AZZ Inc. reported an increase in sales for the second quarter of fiscal 2011 compared to the same period in fiscal 2010. The company also saw a decline in net income over the same period.
AZZ Inc. had sales of $99.6 million in the second quarter of fiscal 2011, ending 8/31/2010. The company reported sales of $95.2 million in the comparable period in fiscal 2010.
AZZ Inc. reported net income of $9.6 million, or $0.77 per diluted share, in the second quarter of fiscal 2011. In the second quarter of fiscal 2010, the company had net income of $11.1 million, or $0.89 per diluted share. The company said that expenses related to a recent acquisition reduced earnings by $0.03 per diluted share in the second quarter of fiscal 2011.
AZZ Inc. also detailed information on the company’s backlog of business, which totaled $106.5 million at 8/31/2010. The company expects to ship 65% of this backlog in the current fiscal year. 38% of the backlog originated from outside the United States. The backlog declined sharply from the $139.4 million recorded at the end of the second quarter of fiscal 2010. The management of AZZ Inc. attributed the decline to the sluggish economy.
“The markets for our Electrical and Industrial Products have not shown the level of stability or the recovery that we had anticipated. Based upon our quotation activity and conversations with our customers, we do not believe that our backlog will show appreciable increases in the current fiscal year,” said David H. Dingus, the CEO of AZZ Inc.
For more information on the company, go to www.azz.com
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