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AZZ Inc(AZZ)., a leading provider of electrical equipment and solutions, has announced its financial results for the first quarter ended May 31, 2023. The company achieved a net income of $28.5 million during the quarter, showcasing its solid performance in the market. Additionally, AZZ Inc. recorded impressive revenue of $390.9 million, reflecting robust growth in its operations.
AZZ Inc. reported a net income of $28.5 million for the three months ended May 31, 2023, signifying a significant increase compared to the same period last year. This growth in net income highlights the company's ability to effectively manage its operations and capitalize on market opportunities.
The company's revenue for the first quarter of 2023 reached $390.9 million, demonstrating a remarkable surge compared to the corresponding period in the previous year. This substantial increase in revenue underscores AZZ Inc.'s strong market presence and successful execution of its business strategies.
As of May 31, 2023, AZZ Inc.'s total assets amounted to $2.21 billion. The company's current assets stood at $408.5 million, including cash and cash equivalents of $3.9 million. Furthermore, AZZ Inc. reported property, plant, and equipment valued at $504.0 million, while its intangibles and other assets totaled $468.8 million.
On the liabilities side, the company's current liabilities were recorded at $180.1 million, primarily consisting of accounts payable and accrued liabilities. AZZ Inc.'s long-term debt, net of current portion, was reported at $1.04 billion, along with other long-term liabilities totaling $63.0 million.
During the first quarter of 2023, AZZ Inc. generated net cash provided by operating activities from continuing operations amounting to $46.9 million. The company made capital expenditures of $17.0 million for the period, further strengthening its operational capabilities.
The shareholders' equity of AZZ Inc. reached $871.4 million as of May 31, 2023. This includes common stock valued at $25.0 million, capital in excess of par value amounting to $326.9 million, retained earnings of $526.7 million, and accumulated other comprehensive loss of $7.5 million.
These financial results indicate AZZ Inc.'s solid financial position and its ability to create value for its shareholders. The company remains committed to its strategic objectives and aims to sustain its growth momentum in the coming quarters.
AZZ Inc. to Participate in the Barrington Research Spring Investment Conference on May 18, 2023