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AZZ -6% on Q2 miss; sees 2017 EPS, revenues slightly below guidance

Oct. 05, 2016 9:07 AM ETAZZ Inc. (AZZ) StockAZZBy: Carl Surran, SA News Editor
  • AZZ -5.9% premarket after its Q2 earnings and revenues missed expectations, as revenue from its energy and galvanizing segments were hurt by weak oil markets.
  • AZZ says it will end production at two of its galvanizing plants and repurpose a third plant from standard galvanizing to a new product line, and in the energy segment it plans to "reduce management costs" in its specialty welding business.
  • AZZ says it is suspending earnings and revenue guidance "for a short window," but that it likely will "fall slightly below" previously issued guidance for FY 2017 EPS of $3.15-$3.45 and revenues of $930M-$970M.

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