AZZ CEO pleased with FY08 results

AZZ Inc. (NYSE:AZZ) CEO David Dingus said he is pleased with the electrical equipment maker’s fiscal 2008 results. Dingus made the comments during a midday conference call.

“The aggressive steps we’ve taken seeking new domestic and international market opportunities, improving our distribution channels, lowering our cost structure, increasing our pricing levels, and improving operating efficiencies are all reflected in our improved operating results,” Dingus said. “We set another record year both in earnings and sales.”

In a statement, Fort Worth, Texas-based AZZ said it projects 2009 earnings to range from $2.28 to $2.41 per share, above its previous guidance range of $2.20 to $2.30 per share. A profit of $2.50 per share is the consensus estimate of Wall Street analysts for fiscal 2009. The company expects 2009 revenue of between $365 million and $380 million, compared with a previous range of $320 million to $330 million. Analysts expect $358 million.

Before Friday’s opening, AZZ reported fourth-quarter net income of $7.3 million, or $0.60 per share, up 4% from $7 million, or $0.58 per share, a year earlier. Wall Street analysts expected earnings of $0.59 per share.

“We continue to benefit from strong market conditions, favorable product mix and expanded served markets,” Dingus said. “International opportunities continue to play an important role in our growth potential and backlog recovery.”

Quarterly revenue for the three months ended Feb. 29 declined 4% to $76.6 million from $79.6 million during the year-ago period. The revenue results missed analysts’ expectation of $89 million in revenue.

AZZ managed to lower its cost of sales 6% to $56.7 million from $60.6 million during the year-ago period. However, the company’s selling, . . .

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