Why Shares in AZZ Slumped This Week
Shares in hot-dip galvanizing and metal-coating company AZZ (NYSE: AZZ) fell 10.3% this week up to Friday morning. While the stock experienced significant volatility in the week, the main reason for the overall decline was the reception to its second quarter 2023 results issued on Tuesday.
To say they were messy is an understatement. With the market in its current anxious mode, it's no surprise that the stock was sold off heavily after management declined to give full-year guidance.
On the earnings presentation, CEO Tom Ferguson talked of supply chain disruptions, labor shortages, signs of economic slowing, and "experiencing the rising cost of zinc in our kettles as we have noted previously."
Source Fool.com
