AZZ Lowers FY18 Earnings & Revenue Guidance; Shares Tumble

(RTTNews) - AZZ Inc. (AZZ) announced, for fiscal 2018, the company now anticipates earnings per share will be in the range of $1.80 to $2.30, compared to previous guidance of $2.60 to $3.10. The company now anticipates revenue will be in the range of $825 million to $885 million, compared to the previous guidance of $880 million to $950 million.

Tom Ferguson, CEO of AZZ, stated, "Given recent events, we have completed a thorough evaluation of our businesses. We assessed the impact of the recent hurricanes - Harvey and Irma - on our refinery turnaround activity; market conditions in the US nuclear market with the closure of the VC Summer Nuclear Project and the ongoing fallout from the Westinghouse Nuclear bankruptcy; lower than expected electric utility spending in Saudi Arabia; and our current shippable backlog. Based on this evaluation we reduced our full year guidance for fiscal 2018."

Shares of AZZ were down more than 11% in pre-market trade on Monday.