FORT
WORTH, Texas, Oct. 11,
2022 /PRNewswire/ -- (NYSE: AZZ), the leading
independent provider of hot-dip galvanizing and coil coating
solutions, today announced financial results for the second quarter
ended August 31, 2022.
Achieved Sales of $406.7 million and Adjusted EPS of $1.24
Second Quarter 2022 Highlights (all metrics
compared to Second Quarter 2021 unless otherwise noted)
- Record Sales of $406.7 million,
including first full quarter of AZZ Precoat Metals
- Record Adjusted EBITDA of $100.5
million
- Net loss of $(58.6) million due
to recording the estimated loss on the divestiture of AIS JV. As
adjusted net income of $35.9 million,
up $16.9 million or 89.3%
- Diluted EPS of $(1.91).
Adjusted EPS of $1.24, up
$0.48 or 63.2%
- Returned $4.2 million to
shareholders through dividends
- Effective tax rate of 18.1% compared to 20.6%
- Infrastructure Solutions segment classified as assets held for
sale and moved to discontinued operations
Key Financial Metrics
|
Second Quarter -
Fiscal Year 2023
|
|
|
|
|
|
|
|
|
|
|
As Reported
(GAAP)
|
|
Adjusted
|
|
|
Q2-FY2023
|
|
Q2-FY2022
|
|
Q2-FY2023
|
|
Q2-FY2022
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
406,710
|
|
$
131,434
|
|
$
406,710
|
|
$
131,434
|
|
EBITDA
|
|
-
|
|
-
|
|
-
|
|
-
|
|
EBITDA as percent of
Sales
|
|
0.0 %
|
|
0.0 %
|
|
0.0 %
|
|
0.0 %
|
|
Net income (loss)
available to common shareholders
|
|
(58,610)
|
|
18,978
|
|
35,920
|
|
18,978
|
|
Diluted earnings (loss)
per share (EPS)(1)
|
|
$
(1.91)
|
|
$
0.76
|
|
$
1.24
|
|
$
0.76
|
|
Diluted shares used in
EPS
|
|
29,059
|
|
25,135
|
|
29,059
|
|
25,135
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date -
Fiscal Year 2023
|
|
|
|
|
|
|
|
|
|
|
As Reported
(GAAP)
|
|
Adjusted
|
|
|
Q2-FY2023
|
|
Q2-FY2022
|
|
Q2-FY2023
|
|
Q2-FY2022
|
|
|
|
|
|
|
|
|
|
|
Sales
|
|
$
613,844
|
|
$
260,650
|
|
$
613,844
|
|
$
260,650
|
|
EBITDA
|
|
-
|
|
-
|
|
-
|
|
-
|
|
EBITDA as percent of
Sales
|
|
0.0 %
|
|
0.0 %
|
|
0.0 %
|
|
0.0 %
|
|
Net income (loss)
available to common shareholders
|
|
(34,533)
|
|
41,315
|
|
70,067
|
|
41,315
|
|
Diluted earnings (loss)
per share (EPS)(1)
|
|
$
(1.26)
|
|
$
1.64
|
|
$
2.55
|
|
$
1.64
|
|
Diluted shares used in
EPS
|
|
27,428
|
|
25,216
|
|
27,428
|
|
25,216
|
|
|
|
|
|
|
|
|
|
|
(1)
The numerator for the calculation of As Reported Diluted earnings
(loss) per share includes the impact of dividends on preferred
stock and after-tax interest expense on Convertible Notes, and is
calculated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Q2-FY2023
|
|
Q2-FY2022
|
|
YTD-FY2023
|
|
YTD-FY2022
|
|
Net income (loss)
available to common shareholders
|
|
$
(58,610)
|
|
$
18,978
|
|
$
(34,533)
|
|
$
18,978
|
|
After-tax interest
expense on Convertible Notes
|
|
2,006
|
|
-
|
|
2,554
|
|
-
|
|
Dividends on Preferred
Stock
|
|
1,040
|
|
-
|
|
1,040
|
|
-
|
|
Numerator for diluted
earnings (loss) per share
|
|
|
|
|
|
|
|
|
|
available to
common shareholders
|
|
$
(55,564)
|
|
$
18,978
|
|
$
(30,939)
|
|
$
18,978
|
"We delivered record quarterly sales and solid adjusted earnings
per share that increased 63.2%. We were pleased with our
first full quarter as a focused metal coatings business, in what is
a traditionally strong season for both segments," said Tom Ferguson, President and Chief Executive
Officer. "These results reflect the strength of our businesses, our
team's ability to execute at a high level, and the completion of a
major phase of our strategic transformation efforts. I remain
pleased with the team's ability to manage the increasing costs of
materials and labor, through pricing and operational improvement
initiatives, while focusing on providing outstanding customer
service. As we progress through the seasonally slower back half of
the year, our overall outlook remains positive, although we are
seeing signs of economic slowing in some areas. We are well
positioned to create sustainable growth across our businesses and
long-term value for our shareholders."
Second Quarter Fiscal Year 2023 Segment Review
Metal Coatings Segment (41% of sales)
Record
sales of $165.8 million, up 26.2%.
Improved sales were driven by pricing strategies to offset
inflationary costs, and increased volume for hot-dip galvanizing
within the renewables, utility, OEM, and construction markets.
Results this quarter include both DAAM Galvanizing, Steel Creek
Galvanizing, and the addition of AZZ Tubular Products that
previously was reported as part of the divested AIS segment.
Operating income improved to $45.0
million, up 40.4% and operating margin improved to 27.1% or
270 basis points, due to strong operational performance, strategic
pricing, and $5.1 million received
from a real estate sale and two insurance settlements. EBITDA of
$53.0 million was up 34.1% versus the
prior year's second quarter.
Precoat Metals Segment (59% of sales)
Record
sales of $240.9 million. Increased
sales were driven primarily by significantly higher average selling
price from paint cost pass-through. Higher operating costs driven
by inflation.
Operating income totaled $36.2
million, and operating margin for the quarter was
15.0%. Excluding the impact of additional quarterly
depreciation and amortization of $2.2
million and $4.6 million,
respectively, operating margins would have been 17.8%.
EBITDA of $49.6 million, or 20.6%
was within the range of expectations, although higher than normal
customer inventories posed some productivity and efficiency
headwinds.
Balance Sheet, Liquidity and Capital Allocation
The Company generated year-to-date operating cash flows of
$42.0 million through strong earnings
and managing working capital to mitigate supply chain volatility
while supporting strong sales growth. At the end of the second
quarter, cash and cash equivalents were $14.3 million. AZZ did not purchase company stock
in the second quarter and approximately $55.2 million remains on the current
authorization with no expiration. Capital expenditures for
continuing operations were $12.3
million during the quarter, and $2.9
million related to discontinued operations.
Subsequent Event
On September 30, 2022, the Company
completed the transaction whereby AZZ contributed its AZZ
Infrastructure Solutions segment to AIS Investment Holdings LLC
(the "AIS JV") and sold a 60% interest in the AIS JV to Fernweh
Group. The Company received proceeds from the sale of approximately
$108.0 million, as well as
$120.0 million that was funded
by committed debt financing taken on by the AIS JV, for total cash
received of $228 million.
Financial Outlook and Key Assumptions
Due to the acquisition of Precoat Metals, and the recently
announced completion of the divestiture of a controlling (60%)
interest in the Company's Infrastructure Solutions segment, via the
AIS JV, AZZ will not issue full-year fiscal year 2023 guidance at
this time. We anticipate returning to our normal cadence of
issuing guidance prior to fiscal year 2024.
Mr. Ferguson continued, "as we have previously stated, for the
balance of fiscal 2023, we remain highly focused on executing upon
our growth strategy and various initiatives within both our Metal
Coatings and Precoat Metals segments. The underlying fundamentals
of our business remain strong and provide us a good foundation upon
which to execute our strategic plan. As part of our corporate
commitment to Trust, Respect, Accountability, Integrity, Teamwork
and Sustainability ("TRAITS"), we continue to carefully manage our
workforce to ensure a safe and healthy operating environment, while
leveraging our operational capacity to match our customers' demand
for our products and services. Previously, we have disclosed a
desire for AZZ to become predominately a metal coatings company to
drive growth and enhance shareholder value, and believe the actions
completed over the past two quarters have delivered upon that
commitment."
Conference Call Details
AZZ Inc. will conduct a live conference call with Tom Ferguson, Chief Executive Officer, and
Philip Schlom, Chief Financial
Officer to discuss financial results for the second quarter of
fiscal year 2023 today, Tuesday, October 11, 2022, at
11:00 A.M. ET. Interested parties can
access the conference call by dialing (844) 855-9499 or (412)
317-5497 (international). A webcast of the call will be available
on the Company's Investor Relations page at
http://www.azz.com/investor-relations.
A replay of the call will be available at (877) 344-7529 or
(412) 317-0088 (international), replay access code: 2145531,
through October 18, 2022, or by
visiting http://www.azz.com/investor-relations for the next 90
days.
There will be a slide presentation accompanying today's event.
The Company's slide presentation for the call will be available on
the Investor Relations page at
http://www.azz.com/investor-relations.
About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip
galvanizing and a variety of metal coating solutions and coil
coating solutions to a broad range of end-markets. AZZ's
Metal Coatings segment (AMC) is a leading provider of metal
finishing solutions for corrosion protection, including hot-dip
galvanizing, spin galvanizing, powder coating, anodizing and
plating, to the North American steel fabrication industry.
AZZ's Precoat Metals segment (APM) is a leading provider of
aesthetic and corrosion protective coatings to the North American
steel and aluminum coil market. Collectively, our coatings segments
provide sustainable, unmatched 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," "should," "expects,"
"plans," "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. 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 power generation markets, electrical transmission and
distribution markets, the 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 ongoing COVID-19 pandemic,
including governmental issued mandates regarding the same. 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 or disposition opportunities; currency
exchange rates; 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 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 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:
Joe
Dorame, Managing Partner
Lytham Partners
(602) 889-9700
www.lythampartners.com
---Financial tables on the following
page---
|
AZZ
Inc.
|
|
Condensed
Consolidated Statements of Income
|
|
(dollars and shares in
thousands, except per share data)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
August 31,
|
|
Six Months Ended
August 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Sales
|
|
406,710
|
|
131,434
|
|
613,844
|
|
260,650
|
|
Cost of
sales
|
|
305,155
|
|
94,991
|
|
452,236
|
|
188,062
|
|
Gross
margin
|
|
101,555
|
|
36,443
|
|
161,608
|
|
72,588
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative
|
|
37,414
|
|
16,481
|
|
69,558
|
|
31,200
|
|
Operating income from
continuing operations
|
|
64,141
|
|
19,962
|
|
92,050
|
|
41,388
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
28,144
|
|
1,731
|
|
35,615
|
|
3,391
|
|
Other (income) expense,
net
|
|
55
|
|
45
|
|
28
|
|
(15)
|
|
Income from continuing
operations before
income taxes
|
|
35,942
|
|
18,186
|
|
56,407
|
|
38,012
|
|
Income tax
expense
|
|
10,822
|
|
3,918
|
|
15,922
|
|
12,131
|
|
Net income from
continuing operations
|
|
25,120
|
|
14,268
|
|
40,485
|
|
25,881
|
|
Income from
discontinued operations, net of tax
|
|
6,737
|
|
4,710
|
|
15,449
|
|
15,434
|
|
Estimated loss on
disposal of discontinued
operations, net of tax
|
|
(89,427)
|
|
—
|
|
(89,427)
|
|
—
|
|
Net income (loss) from
discontinued
operations
|
|
(82,690)
|
|
4,710
|
|
(73,978)
|
|
15,434
|
|
Net income
(loss)
|
|
(57,570)
|
|
18,978
|
|
(33,493)
|
|
41,315
|
|
Accrued dividends on
preferred stock
|
|
(1,040)
|
|
—
|
|
(1,040)
|
|
—
|
|
Net income (loss)
available to common
shareholders
|
|
$
(58,610)
|
|
$
18,978
|
|
$
(34,533)
|
|
$
41,315
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share from continuing
operations
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.97
|
|
$
0.57
|
|
$
1.59
|
|
$
1.04
|
|
Diluted
|
|
$
0.93
|
|
$
0.57
|
|
$
1.57
|
|
$
1.03
|
|
Earnings per common
share from discontinued
operations
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$
(3.33)
|
|
$
0.19
|
|
$
(2.99)
|
|
$
0.62
|
|
Diluted earnings
(loss) per share
|
|
$
(2.85)
|
|
$
0.19
|
|
$
(2.70)
|
|
$
0.61
|
|
Earnings per common
share from consolidated
operations
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
|
$
(2.36)
|
|
$
0.76
|
|
$
(1.39)
|
|
$
1.65
|
|
Diluted earnings
(loss) per share
|
|
$
(1.91)
|
|
$
0.76
|
|
$
(1.13)
|
|
$
1.64
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted
average shares outstanding
|
|
29,059
|
|
25,135
|
|
27,428
|
|
25,216
|
|
AZZ
Inc.
|
|
Segment
Reporting
|
|
(dollars in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
August 31,
|
|
Six Months Ended
August 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Sales:
|
|
|
|
|
|
|
|
|
|
Metal
Coatings
|
|
$
165,849
|
|
$
131,434
|
|
$
329,293
|
|
$
260,650
|
|
Precoat
Metals
|
|
240,861
|
|
—
|
|
284,551
|
|
—
|
|
Total sales
|
|
$
406,710
|
|
$
131,434
|
|
$
613,844
|
|
$
260,650
|
|
|
|
|
|
|
|
|
|
|
Operating
income:
|
|
|
|
|
|
|
|
|
|
Metal
Coatings
|
|
$
44,996
|
|
$
32,047
|
|
$
90,266
|
|
$
63,961
|
|
Precoat
Metals
|
|
36,213
|
|
—
|
|
42,861
|
|
—
|
|
Corporate
|
|
(17,068)
|
|
(12,085)
|
|
(41,077)
|
|
(22,573)
|
|
Total operating income
from continuing
operations
|
|
$
64,141
|
|
$
19,962
|
|
$
92,050
|
|
$
41,388
|
|
|
|
|
|
|
|
|
|
|
AZZ
Inc.
|
|
Condensed
Consolidated Balance Sheets
|
|
(dollars in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
August 31,
2022
|
|
February 28,
2022
|
|
Assets:
|
|
|
|
|
|
Current
Assets
|
|
$
443,372
|
|
$
184,869
|
|
Property, Plant and
Equipment, Net
|
|
496,125
|
|
193,358
|
|
Other assets,
net
|
|
1,243,674
|
|
246,924
|
|
Assets of discontinued
operations
|
|
401,576
|
|
507,876
|
|
Total assets
|
|
$
2,584,747
|
|
$
1,133,027
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
Current
liabilities
|
|
$
270,328
|
|
$
62,247
|
|
Long-term debt due
after one year, net
|
|
1,238,170
|
|
226,484
|
|
Other
liabilities
|
|
115,075
|
|
64,441
|
|
Liabilities of
discontinued operations
|
|
101,553
|
|
112,490
|
|
Shareholders'
equity
|
|
859,621
|
|
667,365
|
|
Total liabilities and
shareholders' equity
|
|
$
2,584,747
|
|
$
1,133,027
|
|
AZZ
Inc.
|
|
Condensed
Consolidated Statements of Cash Flows
|
|
(dollars in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
Six Months Ended
August 31,
|
|
|
2022
|
|
2021
|
|
Net cash provided by
operating activities of continuing operations
|
|
$
42,011
|
|
$
31,258
|
|
Net cash used in
investing activities of continuing operations
|
|
(1,313,120)
|
|
(8,163)
|
|
Net cash provided by
(used in) financing activities of continuing operations
|
|
1,245,096
|
|
(26,348)
|
|
Cash provided by
discontinued operations
|
|
22,770
|
|
4,100
|
|
Effect of exchange rate
changes on cash
|
|
2,501
|
|
(197)
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
(742)
|
|
650
|
|
Cash and cash
equivalents at beginning of period
|
|
15,082
|
|
14,837
|
|
Cash and cash
equivalents at end of period
|
|
14,340
|
|
15,487
|
|
Less: Cash and
cash equivalents from discontinued operations at end of
period
|
|
(3,000)
|
|
(3,000)
|
|
Cash and cash
equivalents from continuing operations at end of period
|
|
$
11,340
|
|
$
12,487
|
|
AZZ Inc.
Non-GAAP
Disclosure
Adjusted Earnings Measures
(dollars in
thousands, except per share data)
(unaudited)
|
|
|
In addition to
reporting financial results in accordance with Generally Accepted
Accounting Principles in the United States ("GAAP"), the Company
has provided, adjusted earnings, adjusted earnings per share,
Earnings before Interest, Taxes, Depreciation and Amortization
("EBITDA") and Adjusted EBITDA (collectively, the "Adjusted
Earnings Measures"), which are non-GAAP measures. Management
believes that the presentation of these measures provides investors
with a greater transparency comparison of operating results across
a broad spectrum of companies, which provides a more complete
understanding of the Company's financial performance, competitive
position, and prospects for the future. Management also believes
that investors regularly rely on non-GAAP financial measures, such
as adjusted operating income, adjusted earnings and adjusted
earnings per share, to assess operating performance and that such
measures may highlight trends in the Company's business that may
not otherwise be apparent when relying on financial measures
calculated in accordance with GAAP.
|
|
|
In the second quarter
of fiscal 2021, the Company developed and began the implementation
of a plan to divest certain non-core businesses and later, divested
several non-core businesses. During the three and six months
ended August 31, 2022, the Company did not recognize any
restructuring and impairment charges. The following tables
provides a reconciliation for the three and six months ended
August 31, 2022 and 2021, as applicable, between the various
measures calculated in accordance with GAAP to the Adjusted
Earnings Measures (dollars in thousands, except per share
data):
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
August 31,
2022
|
|
August 31,
2022
|
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Amount
|
|
Per
Diluted
Share(1)
|
|
Net income (loss)
available to common shareholders and diluted
earnings per share
|
|
$ (58,610)
|
|
|
|
$ (34,533)
|
|
|
|
Impact of after-tax
interest expense for Convertible Notes
|
|
2,006
|
|
|
|
2,554
|
|
|
|
Impact of Preferred
share dividends
|
|
1,040
|
|
|
|
$
1,040
|
|
|
|
Net income for diluted
earnings per share
|
|
$ (55,564)
|
|
(1.91)
|
|
$ (30,939)
|
|
(1.13)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Acquisition and
transaction related expenditures(2)
|
|
2,706
|
|
0.09
|
|
15,236
|
|
0.56
|
|
Estimated loss on
discontinued operations
|
|
114,900
|
|
3.95
|
|
114,900
|
|
4.19
|
|
Subtotal
|
|
117,606
|
|
4.05
|
|
130,136
|
|
4.74
|
|
Tax
benefit(3)
|
|
(26,122)
|
|
(0.90)
|
|
(29,130)
|
|
(1.06)
|
|
Total
adjustments
|
|
91,484
|
|
3.15
|
|
101,006
|
|
3.68
|
|
Adjusted earnings and
adjusted earnings per share
|
|
$
35,920
|
|
$
1.24
|
|
$
70,067
|
|
$
2.55
|
|
|
|
|
|
|
|
|
|
|
(1) Earnings
per share amounts included in the table above may not sum due to
rounding differences.
|
|
(2) Includes
expenses related to the Precoat acquisition as well as the
divestiture of the AZZ Infrastructure Solutions
business.
|
|
(3) Tax
benefit consists of 21% federal statutory rate and 3% blended state
tax rate for acquisition and transaction related expenditures and
depreciation and amortization, and 22.2% for Estimated loss on
discontinued operations.
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
August
31
|
|
August
31
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Net income
(loss)
|
|
$
(57,570)
|
|
$
18,978
|
|
$
(33,493)
|
|
$
41,315
|
|
Interest
Expense
|
|
28,148
|
|
1,755
|
|
35,621
|
|
3,451
|
|
Income Tax (Benefit)
Expense
|
|
(12,712)
|
|
4,878
|
|
(5,150)
|
|
12,525
|
|
Depreciation and
Amortization
|
|
25,004
|
|
11,000
|
|
40,123
|
|
22,083
|
|
Total
Adjustments
|
|
40,440
|
|
17,633
|
|
70,594
|
|
38,059
|
|
Non-GAAP
EBITDA
|
|
(17,130)
|
|
36,611
|
|
37,101
|
|
79,374
|
|
Acquisition and transaction-related expenditures
|
|
2,706
|
|
—
|
|
15,332
|
|
—
|
|
Estimated loss on
disposal of discontinued operations
|
|
114,900
|
|
—
|
|
114,900
|
|
—
|
|
Adjusted
EBITDA
|
|
$
100,476
|
|
$
36,611
|
|
$
167,333
|
|
$
79,374
|
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SOURCE AZZ Inc.