$AZZ

AZZ INC

CIK:0000008947|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	May 31, 2026	May 31, 2025
Income Statement [Abstract]
Sales	$ 448,530	$ 421,962
Cost of sales	336,361	317,832
Gross margin	112,169	104,130
Selling, general and administrative	35,136	34,581
Operating income	77,033	69,549
Interest expense, net	(11,264)	(18,563)
Equity in earnings of unconsolidated subsidiary	509	173,523
Other income (expense), net	(260)	1,327
Income before income taxes	66,018	225,836
Income tax expense	14,012	54,928
Net income	$ 52,006	$ 170,908
Basic Earnings (Loss) Per Share [Abstract]
Basic earnings per common share (usd per share)	$ 1.74	$ 5.71
Diluted Earnings (Loss) Per Share [Abstract]
Diluted earnings per common share (usd per share)	$ 1.72	$ 5.66
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average number common shares, basic (shares)	29,932,000	29,941,000
Weighted average number common shares, diluted (shares)	30,159,000	30,217,000
Cash dividends declared per common share (usd per share)	$ 0.20	$ 0.17

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 31, 2026	May 31, 2025
Cash Flows From Operating Activities:
Net income (loss)	$ 52,006	$ 170,908
Adjustments to reconcile net income to net cash provided by operating activities:
Bad debt expense (recovery)	(25)	320
Depreciation and amortization	23,519	21,827
Deferred income taxes	3,571	(4,056)
Equity in earnings of unconsolidated subsidiary	(509)	(173,523)
Distribution on investment in AVAIL joint venture	0	273,223
Restructuring charges	0	3,744
Net gain on sale of property, plant and equipment	(49)	(2,686)
Amortization of debt financing costs	3,834	3,198
Share-based compensation expense	3,784	5,086
Changes in current assets and current liabilities	(46,483)	17,768
Changes in other long-term assets and long-term liabilities	(2,499)	(1,027)
Net cash provided by operating activities	37,149	314,782
Cash flows from investing activities
Purchase of property, plant and equipment	(18,747)	(20,896)
Proceeds from sale or insurance settlements of property, plant and equipment	49	3,774
Net cash used in investing activities	(18,698)	(17,122)
Cash flows from financing activities:
Tax payments related to common stock issued under stock-based plans	(10,523)	(4,598)
Payments of debt financing costs	(803)	(20)
Payments on Revolving Credit Facility	(110,000)	(160,000)
Payments of debt financing costs	(872)	(335,809)
Payments of dividends	(5,976)	(5,085)
Net cash used in financing activities	(18,174)	(295,512)
Effect of exchange rate changes on cash	77	(593)
Net increase in cash and cash equivalents	354	1,555
Cash and cash equivalents at beginning of period	705	1,488
Cash and cash equivalents at end of period	1,059	3,043
Revolving Credit Facility
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	90,000	210,000
Secured Debt
Cash flows from financing activities:
Proceeds from Revolving Credit Facility	$ 20,000	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	May 31, 2026	Feb. 28, 2026
Current assets:
Cash and cash equivalents	$ 1,059	$ 705
Trade accounts receivable, net of allowance for credit losses of $128 and $144 at May 31, 2026 and February 28, 2026, respectively	163,872	142,648
Other receivables	20,756	18,990
Inventories	121,196	113,413
Contract assets	117,073	112,785
Prepaid expenses and other	16,098	6,827
Total current assets	440,054	395,368
Property, plant and equipment, net	609,463	609,305
Right-of-use assets	60,924	59,564
Goodwill	714,463	714,753
Deferred tax assets	1,242	1,383
Intangible assets, net	403,946	409,738
Other assets	3,265	3,403
Total assets	2,252,324	2,213,474
Current liabilities:
Accounts payable	122,054	114,590
Income taxes payable	3,427	387
Accrued salaries and wages	19,637	33,847
Other accrued liabilities	74,227	74,771
Lease liability, short-term	9,502	8,679
Total current liabilities	228,847	232,274
Long-term debt, net	480,604	477,738
Lease liability, long-term	52,711	51,969
Deferred tax liabilities	77,441	73,924
Other long-term liabilities	36,677	40,538
Total liabilities	876,280	876,443
Commitments and contingencies (Note 22)
Shareholders' Equity:
Common stock, $1 par value; 100,000 shares authorized; 30,017 and 29,880 shares issued and outstanding at May 31, 2026 and May 31, 2025, respectively	30,017	29,880
Capital in excess of par value	424,279	431,155
Retained earnings	929,574	883,544
Accumulated other comprehensive loss	(7,826)	(7,548)
Total shareholders' equity	1,376,044	1,337,031
Total liabilities and shareholders' equity	2,252,324	2,213,474
AIS Joint Venture
Current assets:
Investment in AVAIL joint venture	$ 18,967	$ 19,960