FORT
WORTH, Texas, Jan. 19,
2023 /PRNewswire/ -- AZZ Inc. (NYSE:
AZZ), the leading independent provider of hot-dip
galvanizing and coil coating solutions, today announced its Board
of Directors has authorized a third quarter cash dividend in the
amount of $0.17 per share on the
Company's outstanding shares of common stock. The dividend is
payable on February 7, 2023, to
shareholders of record as of the close of business on January 30, 2023.
"We are optimistic about our business prospects as we complete
fiscal 2023 and plan for 2024. The divestiture of our non-core
segment this year allowed us to pay down debt and focus on growing
our leading North American market positions," said Tom Ferguson, President and CEO. "This
Board-authorized cash dividend signals continued confidence in our
long-term strategic initiatives and conviction in our ability to
generate significant cash flows as we move forward."
While AZZ currently intends to pay regular quarterly cash
dividends for the foreseeable future, any future dividends will be
reviewed on an individual basis and declared by the Board of
Directors at its discretion. AZZ remains committed to enhancing
shareholder value based upon its consideration of various factors,
including operating results, financial condition and business
outlook at the applicable time.
About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip
galvanizing and coil coating solutions to a broad range of
end-markets. Collectively, our business segments provide
sustainable, unmatched metal coating solutions that enhance the
longevity and appearance of buildings, products and infrastructure
that are essential to everyday life.
Safe Harbor
Statement
Certain statements herein about our expectations of future
events or results constitute forward-looking statements for
purposes of the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by terminology such as "may," "could," "should,"
"expects," "plans," "will," "might," "would," "projects,"
"currently," "intends," "outlook," "forecasts," "targets,"
"anticipates," "believes," "estimates," "predicts," "potential,"
"continue," or the negative of these terms or other comparable
terminology. Such forward-looking statements are based on currently
available competitive, financial, and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors
must recognize that actual results may differ from those expressed
or implied in the forward-looking statements. Forward-looking
statements speak only as of the date they are made and are subject
to risks that could cause them to differ materially from actual
results. Certain factors could affect the outcome of the matters
described herein. This press release may contain forward-looking
statements that involve risks and uncertainties including, but not
limited to, changes in customer demand for our products and
services, including demand by the construction markets, industrial
markets, and the metal coatings markets. In addition,
within each of the markets we serve, our customers and our
operations could potentially continue to be adversely impacted by
the continuing impact of the COVID-19 pandemic, including
governmental issued mandates regarding the same in the
jurisdictions in which we operate, sell to or from whom we
purchase. We could also experience additional increases in labor
costs, components and raw materials, including zinc and natural
gas, which are used in our hot-dip galvanizing process;
supply-chain vendor delays; customer requested delays of our
products or services; delays in additional acquisition
opportunities; currency exchange rates; adequacy of financing,
availability of experienced management and employees to implement
AZZ's growth strategy; a downturn in market conditions in any
industry relating to the products we inventory or sell or the
services that we provide; economic volatility, including a
prolonged economic downturn or macroeconomic conditions such as
inflation or changes in the political stability in the United States and other foreign markets in
which we operate; acts of war or terrorism inside the United States or abroad; and other changes
in economic and financial conditions. AZZ has provided
additional information regarding risks associated with the
business, in Part I, Item 1A. Risk Factors, in AZZ's Annual Report
on Form 10-K for the fiscal year ended February 28, 2022, and other filings with the
Securities and Exchange Commission ("SEC"), available for viewing
on AZZ's website at www.azz.com and on the SEC's website at
www.sec.gov. You are urged to consider these factors
carefully in evaluating the forward-looking statements herein and
are cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by this
cautionary statement. These statements are based on information as
of the date hereof and AZZ assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Company Contact:
David Nark,
Senior Vice President of Marketing, Communications and Investor
Relations
AZZ Inc.
(817) 810-0095
www.azz.com
Investor Contact:
Sandy
Martin, Phillip Kupper
Three Part Advisors
(214) 616-2207
www.threepa.com
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SOURCE AZZ, Inc.