AZZ Inc., a global provider of metal coating solutions, welding solutions, specialty electrical equipment and highly engineered services, issued its 2020 audited consolidated financial statements contained in the Company's Fiscal Year 2020 Annual Report on Form 10-K for the year ended February 29, 2020.
For the 12-month period, the company reported revenues of $1.06 billion compared to $927.1 million for the comparable period last year, an increase of 14.5 percent. Reported operating income increased 3.1 percent to $79.3 million compared to $77.0 million in last year's comparable 12-month period.
Net income for the 12 months decreased 5.8 percent to $48.2 million, compared to $51.2 million in the prior fiscal year.
Revenues for the fourth quarter were $245.4 million compared to $202.5 million for the same quarter last year, an increase of 21.1 percent. Reported net loss for the fourth quarter was $10.6 million, compared to net income of $8.8 million for last year's fourth fiscal quarter.
For full year fiscal 2020, Metal Coatings segment revenues increased 13.3 percent to $499 million and operating income increased 29.1 percent to $107.9 million compared to $440.3 million and $83.6 million respectively, for the prior fiscal year. The increased revenue was attributable to higher volumes of steel processed, higher selling prices and contribution from acquisitions.
For full year fiscal 2020, Energy segment revenues increased 15.6 percent to $562.8 million and the operating income of $32.8 million was a 4.8 percent improvement over the prior year. The increase in net sales for fiscal 2020 was attributable to several factors including increased turnaround activity in the US and international refinery market, completion of a large high voltage bus project in China and increases in the company’s electrical switchgear and e-house business.
2020财年第四季度的能源部门的收入为122.6百万美元，而去年同期为1.013亿美元，同比增长21％。该部分的营业收入减少到140万美元的损失，而去年同期为560万美元，降低了124.9％。
Tom Ferguson, president and chief executive officer of AZZ, stated, "Due to the worldwide COVID-19 pandemic, our Metal Coatings Segment has seen a modest drop in business in Q1 from some Galvanizing fabrication customers, and Surface Technologies has several large customers that have closed or reduced shifts into May. Within our Energy Platform, we are continuing to process backlog for switchgear, e-houses, and bus duct, while the hazardous duty lighting and tubular products are seeing less demand due to lower rig counts and less activity in the oil patch. Our industrial field services platform is seeing a shift in most of its work, originally scheduled for Q1 move to both Q2 and Q3 as refiners defer turnarounds amid travel restrictions."
弗格森补充说：在这些前所未有的时期支持关键基础设施需求。我们的低债务水平和充足的借贷能力，结合我们一贯的生成现金能力，使我们能够在2021财年整个财政年度令人满意地管理债务和流动性的信心。我们正在节省现金通过中度减少资本支出，暂停股票回购并选择具有低需求的业务的选定人员削减。此外，我们没有经历过客户付款的任何不寻常的放缓。“