AZZ incorporated (AZZ)

[Drmicrocap]

8:06 am AZZ beats by $0.07, reports revs in-line; raises FY16 guidance on US Galvanizing acquisition (AZZ) :

Reports Q1 (May) earnings of $0.77 per share, $0.07 better than the Capital IQ Consensus Estimate of $0.70; revenues rose 5.9% year/year to $228.9 mln vs the $228.59 mln consensus.
Earnings for the first quarter of fiscal 2016 were positively impacted by an improved gross margin of 25.9% compared to 25.6% in the first quarter of fiscal 2015, despite the challenging comparison year over year from insurance proceeds related to business interruption settlements.
Co issues guidance for FY16, raises EPS to $2.85-3.30 from $2.75-3.25 vs. $2.94 Capital IQ Consensus; raises FY16 revs to $900-940 mln from $875-925 mln vs. $910.90 mln Capital IQ Consensus. This is a direct result of our acquisition of U.S. Galvanizing and our expectation that it will provide accretion of ~ $0.10 in EPS for fiscal year 2016."