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10-Q Filing

AZZ INC CIK: 8947 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000008947-21-000146
Period End Date 20210531
Filing Date 20210709
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance azz-20210531_htm.xml
Balance Sheet 82 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $5.71M USD Point-in-time
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $5.36M USD Point-in-time
Common Stock, Par Value (usd per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common Stock, Par Value (usd per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common Stock, Shares Authorized (shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $12.40M USD Point-in-time
Common Stock, Shares Authorized (shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $14.84M USD Point-in-time
Common Stock, Shares Issued (shares) CommonStockSharesIssued 25.07M shares Point-in-time
Common Stock, Shares Issued (shares) CommonStockSharesIssued 25.11M shares Point-in-time
Accounts receivable (net of allowance for credit losses of $5,362 as of May 31, 2021 and $5,713 as of February 28, 2021) AccountsReceivableNetCurrent $134.53M USD Point-in-time
Accounts receivable (net of allowance for credit losses of $5,362 as of May 31, 2021 and $5,713 as of February 28, 2021) AccountsReceivableNetCurrent $128.13M USD Point-in-time
Common Stock, Shares, Outstanding (shares) CommonStockSharesOutstanding 25.07M shares Point-in-time
Common Stock, Shares, Outstanding (shares) CommonStockSharesOutstanding 25.11M shares Point-in-time
Raw material InventoryRawMaterials $92.28M USD Point-in-time
Raw material InventoryRawMaterials $86.91M USD Point-in-time
Work-in-process InventoryWorkInProcess $6.21M USD Point-in-time
Work-in-process InventoryWorkInProcess $4.45M USD Point-in-time
Finished goods InventoryFinishedGoods $1.55M USD Point-in-time
Finished goods InventoryFinishedGoods $1.45M USD Point-in-time
Contract assets ContractWithCustomerAssetNet $71.19M USD Point-in-time
Contract assets ContractWithCustomerAssetNet $58.06M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssets $5.88M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssets $11.21M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $5.63M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $3.68M USD Point-in-time
Total current assets AssetsCurrent $303.49M USD Point-in-time
Total current assets AssetsCurrent $334.91M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $207.69M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $205.91M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $48.70M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $37.80M USD Point-in-time
Goodwill Goodwill $354.84M USD Point-in-time
Goodwill Goodwill $353.88M USD Point-in-time
Intangibles and other assets, net IntangibleAssetsNetExcludingGoodwill $93.11M USD Point-in-time
Intangibles and other assets, net IntangibleAssetsNetExcludingGoodwill $95.36M USD Point-in-time
Total assets Assets $996.44M USD Point-in-time
Total assets Assets $1.04B USD Point-in-time
Accounts payable AccountsPayableCurrent $48.83M USD Point-in-time
Accounts payable AccountsPayableCurrent $41.03M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent $4.78M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent - USD Point-in-time
Accrued salaries and wages EmployeeRelatedLiabilitiesCurrent $16.61M USD Point-in-time
Accrued salaries and wages EmployeeRelatedLiabilitiesCurrent $22.61M USD Point-in-time
Other accrued liabilities OtherLiabilitiesCurrent $36.28M USD Point-in-time
Other accrued liabilities OtherLiabilitiesCurrent $27.14M USD Point-in-time
Customer deposits ContractWithCustomerLiabilityCustomerDepositsCurrent $348.00K USD Point-in-time
Customer deposits ContractWithCustomerLiabilityCustomerDepositsCurrent $421.00K USD Point-in-time
Contract liabilities ContractWithCustomerLiability $17.36M USD Point-in-time
Contract liabilities ContractWithCustomerLiability $17.10M USD Point-in-time
Contract liabilities ContractWithCustomerLiability $16.14M USD Point-in-time
Contract liabilities ContractWithCustomerLiability $18.42M USD Point-in-time
Lease liability, short-term OperatingLeaseLiabilityCurrent $7.17M USD Point-in-time
Lease liability, short-term OperatingLeaseLiabilityCurrent $6.59M USD Point-in-time
Total current liabilities LiabilitiesCurrent $113.85M USD Point-in-time
Total current liabilities LiabilitiesCurrent $131.19M USD Point-in-time
Debt due after one year, net LongTermDebtNoncurrent $185.44M USD Point-in-time
Debt due after one year, net LongTermDebtNoncurrent $178.42M USD Point-in-time
Lease liability, long-term OperatingLeaseLiabilityNoncurrent $32.63M USD Point-in-time
Lease liability, long-term OperatingLeaseLiabilityNoncurrent $40.70M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $39.28M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $38.47M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $8.97M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $6.03M USD Point-in-time
Total liabilities Liabilities $401.83M USD Point-in-time
Total liabilities Liabilities $373.15M USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies CommitmentsAndContingencies - USD Point-in-time
Common stock, $1 par, shares authorized 100,000; 25,071 shares issued and outstanding at May 31, 2021 and 25,108 shares issued and outstanding at February 28, 2021 CommonStockValue $25.11M USD Point-in-time
Common stock, $1 par, shares authorized 100,000; 25,071 shares issued and outstanding at May 31, 2021 and 25,108 shares issued and outstanding at February 28, 2021 CommonStockValue $25.07M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $75.98M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $75.60M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $547.29M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $559.17M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-22.43M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-25.08M USD Point-in-time
Total shareholders equity StockholdersEquity $635.66M USD Point-in-time
Total shareholders equity StockholdersEquity $634.37M USD Point-in-time
Total shareholders equity StockholdersEquity $637.41M USD Point-in-time
Total shareholders equity StockholdersEquity $623.29M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.04B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $996.44M USD Point-in-time
Income Statement 26 line items
Line Item Tag Value Unit Period
Sales RevenueFromContractWithCustomerExcludingAssessedTax $213.29M USD 1 Quarter
Sales RevenueFromContractWithCustomerExcludingAssessedTax $229.83M USD 1 Quarter
Cost of sales CostOfRevenue $171.90M USD 1 Quarter
Cost of sales CostOfRevenue $171.09M USD 1 Quarter
Gross margin GrossProfit $57.93M USD 1 Quarter
Gross margin GrossProfit $42.21M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $27.89M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $27.21M USD 1 Quarter
Operating income OperatingIncomeLoss $14.32M USD 1 Quarter
Operating income OperatingIncomeLoss $30.71M USD 1 Quarter
Interest expense InterestExpense $1.70M USD 1 Quarter
Interest expense InterestExpense $2.63M USD 1 Quarter
Other (income) expense, net OtherNonoperatingIncomeExpense $-1.46M USD 1 Quarter
Other (income) expense, net OtherNonoperatingIncomeExpense $969.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $29.98M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $10.23M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $4.69M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $7.65M USD 1 Quarter
Net income NetIncomeLoss $22.34M USD 1 Quarter
Net income NetIncomeLoss $5.54M USD 1 Quarter
Basic earnings per share (usd per share) EarningsPerShareBasic $0.89 USD 1 Quarter
Basic earnings per share (usd per share) EarningsPerShareBasic $0.21 USD 1 Quarter
Diluted earnings per share (usd per share) EarningsPerShareDiluted $0.21 USD 1 Quarter
Diluted earnings per share (usd per share) EarningsPerShareDiluted $0.88 USD 1 Quarter
Cash dividends declared per common share (usd per share) CommonStockDividendsPerShareDeclared $0.17 USD 1 Quarter
Cash dividends declared per common share (usd per share) CommonStockDividendsPerShareDeclared $0.17 USD 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $22.34M USD 1 Quarter
Net income NetIncomeLoss $5.54M USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $-218.00K USD 1 Quarter
Bad debt expense ProvisionForDoubtfulAccounts $129.00K USD 1 Quarter
Amortization and depreciation DepreciationAndAmortization $11.08M USD 1 Quarter
Amortization and depreciation DepreciationAndAmortization $11.67M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-2.15M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-892.00K USD 1 Quarter
Net (gain) loss on sale of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $-40.00K USD 1 Quarter
Net (gain) loss on sale of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $15.00K USD 1 Quarter
Amortization of deferred borrowing costs AmortizationOfFinancingCosts $135.00K USD 1 Quarter
Amortization of deferred borrowing costs AmortizationOfFinancingCosts $139.00K USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.77M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.81M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-8.72M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $7.97M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $8.25M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $4.45M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $941.00K USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.42M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $778.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-123.00K USD 1 Quarter
Net change in contract assets and liabilities IncreaseDecreaseInContractWithCustomerAssetAndLiabilityNet $9.84M USD 1 Quarter
Net change in contract assets and liabilities IncreaseDecreaseInContractWithCustomerAssetAndLiabilityNet $-3.17M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $6.32M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-15.33M USD 1 Quarter
Other accrued liabilities and income taxes payable IncreaseDecreaseInOtherOperatingLiabilities $2.75M USD 1 Quarter
Other accrued liabilities and income taxes payable IncreaseDecreaseInOtherOperatingLiabilities $-19.61M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $11.06M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-11.18M USD 1 Quarter
Proceeds from sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $23.00K USD 1 Quarter
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.49M USD 1 Quarter
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $10.85M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-7.47M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-10.85M USD 1 Quarter
Payments for taxes related to net share settlement of equity awards ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $-539.00K USD 1 Quarter
Payments for taxes related to net share settlement of equity awards ExcessTaxBenefitFromShareBasedCompensationFinancingActivities $-2.10M USD 1 Quarter
Proceeds from revolving loan ProceedsFromLinesOfCredit $35.00M USD 1 Quarter
Proceeds from revolving loan ProceedsFromLinesOfCredit $76.00M USD 1 Quarter
Payments on revolving loan RepaymentsOfLinesOfCredit $28.00M USD 1 Quarter
Payments on revolving loan RepaymentsOfLinesOfCredit $60.00M USD 1 Quarter
Repurchase and retirement of treasury stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Repurchase and retirement of treasury stock PaymentsForRepurchaseOfCommonStock $6.26M USD 1 Quarter
Payments of dividends PaymentsOfDividends $4.25M USD 1 Quarter
Payments of dividends PaymentsOfDividends $4.42M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-5.61M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $11.04M USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-418.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $722.00K USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-10.27M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-2.43M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $36.69M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $14.84M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.40M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $26.41M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $36.69M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $14.84M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $12.40M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $26.41M USD Point-in-time
Cash paid for interest InterestPaidNet $394.00K USD 1 Quarter
Cash paid for interest InterestPaidNet $869.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $1.32M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $11.00K USD 1 Quarter
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $635.66M USD Point-in-time
Balance StockholdersEquity $634.37M USD Point-in-time
Balance StockholdersEquity $637.41M USD Point-in-time
Balance StockholdersEquity $623.29M USD Point-in-time
Share-based compensation expense StockIssuedDuringPeriodValueShareBasedCompensation $1.81M USD 1 Quarter
Share-based compensation expense StockIssuedDuringPeriodValueShareBasedCompensation $1.77M USD 1 Quarter
Common stock issued under stock-based plans and related income tax expense StockIssuedDuringPeriodValueRestrictedStockAwardGross $-539.00K USD 1 Quarter
Common stock issued under stock-based plans and related income tax expense StockIssuedDuringPeriodValueRestrictedStockAwardGross $-2.10M USD 1 Quarter
Repurchase and retirement of treasury shares StockRepurchasedAndRetiredDuringPeriodValue $6.26M USD 1 Quarter
Cash dividends paid DividendsCash $4.25M USD 1 Quarter
Cash dividends paid DividendsCash $4.42M USD 1 Quarter
Net income NetIncomeLoss $22.34M USD 1 Quarter
Net income NetIncomeLoss $5.54M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-1.04M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.58M USD 1 Quarter
Interest rate swap OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax - USD 1 Quarter
Interest rate swap OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-14.00K USD 1 Quarter
Balance StockholdersEquity $635.66M USD Point-in-time
Balance StockholdersEquity $634.37M USD Point-in-time
Balance StockholdersEquity $637.41M USD Point-in-time
Balance StockholdersEquity $623.29M USD Point-in-time
Comprehensive Income 14 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $22.34M USD 1 Quarter
Foreign currency translation adjustments, tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax - USD 1 Quarter
Net income NetIncomeLoss $5.54M USD 1 Quarter
Foreign currency translation adjustments, tax OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax - USD 1 Quarter
Interest rate swap, income tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax - USD 1 Quarter
Interest rate swap, income tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax $7.00K USD 1 Quarter
Foreign currency translation adjustments, net of income tax of $0 OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-1.04M USD 1 Quarter
Foreign currency translation adjustments, net of income tax of $0 OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.58M USD 1 Quarter
Interest rate swap, net of income tax of $0 and $7, respectively OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax - USD 1 Quarter
Interest rate swap, net of income tax of $0 and $7, respectively OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $-14.00K USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $-1.05M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTax $2.58M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $24.92M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $4.49M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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