Shares of AZZ rose on Wednesday following the release of the company’s fiscal second quarter sales, which surpassed analysts’ predictions.
At 11:03 a.m. ET, shares were up 8.2% at $49.80. The stock has experienced a significant increase of 24% since the beginning of the year and a surge of 50% over the past 12 months.
After the market closed on Tuesday, AZZ, a provider of hot-dip galvanizing and coil-coating solutions, reported sales of $398.5 million for the three months ended August 31, compared to $406.7 million in the same period last year.
Analysts surveyed by FactSet had projected second-quarter sales to be around $396.9 million. However, AZZ exceeded these expectations.
The company also announced a net profit of $28.3 million, or 97 cents per share, which is a significant improvement from the loss of $58.6 million, or $1.91 per share, reported in the same period last year. Analysts polled by FactSet had forecasted lower per-share earnings of 95 cents.
Furthermore, AZZ has decided to maintain its outlook for the remainder of the year, leaving it unchanged.
