AZZ Incorporated has announced unaudited financial results for the 3 and 9 month periods ended November 30th 2009. Revenues for the third quarter were USD 81.5 million as compared to USD 108.9 million for the same quarter last year, a decrease of 25.1% YoY. Net income for the third quarter was USD 8.7 million as compared to net income of USD 10.8 million.

For the 9 month period, the company reported revenues of USD 272.2 million as compared to USD 312.1 million for the comparable period last year, a decrease of 12.8% YoY. Net income for the 9 months was USD 29.8 million as compared to USD 32.2 million.

Revenues for the Electrical and Industrial Products Segment decreased by 29.6% YoY to USD 43.6 million for the third quarter ending November 30th 2009 as compared to USD 62 million in the previous year's third quarter. Operating income for the third quarter of fiscal 2010 was USD 9.1 million as compared to USD 10.4 million in the third quarter of last year, a decrease of 12.5% YoY.

Mr David H Dingus president & CEO of AZZ Inc said that "The operating margin for our Electrical and Industrial Products Segment continued strong despite lower volumes. The release of the orders for new and existing projects remains sluggish. We believe these delays have resulted from the current reduction in the demand for oil and gas and electrical power, the uncertainty in the worldwide economy and financial markets, as well as increasing uncertainty as to the impact that potential regulatory changes could have on our customers businesses. We do believe that our long term opportunities remain strong and that this delay in capital project investment decisions should subside if financial markets continue to stabilize and the impact of regulatory changes are more predictable. These conditions have impacted our domestic market more than our served international markets. It is difficult to forecast timing of improved order trends. Based upon quotation levels and customer feedback, we do not anticipate that the recovery will be seen during the balance of our current fiscal year. We will continue our efforts to effectively and efficiently secure and execute on the available business opportunities that we do have."

Revenues for the company's Galvanizing Service Segment decreased by 19% YoY to USD 37.9 million for the third quarter ending November 30th 2009 as compared to USD 46.9 million in the previous year's comparable quarter. Operating income for this segment was USD 10.5 million as compared to USD 13.1 million in the same quarter last year, a decrease of 20% YoY.

Mr Dingus said that "Demand for our galvanizing services continues to be below the record setting pace of last year. Despite this lower demand, we had another outstanding margin performance quarter. We will continue our efforts to implement our strategic plans for the segment that should broaden our customer base and expand geographic presence. The actions we have taken should continue to help us to offset some of the economic weakness in particular market areas."