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10-Q Filing

AZZ INC CIK: 8947 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000008947-22-000132
Period End Date 20220531
Filing Date 20220711
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance azz-20220531_htm.xml
Balance Sheet 86 line items
Line Item Tag Value Unit Period
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $4.89M USD Point-in-time
Accounts receivable, allowance for doubtful accounts AllowanceForDoubtfulAccountsReceivableCurrent $5.21M 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $101.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $15.08M USD Point-in-time
Common Stock, Shares Authorized (shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common Stock, Shares Authorized (shares) CommonStockSharesAuthorized 100.00M shares Point-in-time
Common Stock, Shares Issued (shares) CommonStockSharesIssued 24.79M shares Point-in-time
Accounts receivable (net of allowance for credit losses of $4,886 as of May 31, 2022 and $5,207 as of February 28, 2022) AccountsReceivableNetCurrent $167.02M USD Point-in-time
Accounts receivable (net of allowance for credit losses of $4,886 as of May 31, 2022 and $5,207 as of February 28, 2022) AccountsReceivableNetCurrent $255.75M USD Point-in-time
Common Stock, Shares Issued (shares) CommonStockSharesIssued 24.69M shares Point-in-time
Common Stock, Shares, Outstanding (shares) CommonStockSharesOutstanding 24.79M shares Point-in-time
Common Stock, Shares, Outstanding (shares) CommonStockSharesOutstanding 24.69M shares Point-in-time
Raw material InventoryRawMaterials $117.60M USD Point-in-time
Raw material InventoryRawMaterials $176.73M USD Point-in-time
Work-in-process InventoryWorkInProcess $9.03M USD Point-in-time
Work-in-process InventoryWorkInProcess $7.29M USD Point-in-time
Finished goods InventoryFinishedGoods $3.65M USD Point-in-time
Finished goods InventoryFinishedGoods $1.21M USD Point-in-time
Contract assets ContractWithCustomerAssetNet $74.63M USD Point-in-time
Contract assets ContractWithCustomerAssetNet $155.86M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssets $3.47M USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssets $18.14M USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $235.00K USD Point-in-time
Assets held for sale AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent $235.00K USD Point-in-time
Total current assets AssetsCurrent $720.40M USD Point-in-time
Total current assets AssetsCurrent $386.53M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $230.85M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $491.72M USD Point-in-time
Right-of-use assets OperatingLeaseRightOfUseAsset $43.29M USD Point-in-time
Right-of-use assets OperatingLeaseRightOfUseAsset $51.91M USD Point-in-time
Goodwill Goodwill $385.61M USD Point-in-time
Goodwill Goodwill $918.88M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $5.19M USD Point-in-time
Deferred tax assets DeferredIncomeTaxAssetsNet $5.22M USD Point-in-time
Intangibles and other assets, net IntangibleAssetsNetExcludingGoodwill $594.17M USD Point-in-time
Intangibles and other assets, net IntangibleAssetsNetExcludingGoodwill $81.56M USD Point-in-time
Total assets Assets $2.78B USD Point-in-time
Total assets Assets $1.13B USD Point-in-time
Accounts payable AccountsPayableCurrent $185.65M USD Point-in-time
Accounts payable AccountsPayableCurrent $43.99M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent $3.56M USD Point-in-time
Income tax payable AccruedIncomeTaxesCurrent $1.66M USD Point-in-time
Accrued salaries and wages EmployeeRelatedLiabilitiesCurrent $27.26M USD Point-in-time
Accrued salaries and wages EmployeeRelatedLiabilitiesCurrent $28.42M USD Point-in-time
Other accrued liabilities OtherLiabilitiesCurrent $24.09M USD Point-in-time
Other accrued liabilities OtherLiabilitiesCurrent $57.48M USD Point-in-time
Customer deposits ContractWithCustomerLiabilityCustomerDepositsCurrent $712.00K USD Point-in-time
Customer deposits ContractWithCustomerLiabilityCustomerDepositsCurrent $681.00K USD Point-in-time
Contract liabilities ContractWithCustomerLiability $42.47M USD Point-in-time
Contract liabilities ContractWithCustomerLiability $16.14M USD Point-in-time
Contract liabilities ContractWithCustomerLiability $17.10M USD Point-in-time
Contract liabilities ContractWithCustomerLiability $39.68M USD Point-in-time
Lease liability, short-term LeaseLiabilityCurrent $8.97M USD Point-in-time
Lease liability, short-term LeaseLiabilityCurrent $7.32M USD Point-in-time
Debt due within one year LongTermDebtCurrent $13.00M USD Point-in-time
Debt due within one year LongTermDebtCurrent - USD Point-in-time
Total current liabilities LiabilitiesCurrent $334.41M USD Point-in-time
Total current liabilities LiabilitiesCurrent $150.53M USD Point-in-time
Debt due after one year, net LongTermDebtNoncurrent $1.59B USD Point-in-time
Debt due after one year, net LongTermDebtNoncurrent $226.48M USD Point-in-time
Lease liability, long-term LeaseLiabilityNoncurrent $35.61M USD Point-in-time
Lease liability, long-term LeaseLiabilityNoncurrent $42.60M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $47.67M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $48.14M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $74.80M USD Point-in-time
Other long-term liabilities OtherLiabilitiesNoncurrent $5.37M USD Point-in-time
Total liabilities Liabilities $2.09B USD Point-in-time
Total liabilities Liabilities $465.66M 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; 24,788 shares issued and outstanding at May 31, 2022 and 24,688 shares issued and outstanding at February 28, 2022 CommonStockValue $24.69M USD Point-in-time
Common stock, $1 par, shares authorized 100,000; 24,788 shares issued and outstanding at May 31, 2022 and 24,688 shares issued and outstanding at February 28, 2022 CommonStockValue $24.79M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $85.43M USD Point-in-time
Capital in excess of par value AdditionalPaidInCapitalCommonStock $85.85M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $584.15M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $604.04M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-27.32M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-26.70M 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 shareholders equity StockholdersEquity $667.37M USD Point-in-time
Total shareholders equity StockholdersEquity $687.56M USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $2.78B USD Point-in-time
Total liabilities and shareholders' equity LiabilitiesAndStockholdersEquity $1.13B USD Point-in-time
Income Statement 26 line items
Line Item Tag Value Unit Period
Sales RevenueFromContractWithCustomerExcludingAssessedTax $314.40M USD 1 Quarter
Sales RevenueFromContractWithCustomerExcludingAssessedTax $229.83M USD 1 Quarter
Cost of sales CostOfRevenue $171.90M USD 1 Quarter
Cost of sales CostOfRevenue $229.94M USD 1 Quarter
Gross margin GrossProfit $57.93M USD 1 Quarter
Gross margin GrossProfit $84.46M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $27.21M USD 1 Quarter
Selling, general and administrative SellingGeneralAndAdministrativeExpense $44.55M USD 1 Quarter
Operating income OperatingIncomeLoss $39.91M USD 1 Quarter
Operating income OperatingIncomeLoss $30.71M USD 1 Quarter
Interest expense InterestExpense $7.47M USD 1 Quarter
Interest expense InterestExpense $1.70M USD 1 Quarter
Other expense (income), net OtherNonoperatingIncomeExpense $-798.00K USD 1 Quarter
Other expense (income), net OtherNonoperatingIncomeExpense $969.00K USD 1 Quarter
Income before income taxes IncomeLossAttributableToParent $31.64M USD 1 Quarter
Income before income taxes IncomeLossAttributableToParent $29.98M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $7.56M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $7.65M USD 1 Quarter
Net income NetIncomeLoss $24.08M USD 1 Quarter
Net income NetIncomeLoss $22.34M USD 1 Quarter
Basic earnings per share (usd per share) EarningsPerShareBasic $0.89 USD 1 Quarter
Basic earnings per share (usd per share) EarningsPerShareBasic $0.97 USD 1 Quarter
Diluted earnings per share (usd per share) EarningsPerShareDiluted $0.88 USD 1 Quarter
Diluted earnings per share (usd per share) EarningsPerShareDiluted $0.96 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 70 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $24.08M USD 1 Quarter
Net income NetIncomeLoss $22.34M USD 1 Quarter
Bad debt recoveries ProvisionForDoubtfulAccounts $-265.00K USD 1 Quarter
Bad debt recoveries ProvisionForDoubtfulAccounts $-218.00K USD 1 Quarter
Amortization and depreciation DepreciationAndAmortization $11.08M USD 1 Quarter
Amortization and depreciation DepreciationAndAmortization $15.12M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-892.00K USD 1 Quarter
Deferred income taxes DeferredIncomeTaxExpenseBenefit $-2.72M USD 1 Quarter
Net (gain) loss on sale of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $15.00K USD 1 Quarter
Net (gain) loss on sale of property, plant and equipment GainLossOnSaleOfPropertyPlantEquipment $29.00K USD 1 Quarter
Amortization of deferred borrowing costs AmortizationOfFinancingCosts $139.00K USD 1 Quarter
Amortization of deferred borrowing costs AmortizationOfFinancingCosts $1.54M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $1.81M USD 1 Quarter
Share-based compensation expense ShareBasedCompensation $2.00M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $10.62M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $7.97M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $8.25M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $19.05M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $5.42M USD 1 Quarter
Prepaid expenses and other IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $12.45M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $778.00K USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-300.00K USD 1 Quarter
Net change in contract assets and liabilities IncreaseDecreaseInContractWithCustomerAssetAndLiabilityNet $9.84M USD 1 Quarter
Net change in contract assets and liabilities IncreaseDecreaseInContractWithCustomerAssetAndLiabilityNet $12.69M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $41.58M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $6.32M USD 1 Quarter
Other accrued liabilities and income taxes payable IncreaseDecreaseInOtherOperatingLiabilities $2.75M USD 1 Quarter
Other accrued liabilities and income taxes payable IncreaseDecreaseInOtherOperatingLiabilities $-3.46M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $11.06M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $23.31M USD 1 Quarter
Proceeds from sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $23.00K USD 1 Quarter
Proceeds from sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $33.00K USD 1 Quarter
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.49M USD 1 Quarter
Purchase of property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.81M USD 1 Quarter
Acquisition of subsidiaries, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisition of subsidiaries, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $1.30B USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.31B USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-7.47M USD 1 Quarter
Payments for taxes related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.10M USD 1 Quarter
Payments for taxes related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $2.31M USD 1 Quarter
Proceeds from revolving loan ProceedsFromLinesOfCredit $35.00M USD 1 Quarter
Proceeds from revolving loan ProceedsFromLinesOfCredit $39.00M USD 1 Quarter
Payments on revolving loan RepaymentsOfLinesOfCredit $28.00M USD 1 Quarter
Payments on revolving loan RepaymentsOfLinesOfCredit $116.00M USD 1 Quarter
Proceeds from long term debt ProceedsFromIssuanceOfLongTermDebt $1.54B USD 1 Quarter
Proceeds from long term debt ProceedsFromIssuanceOfLongTermDebt - USD 1 Quarter
Payments of debt financing costs RepaymentsOfLongTermDebt $87.56M USD 1 Quarter
Payments of debt financing costs RepaymentsOfLongTermDebt - USD 1 Quarter
Repurchase and retirement of treasury stock PaymentsForRepurchaseOfCommonStock $6.26M USD 1 Quarter
Repurchase and retirement of treasury stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Payments of dividends PaymentsOfDividends $4.19M USD 1 Quarter
Payments of dividends PaymentsOfDividends $4.25M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-5.61M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $1.37B USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-49.00K USD 1 Quarter
Effect of exchange rate changes on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-418.00K USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-2.43M USD 1 Quarter
Net increase (decrease) in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $85.92M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.08M 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 $14.84M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $101.00M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $15.08M 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 $14.84M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $101.00M USD Point-in-time
Cash paid for interest InterestPaidNet $394.00K USD 1 Quarter
Cash paid for interest InterestPaidNet $4.16M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $1.32M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $4.03M USD 1 Quarter
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $637.41M USD Point-in-time
Balance StockholdersEquity $623.29M USD Point-in-time
Balance StockholdersEquity $667.37M USD Point-in-time
Balance StockholdersEquity $687.56M USD Point-in-time
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $2.00M USD 1 Quarter
Share-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $1.81M USD 1 Quarter
Common stock issued under stock-based plans and related income tax expense StockIssuedDuringPeriodValueRestrictedStockAwardGross $-2.31M 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 $4.19M USD 1 Quarter
Net income NetIncomeLoss $24.08M USD 1 Quarter
Net income NetIncomeLoss $22.34M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.58M USD 1 Quarter
Foreign currency translation OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $624.00K USD 1 Quarter
Balance StockholdersEquity $637.41M USD Point-in-time
Balance StockholdersEquity $623.29M USD Point-in-time
Balance StockholdersEquity $667.37M USD Point-in-time
Balance StockholdersEquity $687.56M USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $24.08M USD 1 Quarter
Net income NetIncomeLoss $22.34M USD 1 Quarter
Unrealized translation gain OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $2.58M USD 1 Quarter
Unrealized translation gain OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $624.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $624.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTax $2.58M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $24.70M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $24.92M USD 1 Quarter

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

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