AZZ sees FY24 adjusted EPS $3.85-$4.35, consensus $3.94

Sees FY24 revenue $1.40B-$1.55B, consensus $1.51B. Sees FY24 Adjusted EBITDA of $300M-$325M. Tom Ferguson, President, and CEO, commented, “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 $125M, which includes the new plant spend of $70M. Additionally, we will continue to pay down debt in a range of $75M to $100M 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 Q2 of FY24.”