AZZ Inc. Announces Recommencement of Stock Repurchase Program
AZZ Inc. Announces Recommencement of Stock Repurchase Program |
| [28-April-2025] |
FORT WORTH, Texas, April 28, 2025 /PRNewswire/ -- AZZ Inc. (NYSE: AZZ), AZZ Inc. the leading independent provider of hot-dip galvanizing and coil coating solutions, today announced that it has resumed stock repurchases pursuant to the Company's existing $100 million Share Repurchase Program ("Program") and has entered into a 10b5-1 plan with a third-party broker. To date the Company has purchased approximately $ 46.8 million and has a remaining balance of $53.2 million available for repurchases under the Program.
The Rule 10b5-1 plan allows AZZ to repurchase shares of its common stock during periods when it might otherwise be precluded from doing so under insider trading laws. Shares will be purchased under the 10b5-1 plan as part of AZZ's previously authorized Program and is intended to facilitate the continued execution of the Company's disciplined capital allocation strategy. "Adopting a 10b5-1 plan underscores our commitment to returning value to shareholders while maintaining flexibility and compliance with regulatory requirements," said Tom Ferguson, President and Chief Executive Officer of AZZ Inc. "We remain confident in the strength of our long-term strategy, and resuming common stock purchases under this Program will allow the Company to opportunistically repurchase shares, while maintaining our ability to fund growth initiatives and deploy other strategic capital to further enhance shareholder value." Under the terms of the 10b5-1 plan, a third-party broker will execute repurchases on behalf of AZZ, subject to predetermined parameters regarding timing, price, and volume. The number of shares of common stock to be repurchased under the plan will be consistent with the Company's previously announced share repurchase authorization. AZZ may modify, suspend, or terminate the 10b5-1 plan at any time, subject to applicable law. All repurchases will be disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. About AZZ Inc. Safe Harbor Statement Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as "may," "could," "should," "expects," "plans," "will," "might," "would," "projects," "currently," "intends," "outlook," "forecasts," "targets," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ's growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States or Canada; tariffs; acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ's Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ's website at www.azz.com and on the SEC's website at www.sec.gov. You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. 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. Company Contact: Investor Contact:
SOURCE AZZ, Inc. | ||
Company Codes: NYSE:AZZ |
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