AZZ Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>AZZ Inc. has filed its Q3 2023 10-Q report, detailing financial performance and operational status.</b>

AI Summary

AZZ INC (AZZ) filed a Quarterly Report (10-Q) with the SEC on January 9, 2024. AZZ Inc. filed a 10-Q report for the period ending November 30, 2023. The filing covers the third quarter of their fiscal year. The company's fiscal year ends on February 28th. AZZ Inc. is incorporated in Texas. The company's SIC code is 3470 (Coating, Engraving & Allied Services).

Why It Matters

For investors and stakeholders tracking AZZ INC, this filing contains several important signals. This filing provides investors with updated financial statements and management's discussion of results for the third quarter of fiscal year 2023. Understanding the details within this 10-Q is crucial for assessing AZZ Inc.'s current financial health, operational efficiency, and future outlook.

Risk Assessment

Risk Level: low — AZZ INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures.

Analyst Insight

Review the financial statements and management's discussion in the 10-Q to understand AZZ Inc.'s performance in Q3 2023 and its implications for the rest of the fiscal year.

Key Numbers

• 2023-11-30 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-09 — Filing Date (FILED AS OF DATE)
• 0228 — Fiscal Year End (FISCAL YEAR END)
• 3470 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• AZZ INC (company) — COMPANY CONFORMED NAME
• 0000008947 (company) — CENTRAL INDEX KEY
• 3470 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• TX (company) — STATE OF INCORPORATION
• 750948250 (company) — IRS NUMBER
• AZTEC MANUFACTURING CO (company) — FORMER COMPANY
• 20000911 (date) — DATE OF NAME CHANGE
• 20231130 (date) — CONFORMED PERIOD OF REPORT

Forward-Looking Statements

• AZZ Inc. will maintain a stable share count for common and preferred stock in the near term. (AZZ INC) — medium confidence, target: 2024-02-28

FAQ

Industry Context

AZZ Inc. operates in the coating, engraving, and allied services industry, providing a range of services to various industrial sectors.

Regulatory Implications

The filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow statement) for the quarter ended November 30, 2023.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Check for any new or updated risk factors disclosed in the filing.

Key Dates

• 2023-11-30: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-01-09: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending November 30, 2023. Previous filings would need to be compared for year-over-year or sequential changes.

Key Financial Figures

• $1.00 — ding 25,076,871 shares of common stock; $1.00 par value per share. Table of Content

Filing Documents

• azz-20231130.htm (10-Q) — 1750KB
• ex31120231130.htm (EX-31.1) — 9KB
• ex31220231130.htm (EX-31.2) — 9KB
• ex32120231130.htm (EX-32.1) — 5KB
• ex32220231130.htm (EX-32.2) — 6KB
• azz-20231130_g1.jpg (GRAPHIC) — 242KB
• 0000008947-24-000013.txt (&nbsp;) — 9866KB
• azz-20231130.xsd (EX-101.SCH) — 52KB
• azz-20231130_cal.xml (EX-101.CAL) — 135KB
• azz-20231130_def.xml (EX-101.DEF) — 274KB
• azz-20231130_lab.xml (EX-101.LAB) — 754KB
• azz-20231130_pre.xml (EX-101.PRE) — 522KB
• azz-20231130_htm.xml (XML) — 1519KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Cash Flows 6 Condensed Consolidated Statements of Changes in Shareholders' Equity 7 Notes to Condensed Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44

Other Information

Item 5 Other Information 44

Exhibits

Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION AZZ INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) As of November 30, 2023 February 28, 2023 Assets Current assets: Cash and cash equivalents $ 7,509 $ 2,820 Trade accounts receivable, net of allowance for credit losses of $ 2,096 and $ 5,752 at November 30, 2023 and February 28, 2023, respectively 142,463 156,443 Other receivables 31,005 26,969 Inventories 126,737 143,920 Contract assets 75,719 79,273 Prepaid expenses and other 9,295 7,991 Total current assets 392,728 417,416 Property, plant and equipment, net 525,338 498,503 Right-of-use assets 22,830 26,392 Goodwill 705,487 702,512 Deferred tax assets 5,820 12,467 Intangible assets, net 451,289 469,392 Investment in joint venture 97,238 84,760 Other assets 8,026 10,037 Total assets $ 2,208,756 $ 2,221,479 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 95,158 $ 84,256 Income tax payable 45 272 Accrued salaries and wages 25,868 26,262 Other accrued liabilities 72,476 70,047 Lease liability, short-term 6,453 6,403 Total current liabilities 200,000 187,240 Long-term debt, net 980,004 1,058,120 Lease liability, long-term 17,112 20,704 Deferred tax liabilities 33,370 40,536 Other long-term liabilities 57,120 61,419 Total liabilities 1,287,606 1,368,019 Commitments and contingencies (Note 17) Shareholders' equity: Series A Convertible Preferred Stock, $ 1 par, shares authorized 240 ; 240 shares issued and outstanding at November 30, 2023 and February 28, 2023 240 240 Common Stock, $ 1 par value; 100,000 shares authorized; 25,077 and 24,912 shares issued and outstanding at November 30, 2023 and February 28, 2023, respectively 25,077 24,912 Capital in excess of par value 333,555 326,839 Retained earnings 566,235 506,042 Accumulated other comprehensive loss ( 3,957 ) ( 4,573 ) Total shareholders' equity 921,150 853,460 Total liabilities and shareholders' equity $ 2,208

View Full Filing

View this 10-Q filing on SEC EDGAR