Electrical equipment manufacturer
) posted earnings per share of 50 cents in the fourth quarter of
fiscal 2013, a penny ahead of the Zacks Consensus Estimate. The
quarterly earnings also surpassed the year-ago earnings of 46
cents per share.
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In fiscal 2013, earnings per share were $2.01 versus $1.61
reported in fiscal 2012, reflecting an increase of 24.8%.
Total revenue increased 14% year over year to $140.4 million in
the reported quarter from $123.6 million a year ago. Better
performance from its Electrical and Industrial Products and
Galvanizing Service segments resulted in the upbeat results.
Revenues however missed the Zacks Consensus Estimate of $146
Fiscal 2013 revenue was $570.6 million, up 22% from $469.1
million in the prior fiscal.
Fiscal Fourth Quarter Highlights
Cost of sales, as a percentage of revenue, contracted 91 basis
points year over year. Operating income grew 0.9% to $26.3
The backlog of the company at the end of the quarter was $221.7
million, up substantially from $138.6 million reported a year
ago. AZZ Inc. benefited from the acquired backlog of Nuclear
Logistics Inc, which came under its umbrella in Jun 2012.
The order booking of $146.3 million was also higher than $130.2
million booked in the comparable prior-year period. Overseas
orders constituted 35% of the backlog, which is an encouraging
sign for the company.
Interest expenses dropped to $3.27 million from $3.48 million,
indicating a reduction in the debt level.
Fiscal 2014 Guidance
The strong performance in fiscal 2013 prompted the company to
make an upward revision to its fiscal 2014 guidance. It now
expects earnings in the range of $2.65 to $2.95 per share, up
from the prior range of $2.50 to $2.75. The revised guidance
takes into account the likely contribution from the acquisition
of Aquilex SRO.
The company also revised its revenue expectation for fiscal
2014. Fiscal 2014 revenue is expected in the range of $825
million to $900 million, up from the previous expectation of $625
million to $660 million.
Other Company Release
Mistras Group Inc.
) reported earnings of 7 cents per share in the third quarter of
fiscal 2013, falling short of the Zacks Consensus Estimate of 17
cents. However, total revenue of $134 million surpassed the Zacks
Consensus Estimate by $2 million.
We believe the strong backlog will definitely help the company to
post better results in the forthcoming quarters. We believe
international orders will not only boost its order book but
provide a cushion for the company against any softness in
domestic demand. In addition, strategic acquisitions will provide
meaningful synergies to the company's performance.
The company currently has a Zacks Rank #1 (Strong Buy).
Universal Electronics Inc.
Capstone Turbine Corp.
) are also doing well in this space, with both retaining a Zacks
Rank #2 ( Buy).
Headquartered in Forts Worth, Texas, AZZ Inc. was founded in
1956. With a market capitalization of $1.18 billion, the company
primarily caters to industrial customers in the United States and
Canada and has 2,154 full time employees.