AZZ Q2 beats Street, raises FY 2010 profit view

By IBTimes Staff Reporter | September 25 2009 10:19 AM

Electrical equipment maker AZZ Inc posted better-than-expected quarterly results, helped by growth at its electrical and industrial products segment, and raised its 2010 earnings outlook, sending its shares up as much as 8 percent.

Sponsorship Link

AZZ, which makes electrical products and provides galvanizing services, posted second-quarter net income of $11.1 million, or 89 cents a share, compared with $11.3 million, or 92 cents a share, a year ago.

Revenue fell 8 percent to $95.2 million.

Analysts on average were expecting earnings of 69 cents a share, before special items, on revenue of $94.5 million, according to Reuters Estimates.

Sales at its electrical and industrial products segment grew 7 percent to $55.6 million, driven by the power generation, transmission and distribution markets.

Backlog at the end of the quarter was $139.4 million.

AZZ now sees 2010 earnings of $3.00 to $3.10 a share, compared with its earlier forecast of $2.70 to $2.90. It expects 2010 revenue of $370 million to $390 million.

Shares of the company were trading up $1.32 at $37.27 Friday morning on the New York Stock Exchange. They earlier touched a high of $38.95.

(Reporting by A.Ananthalakshmi in Bangalore; Editing by Anne Pallivathuckal)