||||||||
Earnings per common share from continuing operations | $ | 0.56 | $ | 0.15 | $ | 3.46 | $ | 2.33 | ||||||||||||||||||
Loss per common share from discontinued operations | $ | — | $ | (0.25) | $ | — | $ | (4.78) | ||||||||||||||||||
Earnings (loss) per common share | $ | 0.56 | $ | (0.10) | $ | 3.46 | $ | (2.45) | ||||||||||||||||||
Weighted average shares outstanding - Basic | 25,094 | 24,903 | 25,041 | 24,828 | ||||||||||||||||||||||
Weighted average shares outstanding - Diluted | 25,346 | 25,013 | 25,209 | 24,978 |
AZZ Inc. | |||||||||||||||||||||||
Segment Reporting | |||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended February 29/28, | Year Ended February 29/28, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Metal Coatings | $ | 154,373 | $ | 149,415 | $ | 656,189 | $ | 636,982 | |||||||||||||||
Precoat Metals | 212,126 | 187,089 | 881,400 | 686,667 | |||||||||||||||||||
Total Sales | $ | 366,499 | $ | 336,504 | $ | 1,537,589 | $ | 1,323,649 | |||||||||||||||
Adjusted EBITDA | |||||||||||||||||||||||
Metal Coatings | $ | 44,157 | $ | 40,419 | $ | 196,659 | $ | 189,009 | |||||||||||||||
Precoat Metals | 37,655 | 26,628 | 167,512 | 120,473 | |||||||||||||||||||
Infrastructure Solutions | 4,270 | 1,590 | 14,911 | 2,597 | |||||||||||||||||||
Total Segment Adjusted EBITDA(1) | $ | 86,082 | $ | 68,637 | $ | 379,082 | $ | 312,079 | |||||||||||||||
(1) See the Non-GAAP disclosure section below for a reconciliation between the various measures calculated in accordance with GAAP to the non-GAAP financial measures. |
AZZ Inc. | ||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||
(dollars in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
As of | ||||||||||||||
February 29, 2024 | February 28, 2023 | |||||||||||||
Assets: | ||||||||||||||
Current assets | $ | 366,999 | $ | 417,416 | ||||||||||
Property, plant and equipment, net | 541,652 | 498,503 | ||||||||||||
Other non-current assets, net | 1,286,854 | 1,305,560 | ||||||||||||
Total assets | $ | 2,195,505 | $ | 2,221,479 | ||||||||||
Liabilities, Mezzanine Equity, and Shareholders’ Equity: | ||||||||||||||
Current liabilities | $ | 194,306 | $ | 187,240 | ||||||||||
Long-term debt, net | 952,742 | 1,058,120 | ||||||||||||
Other non-current liabilities | 113,966 | 122,659 | ||||||||||||
Mezzanine Equity | 233,722 | 233,722 | ||||||||||||
Shareholders' Equity | 700,769 | 619,738 | ||||||||||||
Total liabilities, mezzanine equity, and shareholders' equity | $ | 2,195,505 | $ | 2,221,479 | ||||||||||
AZZ Inc. | ||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||
(dollars in thousands) | ||||||||||||||
(unaudited) | ||||||||||||||
Year Ended February 29/28, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net cash provided by operating activities of continuing operations | $ | 244,468 | $ | 91,430 | ||||||||||
Net cash used in investing activities of continuing operations | (95,064) | (1,228,921) | ||||||||||||
Net cash provided by (used in) financing activities of continuing operations | (147,888) | 1,027,335 | ||||||||||||
Cash provided by discontinued operations | — | 97,389 | ||||||||||||
Effect of exchange rate changes on cash | 13 | 505 | ||||||||||||
Net increase in cash and cash equivalents | 1,529 | (12,262) | ||||||||||||
Cash and cash equivalents at beginning of period | 2,820 | 15,082 | ||||||||||||
Cash and cash equivalents from continuing operations at end of period | $ | 4,349 | $ | 2,820 |
Three Months Ended February 29/28, | Year Ended February 29/28, | ||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Per Diluted Share(1) | Amount | Per Diluted Share(1) | Amount | Per Diluted Share(1) | Amount | Per Diluted Share(1) | ||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | $ | 17,863 | $ | 7,427 | $ | 101,607 | $ | 66,339 | |||||||||||||||||||||||||||||||||||||||
Less: preferred stock dividends | (3,600) | (3,600) | (14,400) | (8,240) | |||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations available to common shareholders | 14,263 | 3,827 | 87,207 | 58,099 | |||||||||||||||||||||||||||||||||||||||||||
Impact of preferred stock dividends | 3,600 | — | 14,400 | 8,240 | |||||||||||||||||||||||||||||||||||||||||||
Net income and diluted earnings per share from continuing operations for Adjusted net income calculation(2) | 17,863 | $ | 0.61 | 3,827 | $ | 0.15 | 101,607 | $ | 3.46 | 66,339 | $ | 2.35 | |||||||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and transaction-related expenditures(3) | — | — | — | — | — | — | 15,320 | 0.54 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | 5,852 | 0.19 | 4,998 | 0.20 | 23,960 | 0.83 | 22,613 | 0.79 | |||||||||||||||||||||||||||||||||||||||
Legal settlement and accrual(4) | 6,793 | 0.23 | — | — | 17,043 | 0.58 | — | — | |||||||||||||||||||||||||||||||||||||||
Subtotal | 12,645 | 0.42 | 4,998 | 0.20 | 41,003 | 1.41 | 37,933 | 1.33 | |||||||||||||||||||||||||||||||||||||||
Tax impact(5) | (3,035) | (0.10) | (1,200) | (0.05) | (9,841) | (0.34) | (9,104) | (0.32) | |||||||||||||||||||||||||||||||||||||||
Total adjustments | 9,610 | 0.32 | 3,798 | 0.15 | 31,162 | 1.07 | 28,829 | 1.01 | |||||||||||||||||||||||||||||||||||||||
Adjusted net income and adjusted earnings per share from continuing operations (non-GAAP) | $ | 27,473 | $ | 0.93 | $ | 7,625 | $ | 0.30 | $ | 132,769 | $ | 4.53 | $ | 95,168 | $ | 3.36 | |||||||||||||||||||||||||||||||
Weighted average shares outstanding - Diluted | 29,463 | 25,013 | 29,326 | 28,283 | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended February 29/28, | Year Ended February 29/28, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income from continuing operations | $ | 17,863 | $ | 7,427 | $ | 101,607 | $ | 66,339 | |||||||||||||||
Interest expense | 24,734 | 27,061 | 107,065 | 88,800 | |||||||||||||||||||
Income tax expense | 4,099 | 3,956 | 28,496 | 22,336 | |||||||||||||||||||
Depreciation and amortization(6) | 20,388 | 18,777 | 79,423 | 74,590 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Acquisition and transaction-related expenditures(3) | — | — | — | 15,320 | |||||||||||||||||||
Legal settlement and accrual | 6,793 | — | 17,043 | — | |||||||||||||||||||
Adjusted EBITDA from continuing operations (non-GAAP) | $ | 73,877 | $ | 57,221 | $ | 333,634 | $ | 267,385 | |||||||||||||||
Three Months Ended February 29, 2024 | |||||||||||||||||||||||||||||
Metal Coatings | Precoat Metals | Infra- structure Solutions | Corporate | Total | |||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 36,501 | $ | 30,121 | $ | 4,270 | $ | (53,029) | $ | 17,863 | |||||||||||||||||||
Interest expense | — | — | — | 24,734 | 24,734 | ||||||||||||||||||||||||
Income tax expense | — | — | — | 4,099 | 4,099 | ||||||||||||||||||||||||
Depreciation and amortization(6) | 6,706 | 7,534 | — | 6,148 | 20,388 | ||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Legal accrual | 950 | — | — | 5,843 | 6,793 | ||||||||||||||||||||||||
Adjusted EBITDA from continuing operations (non-GAAP) | $ | 44,157 | $ | 37,655 | $ | 4,270 | $ | (12,205) | $ | 73,877 | |||||||||||||||||||
Three Months Ended February 28, 2023 | |||||||||||||||||||||||||||||
Metal Coatings | Precoat Metals | Infra- structure Solutions | Corporate | Total | |||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 32,249 | $ | 16,319 | $ | 1,590 | $ | (42,731) | $ | 7,427 | |||||||||||||||||||
Interest expense | — | — | — | 27,061 | 27,061 | ||||||||||||||||||||||||
Income tax expense | — | — | — | 3,956 | 3,956 | ||||||||||||||||||||||||
Depreciation and amortization(6) | 8,170 | 10,309 | — | 298 | 18,777 | ||||||||||||||||||||||||
Adjusted EBITDA from continuing operations (non-GAAP) | $ | 40,419 | $ | 26,628 | $ | 1,590 | $ | (11,416) | $ | 57,221 | |||||||||||||||||||
Year Ended February 29, 2024 | |||||||||||||||||||||||||||||
Metal Coatings | Precoat Metals | Infra- structure Solutions | Corporate | Total | |||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 164,856 | $ | 139,571 | $ | 9,161 | $ | (211,981) | $ | 101,607 | |||||||||||||||||||
Interest expense | — | — | — | 107,065 | 107,065 | ||||||||||||||||||||||||
Income tax expense | — | — | — | 28,496 | 28,496 | ||||||||||||||||||||||||
Depreciation and amortization(6) | 26,353 | 27,941 | — | 25,129 | 79,423 | ||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Legal settlement and accrual(4) | 5,450 | — | 5,750 | 5,843 | 17,043 | ||||||||||||||||||||||||
Adjusted EBITDA from continuing operations (non-GAAP) | $ | 196,659 | $ | 167,512 | $ | 14,911 | $ | (45,448) | $ | 333,634 | |||||||||||||||||||
Year Ended February 28, 2023 | |||||||||||||||||||||||||||||
Metal Coatings | Precoat Metals | Infra- structure Solutions | Corporate | Total | |||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | 156,054 | $ | 80,274 | $ | 2,597 | $ | (172,586) | $ | 66,339 | |||||||||||||||||||
Interest expense | — | — | — | 88,800 | 88,800 | ||||||||||||||||||||||||
Income tax expense | — | — | — | 22,336 | 22,336 | ||||||||||||||||||||||||
Depreciation and amortization(6) | 32,955 | 40,199 | — | 1,436 | 74,590 | ||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Acquisition and transaction-related expenditures(3) | — | — | — | 15,320 | 15,320 | ||||||||||||||||||||||||
Adjusted EBITDA from continuing operations (non-GAAP) | $ | 189,009 | $ | 120,473 | $ | 2,597 | $ | (44,694) | $ | 267,385 | |||||||||||||||||||
Trailing Twelve Months Ended | ||||||||||||||||||||
February 29, | February 28, | August 31, | ||||||||||||||||||
2024 | 2023 | 2022 | ||||||||||||||||||
Gross debt | $ | 1,010,250 | $ | 1,125,250 | $ | 1,323,750 | ||||||||||||||
Less: Cash per bank statement | (24,807) | (9,500) | — | |||||||||||||||||
Add: finance lease liability | 3,474 | 1,329 | 1,115 | |||||||||||||||||
Consolidated indebtedness | $ | 988,917 | $ | 1,117,079 | $ | 1,324,865 | ||||||||||||||
Net income | $ | 101,607 | $ | 66,339 | $ | 63,737 | ||||||||||||||
Depreciation and amortization | 79,423 | 74,590 | 50,044 | |||||||||||||||||
Interest expense | 107,065 | 88,800 | 38,588 | |||||||||||||||||
Income tax expense | 28,496 | 22,336 | 27,865 | |||||||||||||||||
EBITDA | 316,591 | 252,065 | 180,234 | |||||||||||||||||
Adjustment to EBITDA as defined in the Credit Agreement | — | (87,476) | 45,968 | |||||||||||||||||
EBITDA per Credit Agreement | 316,591 | 164,589 | 226,202 | |||||||||||||||||
Cash items(7) | 25,443 | 15,236 | 15,236 | |||||||||||||||||
Non-cash items(8) | 9,510 | 145,357 | 124,031 | |||||||||||||||||
Equity in earnings, net of distributions | (12,294) | (2,597) | — | |||||||||||||||||
Adjusted EBITDA per Credit Agreement | $ | 339,250 | $ | 322,585 | $ | 365,469 | ||||||||||||||
Net leverage ratio | 2.9x | 3.5x | 3.6x | |||||||||||||||||
Document and Entity Information Document and Entity Information |
Apr. 22, 2024 |
---|---|
Document & Entity Information [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 22, 2024 |
Entity Registrant Name | AZZ Inc. |
Entity File Number | 1-12777 |
Entity Tax Identification Number | 75-0948250 |
Entity Address, Address Line One | One Museum Place, Suite 500 |
Entity Address, Address Line Two | 3100 West 7th Street |
Entity Address, City or Town | Fort Worth |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76107 |
City Area Code | 817 |
Local Phone Number | 810-0095 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock |
Trading Symbol | AZZ |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000008947 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | TX |
Document Information [Line Items] | |
Document Period End Date | Apr. 22, 2024 |
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