AZZ INC
For the period ended May 31, 2024. Filed Jul 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
May 31, 2024 · Filed Jul 10, 2024
AZZ$132.82+5.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Balance Sheets
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value)
| As of | ||
|---|---|---|
| May 31, 2024 | February 29, 2024 | |
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $10,546 | $4,349 |
| Trade accounts receivable, net of allowance for credit losses of $2,322 and $2,347 at May 31, 2024 and February 29, 2024, respectively | 144,391 | 142,246 |
| Other receivables | 17,403 | 15,599 |
| Inventories | 113,988 | 117,656 |
| Contract assets | 93,262 | 79,335 |
| Prepaid expenses and other | 16,752 | 7,814 |
| Total current assets | 396,342 | 366,999 |
| Property, plant and equipment, net | 555,355 | 541,652 |
| Right-of-use assets | 22,592 | 23,739 |
| Goodwill | 705,204 | 705,468 |
| Deferred tax assets | 5,594 | 5,606 |
| Intangible assets, net | 439,558 | 445,435 |
| Investment in joint venture | 101,639 | 98,169 |
| Other assets | 9,495 | 8,437 |
| Total assets | $2,235,779 | $2,195,505 |
| Liabilities, Mezzanine Equity and Shareholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | $116,829 | $88,001 |
| Income tax payable | 3,414 | 172 |
| Accrued salaries and wages | 18,806 | 30,823 |
| Other accrued liabilities | 78,258 | 68,651 |
| Lease liability, short-term | 6,558 | 6,659 |
| Total current liabilities | 223,865 | 194,306 |
| Long-term debt, net | 929,800 | 952,742 |
| Lease liability, long-term | 16,801 | 17,827 |
| Deferred tax liabilities | 42,033 | 38,567 |
| Other long-term liabilities | 56,048 | 57,572 |
| Total liabilities | 1,268,547 | 1,261,014 |
| Commitments and contingencies (Note 16) | ||
| Mezzanine equity: | ||
| Series A Convertible Preferred Stock, $1 par value; 240 shares authorized; 240 shares issued and outstanding February 29, 2024; aggregate liquidation preference $312,520 at February 29, 2024 | — | 233,722 |
| Shareholders’ equity: | ||
| Common stock, $1 par value; 100,000 shares authorized; 29,814 and 25,102 shares issued and outstanding at May 31, 2024 and February 29, 2024, respectively | 29,814 | 25,102 |
| Capital in excess of par value | 405,309 | 103,330 |
| Retained earnings | 535,168 | 576,231 |
| Accumulated other comprehensive loss | (3,059) | (3,894) |
| Total shareholders’ equity | 967,232 | 700,769 |
| Total liabilities, mezzanine equity and shareholders' equity | $2,235,779 | $2,195,505 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.