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AZZ Q1 net income increased 35.4%

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Christian Fernsby |
AZZ
AZZ   Revenues for the first quarter of fiscal year 2020 were $289.1 million

AZZ announced financial results for the 2020 first quarter period ended May 31, 2019.

Revenues for the first quarter of fiscal year 2020 were $289.1 million compared to $262.2 million for the same quarter last year, an increase of 10.3%.

Net income for the first quarter increased 35.4% to $21.3 million, or $0.81 per diluted share, compared to net income of $15.7 million, or $0.60 per diluted share, for the first quarter of fiscal year 2019.

Gross margins for the first quarter of fiscal year 2020 were 22.9% compared to 22.4% in the first quarter of last year.

Operating margins were 10.7% compared to 9.0% in the first quarter of fiscal year 2019 as SG&A fell to 12.2% of sales compared to 13.4% of sales in the prior year.

Additionally, the effective tax rate decreased to 21.1% in the current quarter compared to 22.0% in the first quarter of the prior year.

Incoming orders for the quarter were $256.3 million resulting in a book to revenue ratio of 0.89.

In the first quarter of fiscal year 2019 incoming orders were $295.7 million, resulting in a book to revenue ratio of 1.13.

Our backlog at the end of the first quarter of fiscal year 2020 decreased 1.6% to $300.1 million compared to $304.9 million for the first quarter of last year.

Approximately 44% of the current backlog is expected to be delivered outside the U.S., compared to 43% in the first quarter of fiscal year 2018.


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