Current Report Filing (8-k)

Share Name	Share Symbol	Market	Type
AZZ Inc	NYSE:AZZ	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	1.65	1.98%	84.815	84.99	83.28	83.70	34,318	15:00:57

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

June 15, 2015

AZZ incorporated

(Exact name of Registrant as specified in its charter)



TEXAS (State or Other Jurisdiction of Incorporation or Organization)	1-12777 Commission File No.	75-0948250 (I.R.S. Employer Identification Number)

	One Museum Place, Suite 500 3100 West 7^th Street Fort Worth, TX 76107 (Address of principal executive offices, including zip code)



Registrant’s Telephone Number, including Area Code:	(817) 810-0095

None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 7-REGULATION FD

ITEM 7.01 REGULATION FD DISCLOSURE.

Attached hereto as Exhibit 99.1 are materials to be used by representatives of AZZ incorporated, a Texas corporation (the “Company”), in future presentations to the financial community.

Pursuant to General Instruction B.2 of Form 8-K, the information in Item 7.01 of this Form 8-K, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in any such filing.

The information contained herein is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time.

The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although the Company may do so from time to time as management of the Company believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

In connection with such future presentations to the financial community, reconciliations between EBITDA (as defined below) and net income and between Free Cash Flow (as define below) to cash provided by operating activities are provided as follows. As used by the Company, these terms may differ from similarly captioned measures used by other companies.

“EBITDA”, a non-GAAP financial measure, is defined as net income before interest, taxes, depreciation and amortization. The Company presents EBITDA because it considers such information an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies with comparable market capitalization, many of which present EBITDA when reporting their results. The Company also uses EBITDA for the following purposes: (1) the Company’s credit agreement uses EBITDA to measure compliance with covenants, such as fixed charge coverage and debt incurrence; (2) EBITDA is also used by potential lenders to evaluate potential transactions with the Company; and (3) EBITDA is also used by the Company to evaluate and price potential acquisition candidates.

EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations are: (a) EBITDA does not reflect changes in, or cash requirements for, the Company’s working capital needs, (b) EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on the Company’s debts; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect any cash requirements for such capital expenditures. Because of these limitations, EBITDA should not be considered as a principal indicator of the Company’s performance. The Company compensates for these limitations by relying primarily on the Company’s GAAP results and using EBITDA only on a supplemental basis.

Free Cash Flow (“FCF”), also a non-GAAP financial measure, is defined as cash provided by operating activities less cash disbursed for capital expenditures excluding acquisitions. The Company presents FCF because it considers such information an important supplemental measure of performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies with comparable market capitalization to the Company, many of which present FCF when reporting their results.

FCF has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. These limitations include that FCF excludes significant cash flows, such as principal payments on debt. Because of these limitations, FCF should not be considered as a principal indicator of the Company’s performance. The Company compensates for these limitations by relying primarily on the Company’s GAAP results and using FCF only on a supplemental basis.

(Financial tables are included in the attached Exhibit 99.1 in the section titled “Reg G Tables”.)

SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS

ITEM 9.01 EXHIBITS

The following exhibits are filed as part of this report.



Exhibit 99.1	AZZ incorporated Presentation

FORWARD LOOKING STATEMENTS

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,” “should,” “expects,“ “plans,” “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. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, 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, adequacy of financing, and availability of experienced management and employees to implement AZZ’s growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2015 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 in 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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



		AZZ incorporated
Date: June 15, 2015	By:	/s/ Paul W. Fehlman
		Paul W. Fehlman Senior Vice President Finance Chief Financial Officer

EXHIBIT INDEX



Exhibit 99.1	AZZ incorporated Presentation

AZZ incorporated NYSE: AZZ Corporate Presentation June 2015

2 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,” “should,” “expects,“ “plans,” “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. This release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand and response to products and services offered by AZZ, including demand by the power generation markets, electrical transmission and distribution markets, the industrial markets, and the hot dip galvanizing markets; prices and raw material cost, 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, adequacy of financing, and availability of experienced management and employees to implement AZZ’s growth strategy. AZZ has provided additional information regarding risks associated with the business in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2015 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 in 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. Forward Looking Statements

3 AZZ is a global provider of specialty electrical equipment and highly engineered services to the power generation, transmission, distribution and industrial markets as well as a leading provider of hot dip galvanizing services to the North American steel fabrication market Our Vision: To be the innovative solutions leader in protecting metal and electrical systems used to build the world's infrastructure in order to provide superior earnings and returns for shareholders Corporate Overview and Vision

4 Total Company: Sales by Segment 59% 41% Actual FY2013 $571 million 45% 55% Actual FY2014 $752 million 44% 56% Actual FY2015 $817 million Energy Galvanizing Services

5 49% 19% 32% FY2014 $752 million Total Company: Sales by Market Segment 47% 21% 32% FY2013 $571 million Transmission & Distribution Industrial - General Industry, Oil & Gas, Construction Power Generation 53% 16% 31% FY2015 $817 million

Served Markets Oil & Gas Renewable Transmission & Distribution Nuclear Refining / Petrochem Power Generation Combined Cycle Our products help power up the world from any generation source and our services ensure the safety of lives and equipment. Industrial & OEM 6

Customers & Partners 7

8 Leading Market Positions Diversified Portfolio of Businesses Strong Long Term Growth Drivers Strong Historical Financial Performance New Leadership Instilling New Culture Key Investment Considerations

9 Galvanizing Leading Market Positions Industrial Solutions Nuclear Solutions Electrical Solutions • Largest galvanizer in North America • World’s largest producer of weld metal overlay services • Largest third-party supplier of safety-related nuclear equipment • Global leader in cost efficient turnkey bus systems as preferred resource for utilities in 45 countries • Preferred partner in arc-resistant Switchgear • Gold standard for custom designed enclosures and control center structures

10  Industrial Solutions (WSI and SMS Operations)  Specialty Welding and Overlays  Critical Boiler, Drum and Vessel Components  Boiler Construction and Overhauls  Structural Repair & Upgrade  Specialized Engineering Support  Corrosion/Erosion Protection  Nuclear Solutions (NLI & WSI Operations)  Largest supplier third party safety related nuclear equipment (OEM Partner)  Equipment and Component Qualification  Certification – ASME III  Stamp – N-Certificate, NS-Certificate, NPT-Certificate  Alloy 600 and Stress Corrosion Cracking Mitigation  Engineering and Equipment Solution Development  Post-Fukushima Diversified Portfolio of Businesses

11  Electrical Solutions (Legacy Electrical & Industrial Products)  High & Medium Voltage Bus Systems  Switchgear Systems  Enclosure Systems  Tubular Products  Hazardous and Specialty Lighting Systems  Galvanizing  Largest galvanizer in North America  Corrosion protection services for steel fabrication industry  Leader in quality, dependability, and service  Diversified end markets Diversified Portfolio of Businesses

12 • FY 2015 – 28th consecutive year of profitability • 10 Year CAGR – Revenues 18.3%, Net Income 29.7% • Strong balance sheet and cash flows • Superior operating margins in legacy businesses • Solid Quarterly Cash dividend Strong Financial Performance

13 • Aging U.S. energy and industrial infrastructure and required investment • Emerging North American energy independence • International demand for electricity and energy Key Long-Term Growth Drivers

14 New culture based on: • Operational excellence through 6-sigma practices and accountability • Accountability and change integrated throughout all layers of management • Early stages of adoption already reaping benefits • Returns-based metrics and margin growth • More financially driven organization • Incentives aligned with performance throughout organization • RONA focus on investments • Unlocking value at recently acquired businesses (WSI & NLI) • Management changes – “right players on the field” • Emphasis on project management • Seeking higher margins through sales leverage, cost control, and selective bidding New Management Instilling New Culture

15  Improving Energy segment operating margins through emphasis on  international growth  operational excellence  leveraging fixed costs through top-line growth  Growing our Galvanizing Services segment  organically  by acquisition  seeking adjacent opportunities in metal finishing  Continuing emphasis on cash flow and efficient capital deployment Focus Areas for Fiscal Year 2016 AZZ has significant growth opportunities that will provide a platform for sustainable earnings growth

16 Galvanizing Services

17 Galvanizing Market Opportunity Includes Galvanized: • Steel Sheet • Tube Steel Global Galvanized Steel Market Post-Fabrication Galvanized Steel Electrical Utility Industrial Petrochemical Bridge & Highway OEM AZZ Served Markets Evaluating other metal finishing process technologies

18 Galvanizing Services Locations Acquired 6 locations in Texas, Louisiana, and Mississippi from Trinity Industries in June 2015 Locations: 42 facilities in 17 states and 3 Canadian Provinces

19 Galvanizing Services 39% 11% 30% 8% 12% FY 2013 $337 million Electrical Utility OEM's Industrial Bridge & Highway Petrochemical 35% 12% 35% 5% 13% FY 2014 $336 million 30% 13% 36% 7% 14% FY 2015 $358 million

20 Operating Margins: Galvanizing 26.1% 26.1% 26.1% 26.2% 24.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

21 Energy Segment

22 40% 16% 44% Actual FY2015 $458 million 36% 13% 51% Actual FY2014 $416 million Energy: Revenue Mix 25% 29% 46% Actual FY2013 $234 million Transmission & Distribution Industrial Power Generation

23 Operating Margins: Energy 16.7% 14.2% 13.7% 10.7% 8.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% FY2011 FY2012 FY2013 FY2014 FY2015 15.9% Op Margin w/o Purch Price Accounting 13.8% Op Margin w/o Purch Price Accounting 11.2% Op Margin w/o Purch Price Accounting

24 Energy Backlog ($ in Millions) Table includes acquired backlog from NLI during FY 2013 and Aquilex SRO (WSI) during the first quarter of FY 2014, and reflects ending backlog including NLI and WSI balances for all periods shown. $(millions) FY 2012 FY 2013 FY 2014 FY 2015 Beginning Backlog 108.4 138.6 221.7 325.0 Acquired Backlog 0.0 88.1 95.1 0.0 Ending Backlog 138.6 221.7 325.0 332.6

Consolidated Financials

26 Consolidated Net Sales ($ in Millions) $381 $469 $571 $752 $817 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2011 2012 2013 2014 2015 2016 (est)* Fiscal Year $875 – $925 *Per previously announced FY 2016 guidance

27 Earnings Per Share (Fully Diluted) $1.39 $1.61 $2.37 $2.32 $2.52 $2.75 to $3.25 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2011 2012 2013 2014 2015 2016 (est)* Fiscal Year *Per previously announced FY 2016 guidance

28 Cash Flow ($ in Millions) -$20.0 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Cash Pro. By Oper. Net Income Free Cash Flow

29 CAPEX / Depreciation & Amortization ($ in Millions) $16.4 $19.8 $24.9 *$43.5 $29.4 $22.2 $22.6 $29.4 $43.3 $46.1 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 FY2011 FY2012 FY2013 FY2014 FY2015 CAPEX D&A *Includes $12 million for the rebuild of the Joliet Galvanizing facility in Fiscal 2014

30 Total Bank Debt / Long Term Debt to Equity ($ in Millions) 0.98 0.60 0.37 0.32 0.16 0.32 0.00 0.53 0.44 0.88 0.81 0.63 1.08 0.80 0.00 0.20 0.40 0.60 0.80 1.00 1.20 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Fiscal Year Bank Debt Cash Debt to Equity Ratio Capitalization as of February 28, 2015 5 Year, $300M Senior Credit Facility $ 155.7 6.24% Senior Notes Due Mar 2018 $ 125.0 5.42% Senior Notes Due 2021 $ 57.1 Total Bank Debt $ 337.8 Shareholder Equity $ 420.1 Debt to Equity Ratio 0.80

31 EBITDA Margins ($ in Millions) 9.6% 10.4% 16.4% 16.7% 21.2% 23.7% 22.3% 21.4% 24.0% 20.7% 18.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% -$5.0 $95.0 $195.0 $295.0 $395.0 $495.0 $595.0 $695.0 $795.0 $895.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Fiscal Year Net Sales EBITDA EBITDA Margin

Q & A

Appendix - Businesses

North America’s largest provider of post-fabrication galvanization Galvanizing Services OEM Industrial Bridge & Highway Agriculture 36 facilities in 17 states and 3 Canadian Provinces 34

Welding Services (WSI) Worldwide provider that develops and delivers design repairs, component upgrades and specialty maintenance services for all energy intensive industries Machine Weld Overlay Shop Services Component Replacement Remote Weld Operation 35

Boiler Construction Boiler Overhaul Component Replacement HSRG Maintenance Southeastern Mechanical Services (SMS) SMS provides qualified modifications, repairs and fabrication of boiler components and pressure parts to industries that rely on boilers and heat recovery units for steam and/or power generation 36

Nuclear Logistics Inc (NLI) A leading 3rd party supplier of critical and safety related equipment for the nuclear power industry Electrical Mechanical Instrumentation & Control Qualification & Dedication 37

Switchgear Systems PowerAisle™ metal clad and arc-resistant switchgear and relay panels provide the safe and reliable operation of electricity Renewable /Wind Utility Portable Substation Mining 38

Bus Systems Electrical bus for domestic and international utilities and industrial markets Non-Segregated Phase Bus Segregated Phase Bus Isolated Phase Bus Bus Services 600V- 38kV 15kV-69kV 600V-38kV Installation/Emergency Repair 39

High Voltage Bus Systems (HVBS) AZZ SF6 gas insulated bus provides a long distance power transmission alternative to transmission lines, high voltage cables, or GIS bus designs Vertical Underground Overhead Interconnections 40

Enclosure Systems Factory fabricated electrical enclosures safely and securely protect instrumentation and control devices across a wide variety of markets. Electrical Industrial Oil & Gas Specialty Applications 41

Hazardous and Specialty lighting for severe and harsh environments Lighting Systems Industrial Marine Lighting Food Processing/Inspection Manufacturing 42

Pup Joints and Full Length Tubing serving the Oil Country Tubular Goods Market Tubular Products Upset Pipe Thread Pipe Full Length Tubing Pup Joints 43

Reg G Tables

45 GAAP to Non-GAAP EBITDA Reconciliation FY 2004 - FY 2015 EBITDA ($000's) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Net Income 4,263 4,812 7,827 21,604 27,688 42,206 37,728 34,963 40,736 60,456 59,597 64,943 Depreciation 5,606 5,492 5,535 6,478 7,999 12,921 15,603 18,929 18,855 19,365 25,090 28,051 Amortization 125 160 184 181 200 1,607 1,823 3,237 3,740 9,999 18,214 18,039 Interest 2,407 1,637 1,689 1,495 1,495 6,170 6,838 7,731 13,939 13,043 18,407 16,561 Taxes 2,614 2,594 4,204 12,910 16,145 24,704 22,655 19,995 22,905 33,913 34,314 25,187 EBITDA 15,016 14,696 19,440 42,669 53,527 87,608 84,648 84,855 100,175 136,775 155,623 152,781

46 GAAP to Non-GAAP Free Cash Flow Reconciliation FY 2004 - FY 2015 Free Cash Flow ($000's) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Cash from Operations 14,963 6,471 12,794 6,928 38,926 60,196 82,588 42,085 64,065 92,738 107,275 118,157 Less Capital Spending 3,645 6,649 6,602 10,659 9,926 20,009 12,037 16,411 19,784 24,923 43,472 29,377 Free Cash Flow 11,318 (178) 6,192 (3,731) 29,000 40,188 70,551 25,674 44,281 67,815 63,804 88,780

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

AZZ AZZ Inc