AZZ - Earnings call transcript Q3 2019

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Operator

Good morning, ladies and gentlemen and welcome to the AZZ Inc.

Third Quarter Fiscal Year 2019 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note that this event is being recorded. At this time, I would like to hand the conference over to Joe Dorame of Lytham Partners. sir. ahead, go Please

Joe Dorame

November Good review thank AZZ the quarter XXXX the Denise. us Inc. for today third ended year fiscal to financial of XXXX. morning you, you and joining for XX, Thank results of

Dorame, As Lytham Partner Partners. is of Managing Denise name indicated, my Joe

Please Officer After will On the session. the Relations today’s slide a today’s remarks, at we Executive Information conclusion the a company Paul call Fehlman, question-and-answer www.azz.com. Tom Ferguson, under are page be of there call Mr. Mr. Chief open presentation for which representing Financial call, Investor Chief found the is and note Financial Officer. prepared AZZ’s on for can

prove documents markets, are generation offered electrical conditions growth changes Report are process; in raw to prices markets; transmission material stability by the for not gas, and response distribution markets by including Form and of the with political hot-dip XXXX. by changes galvanizing the coatings the and in which risks services Act economic fiscal and forward-looking may the various the Litigation team forward-looking U.S. natural Before and The but power limited no opportunities; of as and XXXX. correct. uncertainties the forward-looking meaning that, in company XX, AZZ and remarks, give These whether ended statements costs, metal availability remind Tom can some assurance would to involve we certain of the to, Those of to of experienced will the used statements implement zinc Securities strategies. on based turn of in that assumes year February XX-K hereof and exchange products and delays no Executive with time-to-time which this call the AZZ acquisition like statements I prepared information or the management update demand Except of such Private me conference over and conference are the to customer serves, including result domestic; employees financing and fact, call currency shipments; contain events, that adequate information, the demand AZZ. of AZZ date the historical foreign include, and forward-looking to company’s new any be statements requested within of are during the future of to Ferguson, company, With the customer obligation from filed Exchange rates; and industrial let Commission, statements markets for constitute that statements Tom? Securities detailed AZZ begin uncertainties, otherwise. management a including Chief of everyone this call Officer Annual made and on as by Reform statements markets, risks the Mr.

Tom Ferguson

again Thanks, on quarter and morning. thank call achieving and both note you lines. Joe. yet for positive quarter fiscal third a on this our Welcome to bottom us finished earnings the year We double-digit top XXXX the joining growth third

foundation nine-month firm improved to for as million cash $XX.X period. a by Our on the from businesses are operating operations XX%

this, and were While focus from and attracting responded most our customer progress both cases, impacted businesses we labor new most well of last make pleased In in fairly opportunities. continue increasing materials. with spite the our in in businesses, the terms year, and we’re to of cost across customers of improvement we by of

fiscal look last to on we complete As to year traction note. we expect positive noted as on the a we strong call, XXXX maintain

ability We trade manage to confidence uncertainties. gives have our more finalized the this in WOFE us China our and through in

to and venture construction, capability which opportunities. an under provides us improved joint We in position finalized Saudi and new local more is the our Arabia also facility service pursue

initiatives still coatings real metal expectations, new progress below While are running our on our we them. making are

streamline about in expensive. only the impact had We so labor highly our also front run couple to look a to the with quarter we more to as full-year of offset and having core as $X.XX narrowing were and negative strong range cost the to continues zinc earnings businesses a to strengthen only than Metal price coatings expected but proving negative and We guidance, M&A mixed half improved diluted of per feel and active share. with contract semi-skilled on zinc was also cost kettles year to direct has labor we comfortable effect is performance both and portfolio. our remain left months weaker sales, able are the third higher on the skilled we with our with use cost margins our temporary realization. more both and The find our of and to Overall, of difficult productivity. through direct labor impact $X.XX

caliber We our improve and process of have discipline. labor, taken drive steps better several retention, hire to

input we more our customer Digital Solutions, we improved DGS building demand but slower initiatives, remain coating to high-quality Coatings rollout providing than in-house. our We expertise we the optimum the Alternate the of of to accelerating Galvanizing in need service. level is are We labor and ensure with which to a are call expected mid-west, powder bring for product and GalvaBar committed

replace backlog benefited solid challenges seeking nuclear fall coverage, in but underway medium-voltage and segment. base, business the a bus. electrical the as backlog moving, with, geographic new initiatives continuing from has the Energy expertise. some to our outage a in had Solutions expand despite work impact platform with still having schedules well nuclear and project to The to Welding as turnaround for have segment our season The more We customer from several operational offerings, normalized

its cost serve Our business electrical to five electrical leverage achieving that on improving for having is enclosures. focus from and build units

impacting and effective have little some a in will spite on by businesses With we allows structure had more product we impact direct a cost have JV competitive offering our Tariffs the Saudi, a in that our business, labor margins in us increasing the structure. China supported in price the operating increases. of and WOFE sales but cost-effective is pushing have of platform believe to highly

demand look we see metal areas serves. forward, business reasonable in that As coatings our we most

to we costs, been majority we we fully continued have higher labor prices, from able While zinc to not and the the making good of offset have are increase but yet impact progress.

are increased focused improve to while We these to on productivity and also efficiency, offset continuing improving price realization costs.

is year in the more while I’ll focus to Our for outstanding serve, turn we business detail. XXXX segments, to that, in over optimizing cost both our prepare service. financials to as customer With delivering discuss it fiscal Fehlman Paul on

Paul Fehlman

Thanks Tom.

was described net charges sold quarter a X% was a to which share at the and $X.XX million, year. of last fiscal SEC more higher third the Operating fully million, in the loss of million Reported sales we year EPS as last morning. grew this SG&A of the $XX.X fiscal the for special than which quarter quarter income increase cost than versus which $XXX.X million of and with compared For to year of filed quarter both million, was up $XXX.X goods of our third higher the finished to $X.XX third $XX.X of per third XX-Q fully XX.X% quarter diluted the reported of included XXXX. $XX.X XXXX fiscal third XXXX, fiscal XXXX, backlog

at quarter the ship backlog the currently year, to XX% expect the quarter SG&A book-to-bill same ratio of of Gross XXX quarter X.XX, and finished the for the year. margins of the last XX% sales, revenue U.S. XX.X%, outside to to than compared finished quarter year. year. third higher last to for were of of the at XX.X% last last third in quarter quarter compared Our third we XX.X% total XX.X% the third the points of basis gross compared for margin X.XX in of

flow period a expense rising X.X%, quarterly result to $XX.X which comparative to of or same first quarter balances. last operations a of offset nine million, net X.X% improved in we basis, operating somewhat We margins million debt rates, XXXX, On or of in $XX.X year-over-year about due As generated in the cash strong year. quarter $XXX,XXX, interest compared ago, a for cash XX% which compared performance a months primarily income. of by flow of a reduction result, higher fiscal third generated as our mainly by year X.X% to the from rose interest was third the

late rate compared XX.X%, the tax to effective to quarter year. increased last third Our

were the $XXX period labor. year of third result over As third loss. as our for concluding the XX.X% sequentially, of to costs third to Operating revenues were while revenues million realized it the year as to segment compared In last operating million to Tom million last in despite I'll Metal margins segment energy With the quarter Gross for up million, in quarter in segment third X.X%, the generating fell Tom? $XXX quarter slightly cost income the XX.X%, during the same a AZZ million, still well falling his were quarter for compared was $XX.X prior-year quarter to a the XX.X% quarter the operating XX%, energy XX.X% of to compared quarter an to third to year. margin negative last Operating third $XX.X income X.X% X.X% $XX.X increase quarter of our in compared grew rose results, prior Coatings to income third segment, compared last XX.X% that zinc third as year increased quarter quarter higher year $XX.X in remarks. back prior our in the million year. of the to third compared than margins that, for year. turn of compared last to

Tom Ferguson

year outlook quarters solid optimistic three XXXX our Thank you, confidence moderately after we're fiscal Paul. We of gaining about in performance. remain and

in earlier, XXXX changes to stable our of in $X.XX experiencing the conditions, and share sales As range million. per annual be our to with and noted we range to about diluted feel activities. fully confident organizational $XXX for We're generally narrowing of we earnings fiscal market the realignment and $X.XX million guidance $XXX are

managing executing improved and to products. and and retention. reenergizing are we initiatives and labor performance improvement, operational reiterate, on markets hiring costs pursue are on initiatives growth To we our drive focused new strategic commodity Additionally,

to that in our success also on We are are intent very our future. focus the core improving on businesses critical

it continue performance for positioning driving year stronger will I'll a focus questions. fiscal open the on We of With this for up and XXXX. AZZ and balance to that, year better

Operator

And sir. Company. from Instructions] question ahead. will Franzreb go John you, [Operator Sidoti first of & Thank Please be the

John Franzreb

you are Paul. doing? morning, and How Good Tom

Tom Ferguson

Good morning, John.

Paul Fehlman

John. morning, Good

John Franzreb

same it's we remotely Can impact had to the compared than quarter. there? what's beginning about of I to seems just expected Could in last quarter the I the exact dynamic months, you We're more with have it in before to said quarter. Metal a the bit work high little going Actually, have you speak want first on the can those and had quarter costs a that Coatings? later a profound fully year. question six just would Last I through talk roughly start zinc about last you you

Tom Ferguson

Yes, cost first the I here next into will that as and out finish thing of quarter high pretty think, flow we then the and year. clip a zinc year, key is kettles continue out to good at we the – of this is get our starting

to well, able And of we've but also we're enough to realization, haven't to – price to case, zinc kind people running now quick normally was about a to expensive. of because do a And XX offset there's more get flows had in for is mind, expensive, us. and on critical the through XX of it's and experienced in impact focused when on pound our every a labor pretty move you're you. longer our through little zinc of keep is that retain this and we a pushing we good fairly improving retention, that significant probably also million because that that $X.XX quarter kind significant being driving about just our efficiencies also keep productivity a able a and So has that it got while on productivity a it mind way up, or higher, anticipate, ramp increase. but quarter, We're taking part our we've in performance tougher we find, pounds million just kettles, them than more to and kettles out been getting

Paul Fehlman

Paul. it's John,

couple still pound in roll the is over in the absolutely third up the things. – it quarter, Just quarter cost the quarter more price a per And right, third it the than was third year is Tom quarter. the same quarter zinc – well from last in did lower but second our

real a really what take you thing like other during and the we quarter conference if The indication change indicating last the is, go you first back look change. see we quarter is the the of were fourth expected call, as at to

how exactly think rather pay lead but saw we fuzzy I had really time the where we the than much pretty fourth much So, of a price stuff clear you quarter, highest right to it's little more enough. need backlog, to third out significant quarter

John Franzreb

locked you when sort contracts buying you are some much on annual How versus into market? annualized spot of Paul, the contracts buy zinc? is

Paul Fehlman

end though were actually think of most There I you and contracts at go are – based far that year, but this continued rate is, this year. year of different that I start purchased don't last of the them the at as last And have the too to into it. – on discussed, we spot whatever year

Tom Ferguson

real had good thing calendar keep right buying what in I year, locked doing you and the usually contracts to at we terms is so the but new purchasing. stuff mind, about John, of the think some the cycle in of that team feel I first better about, is in in, lock feel we Yes, don't the

little duration cost than of like. longer zinc higher we've that we So, a yes, would had bit

John Franzreb

lot quickly the turnaround approaches talk for also, little to there, And oil then can energy the it a the overall, bit important especially narrow commodity in if in side what a the environment the seeing prices? of only split but Okay. as and marketplace? recent There's you, just gas happening you're seeing moving to kind not the in what's of business, [indiscernible] given what of concern down about you spring you're certainly you about

Tom Ferguson

have and John. international a in a appreciate our better – better of guess questions lot that refinery We're did got a I also tends of to be that much there's see has turnarounds projects Yes, we – outages winter one, off. season, We wrapped you naturally, the going better, initiatives – that. lot up been in months turnaround pursuing in America paying slower. continuing North for I

we've anticipated anticipate our we – in So, guidance. that

pretty spring, the looking strong. For

in, activity, side, of seeing lot slate as engineering industrial we're think gotten opportunities international spring. a the I our a lot we've folks some they're good orders and on of of a quoting, the facing nice

particular So, point, good. at this pretty we feel

can the refineries first good changes we're something their pretty quarter again, decide which horns about spring unless happen pull season. the So, and in to feeling or

Logistics smaller think less I of nuclear the of still structured to smaller and to piece, Inc., of welding outages, have terms we've well Nuclear at them our In piece continued NLI, power so, and perform in solutions, a activity. we has activity do level be the pretty this

concern not So, spring. as seeing anything at that us, we look the significant we're gives

businesses the them at to structured pat level we're side, On exposed opportunity. that oil We've low as know, a you are that. going good profitability get a for reasonably couple of of to

been and businesses, pretty the good. working then pretty to And electrical points. hard find on we've we switchgear there, feel we're enclosures So, leverage

value a switchgear, five that enclosure mentioned, their piece of facilities there's of also the enclosure add. – piece but ostensibly I enclosures, do to build fabrication tends be As two good those piece pretty

future. think, market out got maybe We've there what's with with bought good and we of we're in the course of that to market. We're So, I going off feeling think, pretty they a lot about of capacity they've left, seen – [Kuntz] facility are doing of there about then one a the I that, bankruptcy. pay part of things Lectrus better

So, particularly got we focus is for improve internationally, high-voltage China. do the backlog our North now American We've good do bus. to activity what

that as high-voltage both makes look for them Did us Arabia into activity we bus. next all? year forward Saudi We are and get some seeing in feel I better medium-voltage

John Franzreb

Great.

Thanks. You've that, let got chime of a somebody else I'll lot Tom. in.

Operator

ahead. Dilts of come will next The Please question go from Stifel. instructions] [Operator Noelle

Noelle Dilts

Thanks. Good morning.

Tom Ferguson

morning, Noelle. Good

Paul Fehlman

Noelle. morning, Good

Noelle Dilts

Good morning.

just the different in back to So, and way. slightly a I dig go just into margins coating wanted to

basis is think think much sense bigger about XXX as the some then the If next of product rebound is give you as quarter fourth that see a there more forward you how And the off? Can that from to really, how start I maybe zinc? of And points. of drag that us look at labor? could and might quickly year-over-year into we you you headwinds new how in compression, that at that a from Also, year, when of the is margins question margin is slightly comes into How I look anything compression? much think line? thing moving much onetime

Tom Ferguson

the did you depends want price, Yes, what it think we team – how say, this pretty – to we at look – at we with I because it well. done as on offset cut which I'd looked has we've the

hidden of half of And some case, high the some that's out paid costs significantly has it, we've effort think labor in sales higher of because market, being increase some of initiatives of bit normal, just increases do about normally And had these to I productivity yet on maybe that the of so of when alone. comes our been reorganized and a got To it. Our expenses there. we're zinc. zinc and overhead kind we've cost by this new frame dividends little XX% it's then where and not absorbed continuing that. has higher depreciation labor impact call the than and these on issues, fully chase operating XX% wage to about And

the So, think, is XX, we feel XX, terms zinc on about suffered team's productivity I Yes, is in what side. productivity, good but we've productivity, zinc do XX, of I where rough the of kind done labor cut. the think

do to there. So, we've got some work

start next to I to it's will benefits is plants, – going all lot zinc our even drop – What going a of frankly, well. still in out full in getting us, off and is, zinc pretty does the the probably away. a think couple to utilization is quarters of DGS see now, it's year larger cost you is plants our up help it, of but though to of getting still quite that's it

into it. to next sight got we We've good of So, we line go better feel year. about as

the In that's of effort. lot terms around, of – a work a we've we're of labor, lot putting something

where to things retention is it gets feel management but management things and issues normal of, and plant the we And a where I to we our we to, at. the in so and not doing ones, due structure, that to comfortable that. what better because improve health we due I'll did had need good we're think very labor. have semiskilled attrition, plant retention about We like good are of lose call, couple

– is I bench better. but So our think,

go plug we to about So, ability forward. as play we feel better our and

Noelle Dilts

Okay. That's seeing seeing the of coatings et in market, you're you're kind cetera. sense us could T&D, that of a an you what the helpful. end some give trends of And then generally in industrial downstream

Just generally that feel to give seeing for a us elements growth of you're kind of the there? the

Tom Ferguson

of of Specific kind and more to the...? also or coatings coatings

Noelle Dilts

coatings, to electrical electric, on Specific as have happy some if you but be I side would on think more more the touched you hear certainly the well. – of to

Tom Ferguson

in Yes, at here I overview, probably Paul going he to a think – you because general chime he'll chart, give have more specifics. is a but I'm then looking

and, use we to coming in our that of – as get those which petrochemical I the means out Still down kind we are it closed of very our to available enough seen course, that's coatings pregalved. of activity But we've New be, lot we that's think, there, on tending in galvanize we to the that's not both an Industrial buy have the a opportunity as though affects electrical side, offset the and domestic some kind reduce seen kind to even T&D active, Orleans They – to Gulf. capacity of still capacity thing business. of level versus now well refinery projects of and the business steel some down tend the plant in steel. there. they

feel the we good trends there. real about So,

the plus has I of been activity think, there's good. quarters still activity that fabrication levels good industrial several

around as us on we're solar. good has located, think, where a we're activity little shifted seeing levels. we we've that I look The thing – bit is

towards of solar the Some fabrication the back has again. the moved West from East

our some plants picked some does up but in we it the that, West. So, affect of of

some It's moved fine. it's those plants. from that just is away solar we've significant overall, and got bit it's a So, little moved capacity, where

been in general some trend we that? okay. we're So where power fell market places solar than wrong think we're better solar the us. we'd peculiar activity. and look in that's seen probably because to gen located more just actually a It want for seeing as good But the next at overall And to year, add to you in area. other Paul, that activity I has

Paul Fehlman

the Yes. absolutely Noelle, look, Tom's right. –

up hasn't years about its few over two to still gotten years, over generally up in is last quite last levels clear highest construction, speaking the those are year Solar we've industrial back but construction, at about XXXX, pretty and the our nicely. been that

course, of market. and spend, markets end general are all almost our see but good bridge We, health to is up that fact, see, more year-over-year, In like to just of in that which a highway certainly coming actually and out even to encourage and that funny takes over as money government as from the more highway, that's is pointed year into put and bridge recreational. up enough, but we'd petrochem, he

we're almost So, trends board. across positive seeing the

Noelle Dilts

Okay. you much. Thank Great. so

you a relates now? for a called general to China, being obviously lot the kind Are is over a general here – you are it changes or generally up kind us seeing bid? China seeing past concern? just also of seeing maybe and of out you're just the as work it year. guys right what in projects give some forward, look concern you how feel behavior of Could any as You Are picked there you've we

Tom Ferguson

pretty It's normal.

month think, market of impact a current is such a just project our us. a piece big quarter always can I a the movement by a of for share that backlog

not in China. can more allows some to and of as that's lower-cost advantage take we components versus of feel of import we caution. in more us better our where wholly-owned about we China what so It produce the the have flexible is control And what to over a produce also be much. biggest of level we in U.S. What facility there about

we XX feeling than we good that think kind months better our So, contracts have ago. in terms backlog will work about continue We abate feel the the I as existing probably through to negotiated, backlog. and were the caution about of contracts the

a we month. pretty move move projects big because such out backlog needle of it's mainly just call our piece So, and the readily, it can in a

Noelle Dilts

more Okay. just And a questions. of related housekeeping couple then

Given have in about into or came move any controlled And year? second, any pretty well quarter, then, in there? how opportunity below come how about are you sales next of we XXXX? as should been the And that below you CapEx my you further but investing on thoughts do initiatives, think SG&A in SG&A think we thinking XX% reduction could in estimate,

Paul Fehlman

Noelle, right our on SG&A stock prices there. Well, how the question, you're I mean, we've and been. moderated has the performance

on over You so cost see always we long-term grow here too just those lot term. and the costs, here. a especially of business some own don't has vigilance stats, that maintain deem that headquarters, want, of Industrial the for the to of understand, but we where a balanced we affected employees of has be at overhead we incentives, fair lot as the we fast to kind been of as about And our short that well want and

cost the a the of And lot of headquarters so, out it's mostly coming in employee is here. and it

I yes, keep very on eye after. know – that's favorite, that's for and of close to we'll So, one SG&A, a me stay Tom's

Tom Ferguson

Reno made called the and on in bets we I and out, made Oklahoma. pretty we've – some CapEx the facility on we – side, DGS Galvabar in also on bets big Yes, a big some think, that we and also

Galvabar more not the to that do on on some CapEx, we different at looking manage going think as facility. how better we're efficiently approach a are those that. look another but have Not We onetime and behind side things. growth that lot even it So, can really we may a at have us. Those we're big we CapEx

We've we pretty think, next operating year. capital issues. some forward normalized as I maintenance look So, into fixed

of couple past out underperforming. years, the taken we’ve that were locations Over four

do Not opportunities we And acquisition So, makes be. looking plants to where consolidate on of customers a need facilities the adding We'll on around. at do look rather then to as I serve feel the to backyard of continually we good. that, just able still some to move find something flip than not pretty treat where we within to a that job want and where now things may duplicating we do that also basis them it we that at front, markets as and to regular sense, adjacencies adding better probably be capacity. as is we're our own already some

at it. year. new we've what reined where acquire – in we I we acquire the think, the as ways at, hot-dip don't I any near any future, in see plants in of and next some the particularly galvanizing looking building So, future we're anyways, time

Noelle Dilts

Okay, perfect. very Thank much. you

Operator

And will go Please John be Company. Sidoti follow-up of question & Franzreb from the next ahead.

John Franzreb

XX% operating wondering, in Metal side Energy double-digit confidence given you're Energy you your Yes. Energy spring a that I increased on sustainable margin the given happening first, operating costs was contracts on your Metal Coatings? the margin in side, also the expectations improved an – in or season, what and getting are more on the the input lower and confident side on in given Coatings

Tom Ferguson

ready yet, think digit. to haven't... are that fiscal given sector, for put backlog transpired Electrical in our that some couple of our and have the to XXXX we quite not back guidance We're from years I away they getting Yes, double things think, I

John Franzreb

I didn't say just... when, I

Tom Ferguson

that on But developing are story. yes, we focused

In terms our XX. of Coatings, towards I they through flowing the back work Metal back We'll think them zinc kettles, above pop XX.

I think that before. comes

and forward margins more look I we improving on continuing year, consolidating on margins focus we'll growth. than into As next are

much be margins improvement for next Coatings. Metal of to for focused on terms going we're that year in So, operating more

comes that think I So, first.

market Electrical And XX% plan backlog few – improvement. in on don't happening nature in it's of that any up just got drive the was high-flying XX%, margin that competitiveness side the been, it are to has we a good have like and that back. years the units don't margin we anticipate and the business operating range. a given But we've think, where I the kind of

think So, second. make I go think that we'll I that margin and Electrical do anticipate improvement we in year. comes next as into

John Franzreb

business? And Fair potential say that What activity new any does actually greenfielding on M&A don't you of enough. Okay. plan said, the about both on just kettles. sides

Tom Ferguson

Okay.

can the Coatings, aggressive. going it Metal let's we to wherever to going very, more going serve, buying we're sure find with existing making to careful I be to comes it, capacity. on call adjacent tremendous those. I have fairly things we But little always when think, attract hate we are some, we're to just said, to say, a I very term but Like we're of be overlap very, focused that not – we're to going be where use aggressive, already galvanizing,

that size in, we've terms side, of got Coating and Powder the range in a we we're very at margin interested what narrow On capability. look for

we'll an at an those. had of to some firm We've banking investment continue ongoing I Spur. around with look that things. initiative & Scout So, like the

we'll but So, being interested a there's there's very at tremendous number those, EPC, like it. not out them look a in there, very Those few we're about we're to so and kind but continue of those. disciplined

bigger On tend the I Electrical enclosures and tends before, it to side, you've heard switchgear me be stuff. like because to say it

You're the mercy that and we not in realm. at of imports domestic low-cost are business

So, be interested. out came if there we'd a available, that couple there is they

to acquisition. want I So, preclude electrical an don't

On out Welding Solutions there. side, the anything anticipating we're not

John Franzreb

a this thinking I I it. one year, last apologize. just And missed forward we but Got not on are go question if basis? tax rate But maybe only about for this, what and

Paul Fehlman

put continues to extra Yes. this until out time a say of stick say, notice. tax next just tax rule for call pickup thumb, we haven't there. but we some one, Well, as I would planning, at our further and XX% out guidance, use would with year nice in point, of find year, head I every and a next go

John Franzreb

thank Alright, my Appreciate thank taking you Tom. questions. you Okay. Paul,

Operator

would closing conclude And his like back to Tom Ferguson our for the ladies and will comments. that gentlemen, I conference to session. question-and-answer hand

Tom Ferguson

you to forward add, to all again whole don't Thank today's look for to you. lot have participating Thank Denise. and so you, I call Thank at of the on fourth we conclusion a talking quarter. you our

Operator

Thank you, today's you and concluded. has presentation. the sir. Ladies Thank conference for attending gentlemen,

disconnect You your may now lines.

AZZ (AZZ) 8 Jan 192019 Q3 Earnings call transcript