Earnings call transcript Q3 2023

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Operator

Good day, and welcome to the AZZ Inc. Q3 2023 Earnings Conference Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

to Advisors. conference like Martin, to now Part Three would turn over the Sandy I ahead. go Please

Sandy Martin

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

the President, Ferguson, and Marketing, IR. Officer; are Communications Chief and David Tom Financial Schlom, and Chief Officer; today Nark, call Executive Joining President Philip Senior Vice

we webcast will note, After slide open releases call under the prepared conclusion call, Please a of latest azz.com. for found Investor today's there for remarks, is be on and today's presentation questions. earnings can Relations at the which presentation AZZ's page

to begin, will provisions of the our would I Reform remind to the discussion Private we Securities include everyone of that today statements Litigation XXXX. that pursuant safe Before forward-looking Act harbor like made are

uncertain Forward outside looking and of the nature by their control. statements are company's

fiscal may of in Except forward-looking Commission, containing for and statements and Securities annual by from results including for from expectations. time-to-time risks and results, detailed Exchange should year therefore, be reliance February them. These statements XX, the materially the are some report future our not actual documents with undue XX-K the Form are not upon on placed performance involve uncertainties, could AZZ filed comments XXXX. differ guarantees Actual of ended these which

further in and release a refer to discussion GAAP reconciliation investor financial We included today's Non-GAAP measures. the non-GAAP supplement should a GAAP a considered for non-GAAP and will the of of addition, include as call earnings nearest to presentation In today's financial measures substitute measure detail. you be to measures. not for

in the are and QX posted been and our submitted SEC. to earnings X-K have Form on The release the website presentation press included

Ferguson, CEO. I call would to like the Tom? to Tom over turn now

Tom Ferguson

Infrastructure of us the morning. Welcome this of Sandy. XX% including third you accomplished completing quarter, AZZ's segment. thank divestiture this a Solutions We you, for and our earnings to quarter call joining lot Thank

off leverage We debt, of improves paid $XXX over million our which EBITDA. our also times X.X to

have their the let have dealing continual and am grew for professionalism how issues, AZZ groups business is Metal for into appreciative focus sales their their business demonstrate customers, on they our and demonstrated well teams. shortly, truly as commend will invigorating. but other of supply and pride with distractions. leadership so AZZ leaders they our them with Metals as I get and and maintained and I while the Working significantly Coatings of Both as storms labor much chain Precoat me first I express, that teams passion specifics

As you $XX higher up Net on income AIS can or shortly. adjusted generating about $X.XX. in X% we see over talk on on nice the was one-time million of achieved through $XX increase versus sales prior EBITDA XX% of Philip resulting basis EPS here, a will million, year. flow adjusted adjusted write-down

it was Metal Creek another strong DAAM along million. Metal tubing of AIS. Coatings up The rest not and was XX% had the of divested result adding to to as Coatings a volume, and acquisitions sales of growth the earlier Steel quarter the with with $XXX

income zinc peaked cost was inflationary Operating slightly due year most of versus our only kettles. to pressures, particularly in up prior as

than value small and We and relatively to pricing significantly galvanizing continue on is albeit was business, discipline focus our a to maintain delivering margins customers. our good business. our Tubing lower

taken team has two the points of Surface already The quarter. amounted technologies basis these for strengthen and Metal about Coatings. to things Metal net service Technologies underperformed performance. XXX Coatings margin for actions leadership headwind Additionally, of to improved

year. prior up almost of $XX million was EBITDA X% over

Galvanizing in investment customer driving to service. DGS benefit System, for is Digital continue and the which both We our from productivity

conjunction in and of kettles longer-term seeing performance in technology We rising potential to improve our efforts of [indiscernible]. Texas also out with the are of

The sales fourth growth of we navigated nice December. more million, is with which AZZ generated hope storms to $XXX typical experienced full any Precoat had for million over quarter in like a and to major outlook EBITDA. $XX in season the would not we in quarter winter its second

underlying Precoat about While the The volume sales on effect volume cost. unit modestly point quarter the deleveraging due have than did basis to noted versus sequentially XXX grow seasonality second its as we lower were year, prior due to normal impact lower has fixed previously. a

continued labor inefficiencies the high significant materials, shortages underlying extraordinarily performance inflation costs. on and that caused was business Precoat's solid customer-owned given inventories and indirect

at We still have some but productivity focused with to inefficiencies. have taken actions logistical labor initiatives improve improve and skilled and are situation dealing plants, inventory several the to shortages

Additionally, pricing costs. material taken higher inflation to we logistical the indirect and actions have address

XXXX. made cost, these have will be noted progress synergies the of the on we We while million our run fiscal so the $XX been And in of at far have acquisition. the the time up balanced year benefits had by rates in showing

put business done nine to what in perspective, have To on $X did first used our approaching the we consolidated year. it all sales in basis has which billion a well. Year-to-date, generated be months, we

doubles generated have million prior $XXX in We over the adjusted EBITDA, which year.

of million $X.XX adjusted and income EPS year. $XX prior are of the versus net up Adjusted XX%

of income. AIS venture, over the recognized we a million For joint have little equity $X

positioned year, fiscal fiscal as While year we finish tumultuous has this XXXX. well we it for and been prepare a up are

turn to I'll Philip. it now, So over

Philip Schlom

Tom. Thanks,

the the divestiture Solutions we September XXXX, completing Infrastructure on As just second to the at of quarter. Group after segment noted, our Tom in controlling end interest AZZ of Fernweh closed the

a report onward. of results ops As discontinued we continuing second as quarter the to required the and result, operation are from

and the on to the EBITDA our adjusted year through operations. My EPS consolidated commentary will full bridge walk continuing guidance ranges. XXXX adjusted and primarily results I also results from will focus

or inputs For comparability, AIS to sales, quarterly refer Precoat investors can may I sales exclusions. so track or

exclude numbers both the and on the depreciation of the amortization recorded of and and adjusted AIS year-to-date effects finalization the results. Precoat on acquisition of excludes purchase Our divestiture primarily related quarter loss from the non-cash additional impacts the to accounting

Metal from from $XX.X Precoat. million included the the $XXX AZZ generated of Coatings in One operations. million third sales and discontinued to million, were month September for segment the quarter results million Infrastructure $XXX sales of from divestiture for $XXX prior of

quarter stable continued Coatings prior comparable with demand same a XX.X% up basis. Metals Third year on XX.X% Metal Precoat reflected quarter up and sales

Gross profits XX.X% totaled $XX.X sales. million for quarter third operations the or continuing from of

aggregate the are and transitional higher for perspective, expenses While well margin flowing reflects as increased profits from coatings a our zinc dollar within of as costs operational the warehousing Precoat. cost kettles gross through metal

taken have to we these issues. mentioned, address Tom As steps

of quarter, as from third Operating were operations the year. margins prior for continuing sales XX.X% in to XX.X% the compared

operating the quarter Precoat XX.X% amortization for sales. would related of the accounting $X increased to and have Excluding the impact purchase million, of depreciation of margins

$XX.X or calculated $XX.X Third compared year XX.X% XX.X% When $XX.X to sales, the up prior quarter the year. million, of million same EBITDA quarter. for was prior compared the million EBITDA to quarter was adjusted in

which million Earnings historical operations per and loss the with associated a related the $X.XX, currency share of discontinued $XX translation from of primarily non-cash AZZ operations loss included was to adjustments. a consolidated write-off segment Infrastructure

the quarter. the from of X.X% was Precoat and quarter Excluding year including $X.XX EPS -- the third purchase $X.XX, prior versus a in accounting, D&A loss XX% an increase

$X.XX, result EPS the reported adjusted were was EBITDA Year-to-date continuing and a EPS EPS quarter through to of of the EBITDA million, from reported $X.XX $XXX.X adjusted (ph). Year-to-date an finalization $X.XX third XX% million increase $XX.X as $X.XX generating Year-to-date of the diluted EPS million. a operations year. Year-to-date of $XXX.X divestiture. of AIS sales operations continuing loss was of operations of was compared continuing diluted last from from

year. $XX.X flows compared in million from continuing operations with months the million the nine Cash for prior were $XX.X

cash from continuing expenditures with the capital The planned year-over-year million with operations the and year-to-date Our in $XX.X was compared were Precoat our contemplated rationale (ph) in flow increase million prior acquisition. strategic year. $XX.X associated

reduced continue maintain Utilizing allocation, strong, proceeds divestiture a prudent million. and on We invested the addition sheet debt capital outstanding $XXX $XX.X to during by from of we cash In AIS of received to the expenditures. strategy. capital balance terms operations. million capital from quarter in the is company's allocation We

expenditures We due spending we to chain as roughly shuffle year supply disruptions. continued $XX in fiscal the expect full capital for capital invest around to million

payments $X.X dividend which to on Shareholder included yield price. based represents million, X.X% returns an of of Friday's closing annual estimated shareholders common dividend QX

pipeline of have acquisition targets. active We an

horizon. actionable do the However, not in near-term plan transactions any

debt, do As we focus we share on not repurchases. any anticipate reducing

reduced or under to our improved Loan step our Term to by leverage. good B getting million times times, of we and X.X $XXX above, back a target X leverage described towards As our XXXX

As roughly interest covered discussed reduce have debt XX% Loan last quarter, we of existing B to our by rate exposure. agreement Term further swap

loan, quarterly payments principal current other term maturities our any do on than into Lastly, not we XXXX. have million $X.XX mandatory our

back turn his it Tom to I'll closing comments. for now

Tom Ferguson

plants our levels. remains Thanks, will activity most winter are we is costs months. current have in of peaked market Coatings Market generally given with for in to slower begin seasonally the activity Metal normal Zinc solid. Fabrication Philip. normalize and

sector, by major construction more Precoat they is the the more we Christmas. over storms like so had are reliant typically winter and on season impacted

We beginning some see to easing chain we due as the customer inventories supply to disruptions of normalize And already are have somewhat. taken. are actions

ensuring materials focus to continuing CapEx monitoring inflationary catching and to we Our effective up Naturally, are customer some also the deployment. carefully and energy actions of costs. pricing labor, credit non-paint reduction, on are debt

sales million adjusted our our guidance of to $XXX EBITDA guidance are We million. billion $XXX maintaining also billion $X.XXX and of to $X.XXX

and is -- businesses our in We to does we guidance the outlook receive for of discussed. guidance from $X.XX to by potential are $X.XX. $X.XX have third to might quarter that our based $X.XX fourth the we equity the quarter not the XX% share This include EPS strong adjusted the income on This avail. previously that range any from raising $X $X.XX from

on quarter than in will more be by preferred dividends tax fourth third Dividends or note quarter. the impacted equity I also volumes. equity preferred rate a experienced and normalized in that the will slower we seasonally EPS

these Our impacts. guidance reflects

XXXX a reminder, weeks. on a our we be in normal will and into cadence back fiscal issuing annual guidance we'll getting As be guidance few

set with irreplaceable is and broad galvanizing coil diverse of a markets. footprint AZZ hot-dip independent serving leading and coating company an the

ability a quickly are and thus variable are not Have value-add As exposed to shed well our during pretty high downturns. commodities. business, metal the to margins to directly tolling protect able costs we

on margins, excellence cash emphasizing great continuing technology. flow by and and focusing and our develop our outstanding providing value generate to operational customers, We returns to free innovate

questions. we'll With up it open for that,

Operator

session. now Instructions]. begin the will question-and-answer [Operator We

John comes Please question Sidoti & ahead. go from first with The Company. Franzreb

John Franzreb

the Good morning, for thanks taking guys and questions.

Tom Ferguson

morning, John. Good

John Franzreb

business those -- cost. zinc what's and Metals and start profile costs with you about bit versus the I'd look QX? as Coatings current far incurring coming to the little you Can stand high the talk the where in margin the a down quarter like like as

Philip Schlom

On has December. our peaked profile, think zinc in the I margin

and decrease XXXX. year so we'll quarter And to as start into forward see we the move fiscal into some fourth

John Franzreb

zinc QX higher Okay. the what segment of And in on was impact QX? the the in

Tom Ferguson

looking that maybe mind don't range -- of in zinc really our that those probably we to We in disclose with the I'd six because so discipline, of we I and -- we're -- typically, kept say, kettle overall, -- there's -- months just kettles say of our kind But costs, overall XXX line a impact, think pricing in zinc while that. we we're well, we've basis have points I'd try but of on our headwind about across dependent keeping the fleet. at as cost each in price

John Franzreb

of lower profile on? Is here. guess and Okay. on the you talked points. to be there op basis volume two side balance us issue? you when can productivity precoat them the you productivity issues do margin you And Is volume about said, just XXX about issues I the business, productivity the And where plants that going about are of Is questions anything remind the expect you else sequentially? what I Tom. at resolved? talked And thought several hurting by the also the

Tom Ferguson

couple got of a different going We've Yeah. things on.

to you think -- we've way levels of very material moving business. the plants, materials of which efficient inventory, extremely if of one get which precoats high tends logistically the that to, handling a and most go being mentioned were into I in customer of

the in of issue. that plants So that's majority high inventory

plants that mix call flow. plants. the I some three the probably being four or levels of business, As in lower months the do their more with, majority type a couple think, activity taking have we're within of of to keep that's to of absorption we and coming it, We the margin maintain noted, three have levels down struggled I'll so and of normalized

a adjustments. take That's some made of quarters something work that's probably to out. us going We've to couple

quality. We have team and operating several a really good within support of on precoat There's focus initiatives.

going into that's We're of but -- next be quarters. So move significantly. a before couple to to year see we take that going

how about, fourth months effect had In to fiscal the kind our worst quarter. year of talked because precoat leverage, terms the fixed tends hit in of talked of we just -- mostly third five about and the we of the that for quarters cost deleveraging as fall

all winter, managing lot of and quarter activity fourth their less building are is customers is kind of construction the So a basically and which business. inventories metals managing their

of an bounce early through back So cost the second deleveraging first quarter. spring really for we will part fourth hope fixed March And that the the and to continue then strong quarters. in and

John Franzreb

get questions. Okay. back into Thank for my I taking queue.

Tom Ferguson

right. All John. Thanks,

Operator

from question. Please ahead Our with comes your Stifel. question Dilts Noelle next go with

Noelle Dilts

for Thanks Hi. my taking question.

First, start I expand that you improvements that that Surface if in make wondering be maybe that great. if was referenced? of you'll you And the impact, you would think underperformance mentioned that on how could those quantify And you some quickly Technologies. could to you

Tom Ferguson

move to It's not huge impact the needle. Yeah. a but it's enough overall,

margins million, $X a than experienced. we've quarter, low a looking $X really you're million So business but maybe what lower of, at

several leadership takes initiatives team that little We traction. so time that I a that the there. changes So ago the going bit were to think like months of and has gain made the

find But making we're to plating improvement I of to quarter of just after the going there. right is we're be we think business. coating sure any better well through We before into spring the Part probably start the be significant see side. kinds to going than it first powder

we're all efficiencies, plants. So the business in adjustments six at targeting how approaching productivity the normal focus customers, how are we're and these driving then the the on

Noelle Dilts

us terms maybe thoughts of in Okay. how some the through some as could the on pieces next facing would takes you a consumer of in continuing I Precoat But you're the outlook, or headwind. parts pre-coated Great. or guidance thinking But more you're just I weeks. then the about early the If some we of growth. of penetration more you're said few give of recognize little particularly for I see could puts year? share know business And bit to and increased of look you obviously, walk giving metals. think into us see a a of you residential might fiscal gain

just how you of growth? sense a us you're directionally could So about sort Thanks. give thinking of

Tom Ferguson

Yeah.

team when going the huge Precoat, to little construction to isn't I'm think David to residential comes in But a a this And piece. and let bit it it going a was on markets second. whole call to the it onboarding board disruptive great, coming obviously, Precoat is focus leadership a a the -- just great I'll I here for talk AZZ. been process process. through it's then so with

So still on we've of public tried processes it minimally impactful but organization, new to make come them a as to possible, disruptive a new as it's company. into

part at majority that any through first can systems, we're year. anticipate disruptive that. say be least the don't the we activities major We I'd vast integrations go through or of as next of

quickly inventories continuing know to improvements. So The more productivity drive I to don't be opportunities I on the is ability open of do on to plants. anticipate traditional efficiency efficiencies That's their think coming -- as drive I customer we focused that. to up is they anticipate, down, with in these focus the customers. are and value starting to there's going the really drive are. and which team their some And productivity

so on it that automated These just little plan takes full. plants -- that. underperforming in focused gain the these we've they've while. on we've are focused there team a time The since plants, are on is things are very, It to takes been a that. highly and very a been that traction there's But

are have -- what to but that true is market that mentioned, -- So headwinds. you headwinds I those those -- think is going

we'll focus on share. I grow to continuing think

goes. economy improve on to between so more sales then we'll that see maintain let's do going profitability we -- But is that be focus side. our make volumes the that stability. efficiencies, some synergies there's sure the think the our on on We have And drive we how and the

will on three on. But two take to there. traction effort so have And really gain going that that takes good -- quarters we or

we the into and quarter the as get through second. So first

to things. I think of those we'll see start benefits the

it. and -- have some cost hard we've offset those the but generated The synergies, of

So improvements. construction I'm we'll talk you if going protecting And to the where And you see see be both pretty both their businesses, enthusiastic things. on them go. about our then, volumes of but to driving David, focused more of about are want where profitability,

David Nark

Sure. faring be to centers do We Tom. pretty Thanks, Yeah. pre-painted trend specification particularly positive cold of of like Noelle, construction Couple non-residential pretty manufacturing on a for intensive storage have things, side warehousing and still the them. good, and construction, Precoat remains like which things metal data continues a insulated and sectors metal panels well. with

look a roofing, single-family struggled multiple know, remains you housing broader within the metal starts take traction you of the We residential strong. gain use quite do prepayment When in multi-family as residential. to construction, in continuing but the have at have market, markets

So for we positive a be think that's going forward. us to going

market, on eased a can packaging market and related solid beverage year. slowdown But HVAC have the recyclability and earlier benefited from U.S. the Appliance for container again, the growth economic secular about we've have trends bit preferences. to And pace favorable switch general experienced the and in shipments previous talked particularly to consumer that aluminum the calls, which shipments in the from quite and

are to the Precoat on some your question. highlights the side of those So specific

Noelle Dilts

guidance then a year fourth that quarter. I not still in Okay. as or include Would look that know next is you the JV to income Great. Thanks. start would in That's of anticipate And TBD item? you really you at helpful. you're including the that sort

Tom Ferguson

first the yesterday, Board we team. leadership We like our have and did meeting

go to private to a of things disciplined very usual price being AZZ They're company. the getting they're and being from focused. accounting purchase So through part

call them of little bit a time, a quarter. I I'd to it, think give like

equity guidance that we're is what guidance. able to going going be to give think we as I So issue our on look like income to don't

be next to I year, managing another some focus at least into think providing get is general quarter let of their -- going do on what think I got think we've and able business year. we is. to get what their guidance I to them going to balance they're through like the the start and another next But for operations as of how income look we're equity that

we better intent provide can the my guidance January. we that the not by have full our do it call. as in that we So earnings this year of is we give to towards end hopefully, start time hopefully, to But context

Noelle Dilts

Okay. you. Thank Very good.

Operator

Our Braatz ahead. next City question Capital. comes from Kansas Please John go with

John Braatz

everyone. morning, Good

Philip Schlom

Hey, John.

Tom Ferguson

Good morning.

John Braatz

Tom, some weakness maybe and side additional a going a you no back business And of maybe on you margin versus took some, to I guess the market more margin saying look lower the maybe do mentioned you balance couple little that as balance Precoat, How activity. forward, how bit of general do you lower in the against business. risking deleveraging taking that I facilities cost equation? of maybe guess,

Tom Ferguson

I lot it's was yeah, profitable growth. really think -- we're that's actually But team, time Yeah, on with because to we're enjoyable so focused which the business. galvanizing our of a similar spending Precoat

so kind running per but per minute. feet in -- of paint all productivity, And of that they're they've day, got per line how great efficiencies, indicators terms their hour

to act, defend we there's but I So balancing want a market our think share.

what more profitable on things focused are than others. are We

now, going profitable to some say We start we it's isn't better you've hard anticipate performance, leadership sure got to those because a leadership operational better And that's made already. of team, have drive to that that for consistency. right underperforming changes some business And issues. certain when couple all that, plants some in

team been the with that. has dealing that dealing So with and

where in while specifics not those But any more markets to even sitting So market. labor like I'm give not been on are, constrained. plants they've are there. going plants they constrained And in more which also labor those is it's are

having we're precoat. we're our small to to a in need, to So folks labor of structure overall we still more is piece pay do willing get the which cost because relatively

balance defend care take against but plants as the those the overall, So cost carefully customers as fixed yeah, we to share overall. in and want then of -- well absorption our

daily, gave just on I that does weekly tell I that can but mouthful you, team you, a that's it's Precoat review the this. a So

every So this they're looking at day. single

John Braatz

Okay.

Tom Ferguson

finding business moving And plants, they're between they're if serving not their customers.

it's move taking the can places sometimes where best. to right been the expense to where service it the some we've customer So we

John Braatz

Yeah.

Okay.

have coating impact you metal But here much How Secondly, last about on the might the gas XX sharply relatively the days. being down of galvanizing an come on of the in talked zinc costs operation, margins natural that costs have business? high.

Tom Ferguson

significant a anyways. won't of because spend, overall that commitments we the our be in minimis impact. it's way some Well, of it's flow year de into margin utilities, fairly seeing with of also And until the the get we next actually terms

John Braatz

much. All Thank very Okay. right. you

Tom Ferguson

Thanks. right. All

Operator

Company. Our next Franzreb Sidoti comes question ahead. with John & from Please go

John Franzreb

Hi, guys. for Thanks follow-up. taking the

guidance to reconciliate baseline $X.XX can it be we there? in what little that number I at and if guidance has here. I your [indiscernible] you drop Just guidance on if your we the fourth was a as questions it bit help just just to of nine $X.XX number kind using know And in us it $X.XX Page, month really the about like seems a Can number is believe relationship have number, $X.XX. use (ph). of the you sizable X, want to the quarter. we at is $X.X should because a

Philip Schlom

and year. been divestiture acquisition the good fourth Yeah, question. -- working than lot the the And will AIS we've nine months I of or of infrastructure. and change a first the of it's avail quarter in interest the think, controlling Precoat of seasonally had John, Metals with a be lower the We've operations

those And don't fully outlets of updated so numbers. have some

So is guidance. David's historical getting but numbers, with working better where outlets for on $X.XX from been we're bridging the those

John Franzreb

quarter. Am understanding properly? fourth number and for So that I suggests a $X.XX $X.XX between that the

Tom Ferguson

way -- Precoat. particularly lower talked will Yeah. the That's we've as Obviously, volumes for it's significantly seasonality on for flow. it the about

can zinc the Metal Coatings of will think QX, and is in then these spring and what ugliest kind quarters get to doing think side, yeah, we and this our traditionally will strongest we everything see I we off we two high our so the build of And forward going hold the On of up half I into the tailing costs, are year. -- be the first into quarter. the probably price

John Franzreb

guess the just I are profitability, what nagging full It's of on count kind on bounced are question, $X.XX year? around what you based guess, I about level? using thinking and And that share a kind you for of

Philip Schlom

the It's the Tom's sales, dilutive on we're and (ph) as million based John. finish on and our the and un-dilutive cost have Blackstone pressure to on about seasonally the on of features, using XX in the what's lower In fixed equity. then interest fourth question, preferred putting debt we quarter calculation, shares out we do the dividends have our preferred

So that's quarter. little seasonally what's pushing a fourth in that pressure low

Tom Ferguson

the quarter. Well, rate third unusually tax low also we in the had

And to go towards so QX. or that back starts normal in normalize

Philip Schlom

Yeah. range taxes in for expect normalize XX% [Multiple the 'XX. Speakers] to We'd We'd fiscal expect

John Franzreb

much. my you Appreciate it. took You question. very Thank

Philip Schlom

John. Thanks,

Operator

This to session. would for any turn to like concludes our question-and-answer remarks. I Tom the closing conference over Ferguson

Tom Ferguson

particularly and about Yeah. we see our culture Metals teams cultures. Precoat addition the values live operating the well Both Metal with how by and of are have same almost identical team. the excited We as fit Coatings really leadership teams

forward and next next look outlook within year's sharing weeks. we few to the So guidance

and to and what's how what margins forward. our know As prefer would I look transparency I also clarity able -- be normal for going we into mode, operating lot those a that. to provide look back to in at corporate the get better us on our everybody

demonstrating our it both markets, can great and adjustment stable businesses profitability. growing operational the normal that that mode into big the and share things drive driving a from business we're these of how mode margins get where have operating getting out and we'll the to we're back that of talking drive about So

today. for you thank us So joining

Operator

today's now presentation. for conference The concluded. has attending Thank you

You may now disconnect.

AZZ (AZZ) 10 Jan 232023 Q3 Earnings call transcript