Shares of AZZ Inc (NYSE:AZZ) are soaring 5.12% in pre-market trading on Wednesday, following the release of the company's impressive fourth-quarter and fiscal year 2024 financial results. The metal coatings and pre-coat metals specialist reported record sales and significantly improved profitability, surpassing investor expectations.
AZZ Inc announced a 16.2% increase in total sales for fiscal 2024, reaching $1.54 billion. The company's adjusted earnings per share (EPS) jumped by almost 35% to $4.53, while adjusted EBITDA rose to $334 million for the full year. Notably, AZZ Inc successfully reduced its debt by $115 million, exceeding its target and demonstrating strong financial management.
The robust performance was driven by growth in both the Metal Coatings and Pre-Coat Metals segments. Metal Coatings sales increased by 3% year-over-year, while Pre-Coat Metals sales surged by 28.4%. The company's focus on operational efficiencies and strategic initiatives, such as the Digital Galvanizing System (DGS), has contributed to improved margins and overall profitability. With a positive outlook for fiscal 2025, including projected sales of $1.525 billion to $1.625 billion and adjusted EPS of $4.50 to $5.00, investors are showing renewed confidence in AZZ Inc's growth prospects.
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