Shares of AZZ Inc. (NYSE: AZZ) were hammered on Friday after the electrical equipment maker reported weaker-than-expected results for the fiscal second quarter and handed downbeat guidance for the current quarter. Besides, it also slashed its full year outlook. For the latest period, AZZ posted adjusted earnings of 57 cents a share while analysts’ consensus estimate was of 66 cents a share. Net sales climbed 24% to $189.78 million from $153.39 million but fell short of analysts’ forecast of $202.83 million. Separately, the Company announced a quarterly cash dividend of 14 cents a share. The dividend is payable on Oct. 25 to shareholders of record on Oct. 11.
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AZZ Shares Surge on Q1 Results, Outlook (AZZ)
Shares of AZZ Incorporated (NYSE: AZZ), an electrical equipment and components manufacturer serving the worldwide markets of power generation, transmission and distribution, and the general industrial markets, surged in trading on Friday after the company reported its first-quarter fiscal 2013 financial results. The company also lifted its fiscal 2013 outlook and declared a 2 for 1 tock split.
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