Building on Profitability and Strong Cash
Generation
Reaffirming Fiscal 2024 Full Year Guidance and
Debt Reduction of $75-$100 million
FORT
WORTH, Texas, Oct. 10,
2023 /PRNewswire/ -- AZZ Inc. (NYSE: AZZ), the
leading independent provider of hot-dip galvanizing and coil
coating solutions, today announced financial results for the second
quarter ended August 31, 2023.
Second
Quarter Overview (results from
continuing operations as compared to prior
year(1)):
- Total Sales $398.5 million, down
2.0%
- Metal Coatings record sales of $169.8
million up 2.4%
- Precoat Metals sales of $228.7 million, down 5.0%
- Diluted EPS of $0.97, up 4.3%
versus prior year, Adjusted EPS of $1.27, up 5.0%
- Net Income of $28.3 million, up
12.8%
- Adjusted net income of $37.2
million, up 5.5%
- Recognized a charge of $5.75
million for a litigation settlement related to the
Infrastructure Solutions segment (reflected in Selling, General
& Administrative Expenses)
- Adjusted EBITDA $88.0 million or
22.1% of sales, versus prior year of $88.7
million or 21.8% of sales
- EBITDA margin of 30.4% for Metal Coatings and 20.3% for Precoat
Metals
- Reduced debt by $40.0 million in
the quarter, resulting in net leverage of 3.4x
(1) Adjusted Net Income, Adjusted
EPS, and Adjusted EBITDA are non-GAAP financial measures as defined
and reconciled in the tables below.
|
Tom Ferguson, President, and
Chief Executive Officer of AZZ, commented, "I am pleased to report
that our second quarter results were in line with our expectations
and set us up well for the balance of the year. While Precoat
Metals faced softer market conditions, particularly in certain
construction and appliance markets, the team focused on driving
profitability, and exceeded 20% EBITDA margin. Metal Coatings
continued to benefit from infrastructure spending, posted another
record quarter for sales and operating income, and exceeded 30%
EBITDA margin. Through better earnings and continued good
management of working capital, we reduced year-to-date debt by
$60.0 million, which included
$20.0 million of debt reduction from
the first quarter. We also repriced our term loan B,
resulting in more favorable interest rates.
"Our new plant construction in Washington, Missouri continues to progress ahead of
schedule and budget. After careful consideration, we made the
decision to internally fund the construction of the new plant in
Washington, Missouri versus funding a portion of it
through a sale/leaseback transaction. As we have stated
previously, the project will not have an impact on AZZ's debt
leverage nor our previously stated goal of 3.0x debt leverage by
the end of FY2024. Our business is structured for significant cash
flow generation, giving us more optionality to fund capital
expenditures this year totaling $125
million, which includes the new plant spend of $70 million. Additionally, we will continue to
pay down debt in a range of $75 to
$100 million this year and expect to
continue to pay quarterly cash dividends.
"Notwithstanding our seasonally slower second half of the year,
we expect a stronger second half this year as compared to last
year. Secular tailwinds exist for infrastructure and
renewables spending, reshoring of manufacturing, and continued
migration to more environmentally friendly pre-painted steel and
aluminum. I want to thank our entire AZZ team for their
dedicated performance in the second quarter of fiscal year 2024,"
concluded Ferguson.
Fiscal Year 2024 Second Quarter Segment Performance
AZZ Metal Coatings
Sales increased
year-over-year by 2.4% to a record $169.8
million, due to both higher volume and increased selling
price. EBITDA of $51.6 million
or 30.4% of sales was slightly above our 25-30% targeted EBITDA
range. In the prior year quarter, EBITDA of $53.0 million included $5.1 million from non-recurring items, related to
a gain on sale of property and insurance proceeds.
AZZ Precoat Metals
Sales of $228.7 million decreased year-over-year by 5.0%
due to lower volume in HVAC, transportation, and certain
construction end markets. Average selling price increased 7%
as compared to the same quarter last year, driven by value-pricing
initiatives, and a shift in sales mix. EBITDA of $46.4 million or 20.3% of sales was 30 basis
points lower from the prior year same quarter, and within our
targeted range of 17-22%. We are carefully monitoring customer
volume as we progress through the third quarter.
Balance Sheet, Liquidity and Capital Allocation
The
Company generated significant operating cash flow of $118.3 million in the first six months of the
year through improved earnings and prudent working capital
management. At the end of the second quarter, net leverage
was 3.4x TTM EBITDA. During the second quarter, the Company
paid down debt of $40.0 million and
returned cash to shareholders through cash dividend payments
totaling $7.9 million. Capital
expenditures were $25.7 million
during the quarter, and fiscal year 2024 capital expenditures are
expected to be approximately $125
million, which includes $70
million in cash outlays for AZZ's new coil coating plant in
Washington, Missouri.
Financial Outlook - Fiscal Year 2024
Guidance
Management reaffirms fiscal year 2024 guidance:
- Sales of $1.40 billion to
$1.55 billion
- Adjusted EBITDA of $300-$325
million
- Adjusted earnings per diluted share of $3.85-$4.35(1)
Fiscal year 2024 guidance reflects higher interest expense,
dividends on our Series A Preferred Stock, and the impact of an
annualized effective tax rate of approximately 24%. This
reflects our best estimates given expected market conditions for
the full year, excluding any federal regulatory changes that may
emerge.
(1) Fiscal
Year 2024 guidance excludes equity in earnings on the investment in
the AIS joint venture.
|
Conference Call Details
AZZ Inc. will conduct a live
conference call with Tom Ferguson,
Chief Executive Officer, and Philip
Schlom, Chief Financial Officer to discuss financial results
for the second quarter of fiscal year 2024, Wednesday,
October 11, 2023, at 11:00 A.M.
ET. Interested parties can access the conference call by
dialing (844) 855-9499 or (412) 317-5497 (international). A webcast
of the call will be available on the Company's Investor Relations
page at http://www.azz.com/investor-relations.
A replay of the call will be available at (877) 344-7529 or
(412) 317-0088 (international), replay access code: 5906530,
through October 18, 2023, or by visiting
http://www.azz.com/investor-relations for the next 12 months.
About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip
galvanizing and coil coating solutions to a broad range of
end-markets. Collectively, our business segments provide
sustainable, unmatched metal coating solutions that enhance the
longevity and appearance of buildings, products and infrastructure
that are essential to everyday life.
Safe Harbor Statement
Certain statements herein about our expectations of
future events or results constitute forward-looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as "may," "could," "should,"
"expects," "plans," "will," "might," "would," "projects,"
"currently," "intends," "outlook," "forecasts," "targets,"
"anticipates," "believes," "estimates," "predicts," "potential,"
"continue," or the negative of these terms or other comparable
terminology. Such forward-looking statements are based on currently
available competitive, financial, and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. Forward-looking
statements speak only as of the date they are made and are subject
to risks that could cause them to differ materially from actual
results. Certain factors could affect the outcome of the matters
described herein. This press release may contain
forward-looking statements that involve risks and uncertainties
including, but not limited to, changes in customer demand for our
products and services, including demand by the construction
markets, the industrial markets, and the metal coatings markets. We
could also experience additional increases in labor costs,
components and raw materials including zinc and natural gas, which
are used in our hot-dip galvanizing process; supply-chain vendor
delays; customer requested delays of our products or services;
delays in additional acquisition opportunities; an increase in our
debt leverage and/or interest rates on our debt, of which a
significant portion is tied to variable interest rates;
availability of experienced management and employees to implement
AZZ's growth strategy; a downturn in market conditions in any
industry relating to the products we inventory or sell or the
services that we provide; economic volatility, including a
prolonged economic downturn or macroeconomic conditions such as
inflation or changes in the political stability in the United States and other foreign markets in
which we operate; acts of war or terrorism inside the United States or abroad; and other changes
in economic and financial conditions. AZZ has provided additional
information regarding risks associated with the business, including
in Part I, Item 1A. Risk Factors, in AZZ's Annual Report on Form
10-K for the fiscal year ended February
28, 2023, and other filings with the SEC, available for
viewing on AZZ's website at www.azz.com and on the SEC's website at
www.sec.gov. You are urged to consider these factors
carefully when evaluating the forward-looking statements herein and
are cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. These statements are based on information as
of the date hereof and AZZ assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Company Contact:
David Nark, Senior Vice President of
Marketing, Communications, and Investor Relations
AZZ Inc.
(817) 810-0095
www.azz.com
Investor Contact:
Sandy
Martin / Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com
---Financial tables on the following
page---
AZZ Inc.
|
Condensed Consolidated Statements of
Income
|
(dollars in
thousands, except per share data)
|
(unaudited)
|
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales
|
|
$
398,542
|
|
$
406,710
|
|
$
789,415
|
|
$
613,844
|
Cost of
sales
|
|
301,296
|
|
305,155
|
|
595,150
|
|
452,236
|
Gross
margin
|
|
97,246
|
|
101,555
|
|
194,265
|
|
161,608
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
36,239
|
|
37,414
|
|
67,762
|
|
69,558
|
Operating
income
|
|
61,007
|
|
64,141
|
|
126,503
|
|
92,050
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
27,770
|
|
28,144
|
|
56,476
|
|
35,615
|
Equity in (earnings) of
unconsolidated subsidiaries
|
|
(974)
|
|
—
|
|
(2,394)
|
|
—
|
Other (income) expense,
net
|
|
(88)
|
|
55
|
|
(50)
|
|
28
|
Income from continuing
operations before income taxes
|
|
34,299
|
|
35,942
|
|
72,471
|
|
56,407
|
Income tax
expense
|
|
5,967
|
|
10,822
|
|
15,617
|
|
15,922
|
Net income from
continuing operations
|
|
28,332
|
|
25,120
|
|
56,854
|
|
40,485
|
Income from
discontinued operations, net of tax
|
|
—
|
|
6,737
|
|
—
|
|
15,449
|
Loss on disposal of
discontinued operations, net of tax
|
|
—
|
|
(89,427)
|
|
—
|
|
(89,427)
|
Net loss from
discontinued operations
|
|
—
|
|
(82,690)
|
|
—
|
|
(73,978)
|
Net income
(loss)
|
|
28,332
|
|
(57,570)
|
|
56,854
|
|
(33,493)
|
Dividends on preferred
stock
|
|
(3,600)
|
|
(1,040)
|
|
(7,200)
|
|
(1,040)
|
Net income (loss)
available to common shareholders
|
|
$
24,732
|
|
$
(58,610)
|
|
$
49,654
|
|
$
(34,533)
|
Basic earnings (loss)
per share
|
|
|
|
|
|
|
|
|
Earnings per common
share from continuing operations
|
|
$
0.99
|
|
$
0.97
|
|
$
1.99
|
|
$
1.59
|
Loss per common share
from discontinued operations
|
|
$
—
|
|
$
(3.33)
|
|
$
—
|
|
$
(2.99)
|
Earnings (loss) per
common share
|
|
$
0.99
|
|
$
(2.36)
|
|
$
1.99
|
|
$
(1.39)
|
Diluted earnings (loss)
per share
|
|
|
|
|
|
|
|
|
Earnings per common
share from continuing operations
|
|
$
0.97
|
|
$
0.93
|
|
$
1.95
|
|
$
1.57
|
Loss per common share
from discontinued operations
|
|
$
—
|
|
$
(2.85)
|
|
$
—
|
|
$
(2.70)
|
Earnings (loss) per
common share
|
|
$
0.97
|
|
$
(1.91)
|
|
$
1.95
|
|
$
(1.13)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
|
25,054
|
|
24,836
|
|
24,997
|
|
24,772
|
Weighted average
shares outstanding - Diluted
|
|
29,210
|
|
29,059
|
|
29,196
|
|
27,428
|
AZZ Inc.
|
Segment Reporting
|
(dollars in
thousands)
|
(unaudited)
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(In
thousands)
|
|
(In
thousands)
|
Sales:
|
|
|
|
|
|
|
|
Metal
Coatings
|
$
169,837
|
|
$
165,849
|
|
$
338,631
|
|
$
329,293
|
Precoat
Metals
|
228,705
|
|
240,861
|
|
450,784
|
|
284,551
|
Total sales
|
$
398,542
|
|
$
406,710
|
|
$
789,415
|
|
$
613,844
|
|
|
|
|
|
|
|
|
EBITDA(1)
|
|
|
|
|
|
|
|
Metal
Coatings
|
$
51,647
|
|
$
53,026
|
|
$
103,510
|
|
$
106,695
|
Precoat
Metals
|
46,446
|
|
49,583
|
|
89,601
|
|
59,412
|
Infrastructure
Solutions(2)
|
792
|
|
—
|
|
2,190
|
|
—
|
Total Segment
EBITDA(3)
|
$
98,885
|
|
$
102,609
|
|
$
195,301
|
|
$
166,107
|
|
|
|
|
|
|
|
|
(1) See the Non-GAAP disclosure section
below for a reconciliation between the various measures calculated
in accordance with GAAP
to the non-GAAP financial measures.
|
(2) Represents Adjusted EBITDA, which
includes a settlement for a litigation matter related to the AIS
segment recognized during the three months ended August 31, 2023. Infrastructure
Solutions segment includes the Company's equity in earnings from
its investment in the AVAIL
joint venture, as well as other expenses related to receivables
that were retained by the Company following the sale of the AIS business.
|
(3) Total segment EBITDA excludes
Corporate EBITDA.
|
AZZ Inc.
|
Condensed Consolidated Balance
Sheets
|
(dollars in
thousands)
|
(unaudited)
|
|
|
As of
|
|
|
August 31, 2023
|
|
February 28, 2023
|
Assets:
|
|
|
|
|
Current
assets
|
|
$
409,869
|
|
$
417,416
|
Property, plant and
equipment, net
|
|
516,499
|
|
498,503
|
Other assets,
net
|
|
1,288,193
|
|
1,305,560
|
Total assets
|
|
$
2,214,561
|
|
$
2,221,479
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
Current
liabilities
|
|
$
206,317
|
|
$
187,240
|
Long-term debt,
net
|
|
1,002,364
|
|
1,058,120
|
Other
liabilities
|
|
107,803
|
|
122,659
|
Shareholders'
Equity
|
|
898,077
|
|
853,460
|
Total liabilities and
shareholders' equity
|
|
$
2,214,561
|
|
$
2,221,479
|
|
AZZ Inc.
|
Condensed Consolidated Statements of Cash
Flows
|
(dollars in
thousands)
|
(unaudited)
|
|
|
|
Six Months Ended August 31,
|
|
|
2023
|
|
2022
|
Net cash provided by
operating activities of continuing operations
|
|
$
118,340
|
|
$
42,011
|
Net cash used in
investing activities of continuing operations
|
|
(42,706)
|
|
(1,313,120)
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
(76,379)
|
|
1,245,096
|
Cash used in
discontinued operations
|
|
—
|
|
22,770
|
Effect of exchange rate
changes on cash
|
|
33
|
|
2,501
|
Net increase in cash
and cash equivalents
|
|
(712)
|
|
(742)
|
Cash and cash
equivalents at beginning of period
|
|
2,820
|
|
15,082
|
Less: Cash and cash
equivalents from discontinued operations at end of year
|
|
—
|
|
(3,000)
|
Cash and cash
equivalents from continuing operations at end of period
|
|
$
2,108
|
|
$
11,340
|
AZZ Inc.
Non-GAAP
Disclosure
Adjusted Net Income, Adjusted Earnings Per
Share and Adjusted EBITDA
In addition to reporting financial results in accordance with
Generally Accepted Accounting Principles in the United States ("GAAP"), we provided
adjusted net income and adjusted earnings per share, (collectively,
the "Adjusted Earnings Measures"), which are non-GAAP measures.
Management believes that the presentation of these measures
provides investors with greater transparency when comparing
operating results across a broad spectrum of companies, which
provides a more complete understanding of our financial
performance, competitive position and prospects for future capital
investment and debt reduction. Management also believes that
investors regularly rely on non-GAAP financial measures, such as
adjusted net income and adjusted earnings per share, to assess
operating performance and that such measures may highlight trends
in our business that may not otherwise be apparent when relying on
financial measures calculated in accordance with GAAP.
In calculating adjusted earnings and adjusted earnings per
share, management excludes intangible asset amortization,
acquisition expenses, transaction related expenses and certain
legal settlements. Management also provides EBITDA and
Adjusted EBITDA, which are non-GAAP measures. Management defines
EBITDA as earnings excluding depreciation, amortization, interest,
and provision for income taxes. Adjusted EBITDA is defined as
earnings excluding depreciation, amortization, interest, provision
for income taxes, acquisition expenses, transaction related
expenses and certain legal settlements. Management believes EBITDA
and Adjusted EBITDA are used by investors to analyze operating
performance and evaluate the Company's ability to incur and service
debt and its capacity for making capital expenditures in the
future. EBITDA and Adjusted EBITDA are also useful to investors to
help assess the Company's estimated enterprise value. In addition,
management believes that the adjustments shown below are useful to
investors in order to allow them to compare the Company's financial
results during the periods shown without the effect of each of
these adjustments.
Management provides non-GAAP financial measures for
informational purposes and to enhance understanding of the
Company's GAAP consolidated financial statements. Readers should
consider these measures in addition to, but not instead of or
superior to, the Company's financial statements prepared in
accordance with GAAP. These non-GAAP financial measures may be
determined or calculated differently by other companies, limiting
the usefulness of those measures for comparative purposes.
The following tables provides a reconciliation for the
three and six months ended August 31,
2023 and 2022 between the various measures calculated in
accordance with GAAP to the Adjusted Earnings Measures (in
thousands, except per share data):
Adjusted Net Income and Adjusted Earnings Per Share
from Continuing Operations
|
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Amount
|
|
Per
Diluted
Share(1)
|
Net income from
continuing operations
|
$ 28,332
|
|
|
|
$ 25,120
|
|
|
|
$ 56,854
|
|
|
|
$ 40,485
|
|
|
Less: preferred stock
dividends
|
(3,600)
|
|
|
|
(1,040)
|
|
|
|
(7,200)
|
|
|
|
(1,040)
|
|
|
Net income from
continuing operations
available to common shareholders
|
24,732
|
|
|
|
24,080
|
|
|
|
49,654
|
|
|
|
39,445
|
|
|
Impact of after-tax
interest expense for
convertible notes
|
—
|
|
|
|
2,006
|
|
|
|
—
|
|
|
|
2,554
|
|
|
Impact of preferred
stock dividends
|
3,600
|
|
|
|
1,040
|
|
|
|
7,200
|
|
|
|
1,040
|
|
|
Net income and diluted
earnings per share from
continuing operations
|
28,332
|
|
$ 0.97
|
|
27,126
|
|
$ 0.93
|
|
56,854
|
|
$ 1.95
|
|
43,039
|
|
$ 1.57
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
transaction-related
expenditures(2)
|
—
|
|
—
|
|
2,706
|
|
0.09
|
|
—
|
|
—
|
|
15,320
|
|
0.56
|
Amortization of
intangible assets
|
5,882
|
|
0.20
|
|
7,941
|
|
0.27
|
|
12,236
|
|
0.42
|
|
11,482
|
|
0.42
|
Legal
settlement(3)
|
5,750
|
|
0.20
|
|
—
|
|
—
|
|
5,750
|
|
0.20
|
|
—
|
|
—
|
Subtotal
|
11,632
|
|
0.40
|
|
10,647
|
|
0.37
|
|
17,986
|
|
0.62
|
|
26,802
|
|
0.98
|
Tax
impact(4)
|
(2,792)
|
|
(0.10)
|
|
(2,555)
|
|
(0.09)
|
|
(4,317)
|
|
(0.15)
|
|
(6,432)
|
|
(0.23)
|
Total
adjustments
|
8,840
|
|
0.30
|
|
8,092
|
|
0.28
|
|
13,669
|
|
0.47
|
|
20,370
|
|
0.74
|
Adjusted net income and
adjusted earnings per
share from continuing operations(5)
|
$ 37,172
|
|
$ 1.27
|
|
$ 35,218
|
|
$ 1.21
|
|
$ 70,523
|
|
$ 2.42
|
|
$ 63,409
|
|
$ 2.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding - Diluted
|
|
|
29,210
|
|
|
|
29,059
|
|
|
|
29,196
|
|
|
|
27,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Earnings per share amounts included
in the table above may not sum due to rounding differences.
Year-to- date earnings per share does not always represent the sum
of the quarters' earnings per
share when the preferred shares for any quarter in the year-to-date
period are anti-dilutive.
|
(2) Includes expenses related to the
Precoat Metals acquisition and the divestiture of 60% of the AVAIL
joint venture.
|
(3) Related to a settlement for a
litigation matter related to the AIS segment that was retained
following the sale of the AIS business.
|
(4) The non-GAAP effective tax
rate for each of the periods presented is estimated at
24.0%.
|
(5) Adjusted net income from continuing
operations includes $1.0 million and $2.4 million of equity in
earnings from the AVAIL joint venture for the
three and six months ended August 31,
2023, respectively.
|
Adjusted EBITDA
from Continuing Operations
|
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net income from
continuing operations
|
$
28,332
|
|
$
25,120
|
|
$
56,854
|
|
$
40,485
|
Interest
expense
|
27,770
|
|
28,144
|
|
56,476
|
|
35,615
|
Income tax
expense
|
5,967
|
|
10,822
|
|
15,617
|
|
15,922
|
Depreciation and
amortization
|
20,153
|
|
21,902
|
|
38,677
|
|
33,875
|
Acquisition and
transaction-related expenditures
|
—
|
|
2,706
|
|
—
|
|
15,320
|
Legal
settlement
|
5,750
|
|
—
|
|
5,750
|
|
—
|
Adjusted EBITDA from
continuing operations
|
$
87,972
|
|
$
88,694
|
|
$
173,374
|
|
$
141,217
|
Adjusted EBITDA
from Continuing Operations by Segment
|
Three Months Ended August 31,
|
|
Six Months Ended August 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Metal Coatings
|
|
|
|
|
|
|
|
Operating
income
|
$
45,081
|
|
$
44,996
|
|
$
90,552
|
|
$
90,266
|
Depreciation and
amortization expense
|
6,553
|
|
8,171
|
|
12,969
|
|
16,560
|
Other income
(expense)
|
13
|
|
(141)
|
|
(11)
|
|
(131)
|
EBITDA
|
$
51,647
|
|
$
53,026
|
|
$
103,510
|
|
$
106,695
|
|
|
|
|
|
|
|
|
Precoat Metals
|
|
|
|
|
|
|
|
Operating
income
|
$
39,006
|
|
$
36,213
|
|
$
76,696
|
|
$
42,861
|
Depreciation and
amortization expense
|
7,440
|
|
13,329
|
|
12,905
|
|
16,510
|
Other income
(expense)
|
—
|
|
41
|
|
—
|
|
41
|
EBITDA
|
$
46,446
|
|
$
49,583
|
|
$
89,601
|
|
$
59,412
|
|
|
|
|
|
|
|
|
Infrastructure Solutions
|
|
|
|
|
|
|
|
Operating
loss
|
$
(5,932)
|
|
$
—
|
|
$
(5,954)
|
|
$
—
|
Equity in earnings of
unconsolidated
subsidiaries
|
974
|
|
—
|
|
2,394
|
|
—
|
Legal
Settlement
|
5,750
|
|
—
|
|
5,750
|
|
—
|
Adjusted
EBITDA
|
$
792
|
|
$
—
|
|
$
2,190
|
|
$
—
|
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SOURCE AZZ Inc.