Steel Products Prices North America
AZZ Focuses on Metal Coatings Business, Achieves Record Sales
Written by Laura Miller
October 11, 2022
Independent hot-dip galvanizer and coil coater AZZ Inc. achieved record sales in the second quarter (ended Aug. 31) of its fiscal 2023 year.
The quarter was the first to include results from Precoat Metals, whose acquisition was completed in May of this year.
Total Q2 sales reached $406.7 million. This includes record sales of $165.8 million from the metal coatings segment, which saw increased galvanized volumes in the renewables, utility, OEM, and construction markets, as well as record sales of $240.9 million from the Precoat Metals segment which saw higher selling prices from paint cost pass-through.
Still, AZZ’s Q2 net loss was $57.57 million compared to net income of just under $19 million in the year-ago quarter.
“We were pleased with our first full quarter as a focused metal coatings business, in what is a traditionally strong season for both segments,” commented president and CEO Tom Ferguson. “As we progress through the seasonally slower back half of the year, our overall outlook remains positive, although we are seeing signs of economic slowing in some areas.”
AZZ is based in Fort Worth, Texas, and operates more than 60 locations across the US and Canada.
By Laura Miller, Laura@SteelMarketUpdate.com
Laura Miller
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