Azz inc. reports fiscal year 2024 second quarter results

Building on profitability and strong cash generation reaffirming fiscal 2024 full year guidance and debt reduction of $75-$100 million fort worth, texas , oct. 10, 2023 /prnewswire/ -- azz inc. (nyse: azz), the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced financial results for the second quarter ended august 31, 2023. second quarter  overview  (results from continuing operations as compared to prior year(1)): total sales $398.5 million, down 2.0% metal coatings record sales of $169.8 million up 2.4% precoat metals sales of $228.7 million, down 5.0% diluted eps of $0.97, up 4.3% versus prior year, adjusted eps of $1.27, up 5.0% net income of $28.3 million, up 12.8% adjusted net income of $37.2 million, up 5.5% recognized a charge of $5.75 million for a litigation settlement related to the infrastructure solutions segment (reflected in selling, general & administrative expenses) adjusted ebitda $88.0 million or 22.1% of sales, versus prior year of $88.7 million or 21.8% of sales ebitda margin of 30.4% for metal coatings and 20.3% for precoat metals reduced debt by $40.0 million in the quarter, resulting in net leverage of 3.4x (1) adjusted net income, adjusted eps, and adjusted ebitda are non-gaap financial measures as defined and reconciled in the tables below.
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