AZZ incorporated (NYSE:AZZ) Q1 2020 Earnings Conference Call - Final Transcript
Jul 08, 2019 • 11:00 am ET
Good morning, and welcome to the AZZ Inc. First Quarter Financial Year 2020 Financial Results Earnings Conference Call. All participants will be in listen-only mode. (Operator Instructions) Please note, today's event is being recorded.
At this time, I would like to turn the conference over to Joe Dorame; Managing Partner, Lytham Partners. Please proceed.
Joe L. Dorame
Thanks, Chris. Good morning and thank you for joining us today to review the financial results of AZZ Inc., for the first quarter of fiscal year 2020 ended May 31, 2019. On the call, representing the company are: Mr. Tom Ferguson, Chief Executive Officer; and Mr. Paul Fehlman, Chief Financial Officer.
After the conclusion of today's prepared remarks, we will open the call for a question-and-answer session.
Please note, there is a slide presentation for today's call, which can be found on AZZ's Investor Relations page under Financial Information at www.azz.com.
Before we begin with prepared remarks, I would like to remind everyone, certain statements made by the management team of AZZ during this conference call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for the statements of historical fact, this conference call may contain forward-looking statements that involve risks and uncertainties, some which are detailed from time to time in documents filed by AZZ with the United States Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended February 28, 2019.
Those risks and uncertainties include, but are not limited to, changes in customer demand and response to products and services offered by the company, including demand by the power generation markets, electrical transmission and distribution market, the industrial markets -- metal coatings markets; prices and raw material costs, including zinc and natural gas, which are used in the hot-dip galvanizing process; changes in the political stability and economic conditions of the various markets that AZZ serves, foreign and domestic; customer-requested delays of shipments; acquisition opportunities; currency exchange rates; adequate financing; and availability of experienced management and employees to implement the company's growth strategies. The company can give no assurance that such forward-looking statements will prove to be correct. 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.
With that said, let me turn the call over to Mr. Tom Ferguson, Chief Executive Officer of AZZ. Tom?
Thomas E. Ferguson
Thanks, Joe. Welcome to our first quarter fiscal year 2020 earnings call and thank you for joining us this morning. We are pleased with a solid start in fiscal year 2020. We generated 10% revenue growth and 35% in net income growth versus prior year. Our energy segment had a fairly normal spring turnaround season, shift the portion of the high voltage bus, Chinese order that pushed out of the last quarter and regain operational traction in most businesses.
The metal coatings segment experienced increased demand in the solar and petrochemical markets