AZZ Inc. Files 10-Q for Period Ending May 31, 2024
Ticker: AZZ · Form: 10-Q · Filed: Jul 10, 2024 · CIK: 8947
| Field | Detail |
|---|---|
| Company | Azz INC (AZZ) |
| Form Type | 10-Q |
| Filed Date | Jul 10, 2024 |
| Risk Level | low |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
AZZ Inc. 10-Q filed. Financials for May 31, 2024 quarter are in. Check it.
AI Summary
AZZ Inc. filed its 10-Q for the period ending May 31, 2024, reporting on its financial performance. The company's fiscal year ends on February 28th. Key financial details and operational segments are presented within this filing.
Why It Matters
This filing provides investors and analysts with the latest financial health and operational performance of AZZ Inc., crucial for investment decisions.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.
Key Numbers
- 0228 — Fiscal Year End (Indicates when the company's financial year concludes.)
- 750948250 — IRS Number (Company's tax identification number.)
Key Players & Entities
- AZZ Inc. (company) — Filer of the 10-Q
- 20240531 (date) — End of the reporting period
- 20240710 (date) — Filing date
- Fort Worth, TX (location) — Company headquarters
FAQ
What are AZZ Inc.'s primary operating segments as detailed in this 10-Q?
The filing indicates 'azz:operating_segments' as a key area, though specific segment names are not detailed in the provided header information.
What is the SEC file number for AZZ Inc.'s 1934 Act filings?
The SEC file number is 001-12777.
When was AZZ Inc. formerly known as Aztec Manufacturing Co?
The company changed its name from Aztec Manufacturing Co. on 20000911.
What is the business address of AZZ Inc.?
The business address is One Museum Place, Suite 500, 3100 W 7th Street, Fort Worth, TX 76107.
What is the SIC code for AZZ Inc.?
The Standard Industrial Classification code is 3470, for Coating, Engraving & Allied Services.
Filing Stats: 4,695 words · 19 min read · ~16 pages · Grade level 16 · Accepted 2024-07-10 16:16:20
Key Financial Figures
- $1.00 — ding 29,816,258 shares of common stock; $1.00 par value per share. Table of Content
Filing Documents
- azz-20240531.htm (10-Q) — 1057KB
- ex31120240531.htm (EX-31.12) — 9KB
- ex31220240531.htm (EX-31.22) — 9KB
- ex32120240531.htm (EX-32.12) — 5KB
- ex32220240531.htm (EX-32.22) — 6KB
- azz-20240531_g1.jpg (GRAPHIC) — 242KB
- 0000008947-24-000153.txt ( ) — 7708KB
- azz-20240531.xsd (EX-101.SCH) — 50KB
- azz-20240531_cal.xml (EX-101.CAL) — 105KB
- azz-20240531_def.xml (EX-101.DEF) — 227KB
- azz-20240531_lab.xml (EX-101.LAB) — 642KB
- azz-20240531_pre.xml (EX-101.PRE) — 443KB
- azz-20240531_htm.xml (XML) — 1046KB
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 8
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 26
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 34
Controls and Procedures
Item 4. Controls and Procedures 34
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Other Information
Item 5 Other Information 35
Exhibits
Item 6. Exhibits 36
SIGNATURES
SIGNATURES 37 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION AZZ INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) As of May 31, 2024 February 29, 2024 Assets Current assets: Cash and cash equivalents $ 10,546 $ 4,349 Trade accounts receivable, net of allowance for credit losses of $ 2,322 and $ 2,347 at May 31, 2024 and February 29, 2024, respectively 144,391 142,246 Other receivables 17,403 15,599 Inventories 113,988 117,656 Contract assets 93,262 79,335 Prepaid expenses and other 16,752 7,814 Total current assets 396,342 366,999 Property, plant and equipment, net 555,355 541,652 Right-of-use assets 22,592 23,739 Goodwill 705,204 705,468 Deferred tax assets 5,594 5,606 Intangible assets, net 439,558 445,435 Investment in joint venture 101,639 98,169 Other assets 9,495 8,437 Total assets $ 2,235,779 $ 2,195,505 Liabilities, Mezzanine Equity and Shareholders' Equity Current liabilities: Accounts payable $ 116,829 $ 88,001 Income tax payable 3,414 172 Accrued salaries and wages 18,806 30,823 Other accrued liabilities 78,258 68,651 Lease liability, short-term 6,558 6,659 Total current liabilities 223,865 194,306 Long-term debt, net 929,800 952,742 Lease liability, long-term 16,801 17,827 Deferred tax liabilities 42,033 38,567 Other long-term liabilities 56,048 57,572 Total liabilities 1,268,547 1,261,014 Commitments and contingencies (Note 16) Mezzanine equity: Series A Convertible Preferred Stock, $ 1 par value; 240 shares authorized; 240 shares issued and outstanding February 29, 2024; aggregate liquidation preference $ 312,520 at February 29, 2024 — 233,722 Shareholders' equity: Common stock, $ 1 par value; 100,000 shares authorized; 29,814 and 25,102 shares issued and outstanding at May 31, 2024 and February 29, 2024, respectively 29,814 25,102 Capital in excess of par value 405,309 103,330 Retained earnings 535,168 576,231 Accumulated other comprehensive loss ( 3,059 ) ( 3,894 ) Total shareholders' eq