FORT WORTH — Shares of AZZ Inc. dove more than 10 percent Friday after the company reported a decline in quarterly profits and said its chief executive officer plans to retire.David Dingus, 65, president and CEO of the Fort Worth-based manufacturer of electrical equipment and galvanized metals, informed AZZ’s board Thursday that he will retire effective March 1, citing health issues, the company said. A committee has been appointed to conduct a nationwide search for a replacement. Dingus indicated that he would remain on the board if re-elected by shareholders. Dingus was named CEO in 2001. He had been president and chief financial officer since November 1998.AZZ reported a 9 percent decline in net income for its fiscal first quarter because of costs related to a fire at a facility in Joliet, Ill.; settlement of a lawsuit; and costs related to acquisitions.Profits for the three months that ended May 31 were $14.5 million, or 57 cents a share, compared with $16 million, or 63 cents a share, a year earlier. Without the nonrecurring items, earnings would have been 56 cents per share, compared with 51 cents last year. Revenue rose 44 percent to $183.2 million from $127.1 million, but that was still less than Wall Street analysts expected. For its second quarter, the company forecast earnings per share of 60 to 70 cents, less than the consensus estimate of 79 cents, Bloomberg News reported.AZZ declined $4.54 a share to $38.56.The company supplies utilities, power plants, mining companies and other industries.Backlog at the end of the first quarter dropped to $219.7 million from $221.7 million at the end of the fiscal fourth quarter of 2013.
Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST