Azz inc. reports fiscal year 2024 first quarter results

Strong sales and adjusted ebitda reaffirming fiscal 2024 full year guidance fort worth, texas , july 7, 2023 /prnewswire/ -- azz inc. (nyse: azz), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced financial results for the first quarter ended may 31, 2023.  first quarter  overview  (results from continuing operations(1),(2)): sales of $390.9 million, up 88.7% versus prior year, up 16.2% sequentially metal coatings sales of $168.8 million up 3.3% versus prior year and 13.0% sequentially precoat metals sales of $222.1 million, up 18.7% sequentially diluted eps of $0.98, up 58.1% versus prior year, up 553.3% sequentially; adjusted eps of $1.14, up 3.6% versus prior year, up 280.0% sequentially net income of $28.5 million, up 85.8% versus prior year, up 284.0% sequentially; adjusted net income of $33.4 million, up 18.4% versus prior year, up 337.4% sequentially adjusted ebitda $85.4 million or 21.8% of sales, up 62.6% versus prior year ebitda margin for metal coatings 30.7% and precoat metals 19.4% up sequentially by 370 and 560 bps respectively paid down debt of $20.0 million, resulting in net leverage of 3.5 times (1) first quarter fiscal 2024 precoat metals included results for the full quarter compared to only 2 weeks of results for the first quarter of fiscal 2023.
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