AZZ, Inc. (AZZ), a manufacturer of electrical products and a provider of galvanizing services today announced its unaudited financial results for the three and nine-month periods ending November 2007.
Revenues for the third quarter increased 32% to $86.6M compared to $65.4M for the same period last year and net income for the third quarter increased 54% to $8.1M.
For the nine-month period, the company reported revenues of $243.6M, an increase of 35% and net income rose 39% to $20.4M. Backlog at the end of the third quarter was $147.1M, an increase of 45%, and backlog at the end of the second quarter was $149.2M. Incoming orders for the third quarter totaled $84.5M while shipments totaled $86.6M resulting in a book-to-ship ratio of 98%. For the first nine months, orders totaled $270.1M while shipments totaled $243.6M, resulting in a year-to-date book-to-ship ration of 111%. Incoming orders for the first nine months increased 30% when compared to the same period the previous year.
“We are encouraged about the strength of our quotations both for the domestic and international markets…and believe there are opportunities for increased bookings in the first quarter of fiscal 2009. Our challenge is to continue to achieve growth by expanding our served markets and increasing our product offerings while maintaining our targeted margin levels,” said David H. Dingus, president and chief executive officer.
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