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AZZ and Ampco-Pittsburgh Surge in After-Hours Trading; Levi Strauss Slips on Guidance
Summary
AZZ Inc. and Ampco-Pittsburgh Corp. saw significant gains in late trading following positive financial updates, while Levi Strauss & Co. declined despite a solid earnings report due to its full-year profit forecast.
Shares of Levi Strauss & Co. (LEVI) fell approximately 5% in after-hours trading. The decline occurred even as the company reported second-quarter results that beat analyst expectations, with an EPS of $0.28 on revenue of $1.56 billion. While Levi's raised its full-year revenue growth outlook, its earnings per share guidance for the year was merely reiterated, with the midpoint of the range falling slightly below Wall Street consensus, prompting a sell-off.
In contrast, AZZ, Inc. (AZZ), a provider of metal coating and infrastructure solutions, jumped 9% after the bell. The company announced a strong first-quarter report, beating estimates with an EPS of $1.85. Citing robust industrial demand, management also raised its full-year guidance, projecting revenue of up to $1.85 billion and an EPS range of $6.75 to $7.15, surpassing previous expectations.
Ampco-Pittsburgh Corporation (AP) saw its stock climb 10% following a bullish mid-year business update. The specialty metals manufacturer reported that customer order activity for the first half of the year reached about $268 million, a 32% increase compared to the same period last year. The company stated the influx of new orders indicates broad manufacturing demand and strengthens its future production backlog.