AZZ, Inc. (NYSE: AZZ) reported Q1 EPS of $0.21, $0.39 worse than the analyst estimate of $0.60. Revenue for the quarter came in at $213.3 million versus the consensus estimate of $258.96 million.

Fiscal Year 2021 Guidance:

Mr. Ferguson added, "Due to the continued uncertainty associated with the COVID-19 pandemic on many of our end markets, we cannot provide an update to our previously suspended fiscal 2021 sales and earnings guidance range at this time. As previously stated, we continue to operate as an 'essential business' in supporting critical infrastructure needs during these unprecedented times. Our low debt level and ample borrowing capacity, combined with our consistent ability to generate cash, provides confidence that we will be able to successfully manage both debt and liquidity satisfactorily throughout fiscal year 2021. We continue to be prudent with our cash by focusing capital expenditures on core growth initiatives and safety-related spending, paying a dividend, reducing debt, and repurchasing shares to minimize dilution due to employee stock compensation plans. We are also carefully managing our workforce to ensure a safe and healthy operating environment, while flexing our capacity to better match our demand. Additionally, we did not experience any unusual slowdown in customer payments as we navigated our first quarter in the midst of the pandemic. We will continue to drive operational efficiencies aggressively, and maintain active M&A activities in support of our strategic growth initiatives. However, some M&A efforts have been impacted by our inability to meet with prospective parties due to the COVID-19 pandemic.

"We hope to be able to re-establish our financial guidance as we get to the back half of this fiscal year. In the interim we will work to provide as much context to our outlook as possible. The risks we are focused on managing are: fully integrating the Galvanizing and Surface Technologies platforms to drive market share growth and operating efficiencies; building backlog in our core Electrical Businesses; ensuring our ability to deploy resources effectively during, what appears to be, a strengthening fall turnaround season; and managing our cash well to ensure we enter FY2022 in a great position."

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