AZZ incorporated Lowers Revenue and Earnings Guidance for Fiscal Year 2013
FORT WORTH, Texas, Feb. 21, 2013 /PRNewswire/ -- AZZ incorporated (NYSE: AZZ), a manufacturer of electrical products and a provider of galvanizing services, today announced it was lowering its revenue and earnings guidance for Fiscal Year 2013 due to recent significant customer requested delays in the delivery of the Electrical and Industrial Products combined with lower revenues in the Galvanizing Services Segment due to the higher than expected slowdown during December and January.
Based upon information currently available to management, our earnings are estimated to be within the range of $2.30 and $2.35 per diluted share, and revenues are estimated to be within the range of $570 to $575 million. Previous guidance was for earnings per diluted share to be within the range of $2.35 to 2.45 and revenues to be within the range of $575 to $585 million.
Mr. Dingus stated, "Our next, regularly scheduled quarterly conference call is in April 2013, where we will be reporting the operating results for our fourth quarter and 2013 fiscal year and a discussion on revenue shortfalls that led to this revision. We will also discuss our Fiscal Year 2014 guidance which is unchanged at this time. We are continuing our efforts to seek out growth and expansion opportunities for both Segments."
AZZ incorporated is a specialty electrical equipment manufacturer serving the global markets of industrial, power generation, transmission and distribution, as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market.
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, including zinc and natural gas which are used in the hot dip galvanizing process; changes in the economic conditions of the various markets that AZZ serves, foreign and domestic, customer request delays of shipments, acquisition opportunities, currency exchange rates, adequacy of financing, and availability of experienced management employees to implement AZZ's growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ's Annual Report on Form 10-K for the fiscal year ended February 29, 2012 and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE AZZ incorporated