AZZ Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>AZZ Inc. has filed its annual 10-K report for the fiscal year ending February 29, 2024, detailing its financial performance and business operations.</b>

AI Summary

AZZ INC (AZZ) filed a Annual Report (10-K) with the SEC on April 22, 2024. AZZ Inc. filed its 10-K report for the fiscal year ending February 29, 2024. The filing covers the period from March 1, 2023, to February 29, 2024. The company's principal executive offices are located in Fort Worth, Texas. AZZ Inc. was formerly known as Aztec Manufacturing Co. before a name change on September 11, 2000. The filing includes financial data for fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking AZZ INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AZZ Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2024. Investors and stakeholders can use this report to assess the company's financial stability, growth prospects, and potential risks moving forward.

Risk Assessment

Risk Level: low — AZZ INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand AZZ Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 2024-02-29 — Fiscal Year End (Report period)
• 2024-04-22 — Filing Date (Date of submission)
• 2023-03-01 — Report Start Date (Fiscal year 2024)
• 2023-02-28 — Previous Fiscal Year End (Comparison period)

Key Players & Entities

• AZZ INC (company) — Filer name
• AZTEC MANUFACTURING CO (company) — Former company name
• Fort Worth, Texas (location) — Business address

FAQ

Industry Context

AZZ Inc. operates in the coating, engraving & allied services industry (SIC 3470).

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section for potential challenges and uncertainties.
3. Compare the current year's performance against previous years as detailed in the filing.

Key Dates

• 2024-02-29: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-04-22: Filing Date — Date AZZ Inc. submitted its 10-K report.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending February 29, 2024, providing updated financial and operational data compared to the previous year's filings.

Key Financial Figures

• $1.00 — hares of the registrant's common stock ($1.00 par value) outstanding. DOCUMENTS INCO

Filing Documents

• azz-20240229.htm (10-K) — 2686KB
• amendedcompensationrecover.htm (EX-10.23) — 26KB
• ex211fy24subsidiaries.htm (EX-21.1) — 38KB
• ex23120240229consent.htm (EX-23.1) — 2KB
• ex31120240229.htm (EX-31.1) — 9KB
• ex31220240229.htm (EX-31.2) — 9KB
• ex32120240229.htm (EX-32.1) — 5KB
• ex32220240229.htm (EX-32.2) — 6KB
• eoclawbackpolicydodd-frank.htm (EX-97.1) — 36KB
• azz-20240229_g1.jpg (GRAPHIC) — 242KB
• azz-20240229_g2.jpg (GRAPHIC) — 20KB
• 0000008947-24-000044.txt (&nbsp;) — 16567KB
• azz-20240229.xsd (EX-101.SCH) — 87KB
• azz-20240229_cal.xml (EX-101.CAL) — 196KB
• azz-20240229_def.xml (EX-101.DEF) — 502KB
• azz-20240229_lab.xml (EX-101.LAB) — 1155KB
• azz-20240229_pre.xml (EX-101.PRE) — 877KB
• azz-20240229_htm.xml (XML) — 2956KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 20

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 21

Legal Proceedings

Item 3. Legal Proceedings 21

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 21 PART II 22

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

[Reserved] 23

Item 6. [Reserved] 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 38

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 39

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 88

Controls and Procedures

Item 9A. Controls and Procedures 88

Other Information

Item 9B. Other Information 88

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88 PART III 88

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 88

Executive Compensation

Item 11. Executive Compensation 89

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 89

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 89 PART IV 91

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 91

Form 10-K Summary

Item 16. Form 10-K Summary 93

SIGNATURES

SIGNATURES 94 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as "may," "could," "should," "expects," "plans," "will," "might," "would," "projects," "currently," "intends," "outlook," "forecasts," "targets," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This Annual Report on Form 10-K may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ's growth

Business

Item 1. Business AZZ Inc. ("AZZ", the "Company", "our" or "we") was established in 1956 and incorporated under the laws of the state of Texas. We are a provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets in North America. We have three distinct operating segments: the AZZ Metal Coatings segment, the AZZ Precoat Metals segment, and the AZZ Infrastructure Solutions segment. Our AZZ Metal Coatings segment is a leading provider of metal finishing solutions for corrosion protection, including hot-dip galvanizing, spin galvanizing, powder coating, anodizing and plating to the North American steel fabrication industry and other industries. The AZZ Precoat Metals segment provides aesthetic and corrosion protective coatings and related value-added services for steel and aluminum coil, primarily serving the construction; appliance; heating, ventilation, and air conditioning (HVAC); container; transportation and other end markets in North America. The AZZ Infrastructure Solutions segment consists of our 40% interest in AIS Investment Holdings LLC (the "AVAIL JV"). AIS Investment Holdings LLC is primarily dedicated to delivering safe and reliable transmission of power from generation sources to end customers, automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in markets worldwide. AIS Investment Holdings LLC was wholly-owned by AZZ until September 30, 2022, when we contributed our AZZ Infrastructure Solutions business, excluding AZZ Crowley Tubing and excluding certain receivables retained by AZZ ("AIS"), to the AVAIL JV and sold a 60% interest in the AVAIL JV to Fernweh Group LLC ("Fernweh"). For the years ended February 28, 2023 and February 28, 2022, financial data for the AZZ Infrastructure Solutions business is segregated and reported as discontinued operations. Unless stated otherwise, the discussion of our business and financial information throughout this Annual Report on Form 10-K re

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View this 10-K filing on SEC EDGAR