AZZ Shares Climb as Second Quarter Sales Beat Expectations

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.

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