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AZZ Q3 2020 revenues increase 21.6%

Christian Fernsby ▼ | January 9, 2020
AZZ announced financial results for the 2020 third quarter ended November 30, 2019.
AZZ
AZZ   Revenues for the third quarter of fiscal year 2020 were $291.1 million
Revenues for the third quarter of fiscal year 2020 were $291.1 million compared to $239.5 million for the same quarter last year, an increase of 21.6%.

Topics: AZZ

Net income for the third quarter increased 43.1% to $22.0 million, or $0.84 per diluted share, compared to $15.4 million, or $0.59 per diluted share for the third quarter of fiscal year 2019.

Gross margins for the third quarter of fiscal year 2019 were 23.1% compared to 20.8% in the third quarter of last year.

Operating margins were 11.5% compared to 9.5% the third quarter of fiscal year 2019 despite SG&A as a percentage of sales rising slightly to 11.6% of sales compared to 11.3% of sales in the prior year.

Additionally, the effective tax rate increased to 28.6% in the current quarter compared to 17.8% in the third quarter of the prior year, with the change primarily attributable to 2019 tax return to provision adjustments that were recorded during the quarter.

Incoming orders for the quarter were $263.7 million resulting in a book to revenue ratio of 0.91.

In the third quarter of fiscal year 2019 incoming orders were $211.3 million, resulting in a book to revenue ratio of 0.88.

Our backlog at the end of the third quarter of fiscal year 2020 fell 10.8% to $274.5 million compared to $307.8 million for the third quarter of last year.

Approximately 36% of the current backlog is expected to be delivered outside the U.S., compared to 54% in the third quarter of fiscal year 2019.


 

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