AZZ Inc. Files 10-Q for August 31, 2024
Ticker: AZZ · Form: 10-Q · Filed: Oct 9, 2024 · CIK: 8947
| Field | Detail |
|---|---|
| Company | Azz INC (AZZ) |
| Form Type | 10-Q |
| Filed Date | Oct 9, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Key Dollar Amounts | $1.00, $0 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, reporting
TL;DR
AZZ Inc. 10-Q filed. Financials for Aug 31, 2024 out.
AI Summary
AZZ Inc. filed its 10-Q for the period ending August 31, 2024. The company reported financial results and provided updates on its business operations. Key financial figures and operational details are included in this filing.
Why It Matters
This filing provides investors with a detailed look at AZZ Inc.'s financial health and operational performance during the reporting period, crucial for investment decisions.
Risk Assessment
Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal varying levels of risk for the company.
Key Numbers
- 20240831 — Fiscal Period End (The end date of the reporting period for this 10-Q filing.)
- 20241009 — Filing Date (The date AZZ Inc. submitted this 10-Q to the SEC.)
Key Players & Entities
- AZZ INC (company) — Filer of the 10-Q
- 0000008947-24-000222 (other) — Accession Number for the filing
- 20240831 (date) — Fiscal period end date
- FORT WORTH (location) — Company headquarters city
- TX (location) — Company headquarters state
FAQ
What is the primary business of AZZ Inc. according to the filing?
The filing lists AZZ Inc.'s Standard Industrial Classification as 'COATING, ENGRAVING & ALLIED SERVICES [3470]'.
Where is AZZ Inc. headquartered?
AZZ Inc. is headquartered in Fort Worth, TX.
What is the accession number for this 10-Q filing?
The accession number for this filing is 0000008947-24-000222.
What is the fiscal year end for AZZ Inc.?
AZZ Inc.'s fiscal year ends on February 28 (0228).
When was AZZ Inc. formerly known as Aztec Manufacturing Co.?
The company changed its name from Aztec Manufacturing Co. on September 11, 2000 (20000911).
Filing Stats: 4,765 words · 19 min read · ~16 pages · Grade level 15.4 · Accepted 2024-10-09 16:42:23
Key Financial Figures
- $1.00 — ding 29,876,952 shares of common stock; $1.00 par value per share. Table of Content
- $0 — nd six months ended August 31, 2024 and $0 for both the three and six months ended
Filing Documents
- azz-20240831.htm (10-Q) — 1511KB
- ex31120240831.htm (EX-31.1) — 9KB
- ex31220240831.htm (EX-31.2) — 9KB
- ex32120240831.htm (EX-32.1) — 5KB
- ex32220240831.htm (EX-32.2) — 6KB
- azz-20240831_g1.jpg (GRAPHIC) — 242KB
- 0000008947-24-000222.txt ( ) — 9260KB
- azz-20240831.xsd (EX-101.SCH) — 51KB
- azz-20240831_cal.xml (EX-101.CAL) — 109KB
- azz-20240831_def.xml (EX-101.DEF) — 235KB
- azz-20240831_lab.xml (EX-101.LAB) — 654KB
- azz-20240831_pre.xml (EX-101.PRE) — 455KB
- azz-20240831_htm.xml (XML) — 1546KB
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 39
Controls and Procedures
Item 4. Controls and Procedures 39
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 39
Risk Factors
Item 1A. Risk Factors 40
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40
Other Information
Item 5 Other Information 40
Exhibits
Item 6. Exhibits 41
SIGNATURES
SIGNATURES 42 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION AZZ INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) As of August 31, 2024 February 29, 2024 Assets Current assets: Cash and cash equivalents $ 2,152 $ 4,349 Trade accounts receivable, net of allowance for credit losses of $( 2,128 ) and $( 2,347 ) at August 31, 2024 and February 29, 2024, respectively 153,108 142,246 Other receivables 22,804 15,599 Inventories 115,249 117,656 Contract assets 93,983 79,335 Prepaid expenses and other 13,860 7,814 Total current assets 401,156 366,999 Property, plant and equipment, net 569,732 541,652 Right-of-use assets 22,053 23,739 Goodwill 705,724 705,468 Deferred tax assets 5,616 5,606 Intangible assets, net 433,929 445,435 Investment in AVAIL joint venture 97,768 98,169 Other assets 4,352 8,437 Total assets $ 2,240,330 $ 2,195,505 Liabilities, Mezzanine Equity and Shareholders' Equity Current liabilities: Accounts payable $ 108,699 $ 88,001 Income taxes payable 1,919 172 Accrued salaries and wages 24,947 30,823 Other accrued liabilities 74,991 68,651 Lease liability, short-term 6,574 6,659 Total current liabilities 217,130 194,306 Long-term debt, net 912,572 952,742 Lease liability, long-term 16,263 17,827 Deferred tax liabilities 42,261 38,567 Other long-term liabilities 52,348 57,572 Total liabilities 1,240,574 1,261,014 Commitments and contingencies (Note 16) Mezzanine equity: Series A Preferred Stock, $ 1,000 par value; 100,000 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; 29,877 and 25,102 shares issued and outstanding at August 31, 2024 and February 29, 2024, respectively 29,877 25,102 Capital in excess of par value 411,263 103,330 Retained earnings 565,511 576,231 Accumulated other comprehensive loss ( 6,895 ) ( 3,894 ) Total