Operating segments (Tables)

3 Months Ended

May 31, 2024

Segment Reporting [Abstract]

Operations and assets by segment

Net income (loss) by segment for the three months ended May 31, 2024 and 2023 was as follows (in thousands):

	Three Months Ended May 31, 2024
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	176,651	$	236,557	$	—	$	—	$	413,208
Cost of sales	122,735		187,803		—		—		310,538
Gross margin	53,916		48,754		—		—		102,670
Selling, general and administrative	5,984		8,660		29		18,248		32,921
Operating income (loss)	47,932		40,094		(29)		(18,248)		69,749
Interest expense	—		—		—		(22,774)		(22,774)
Equity in earnings of unconsolidated subsidiaries	—		—		3,824		—		3,824
Other income	56		—		—		148		204
Income (loss) before income tax	$	47,988	$	40,094	$	3,795	(40,874)		51,003
Income tax expense							11,401		11,401
Net income (loss)							$	(52,275)	$	39,602

See notes below.

	Three Months Ended May 31, 2023
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	168,794	$	222,079	$	—	$	—	$	390,873
Cost of sales	117,858		175,996		—		—		293,854
Gross margin	50,936		46,083		—		—		97,019
Selling, general and administrative	5,466		8,392		22		17,643		31,523
Operating income (loss)	45,470		37,691		(22)		(17,643)		65,496
Interest expense	—		—		—		(28,706)		(28,706)
Equity in earnings of unconsolidated subsidiaries	—		—		1,420		—		1,420
Other expense	(24)		—		—		(14)		(38)
Income (loss) before income tax	$	45,446	$	37,691	$	1,398	(46,363)		38,172
Income tax expense							9,650		9,650
Net income (loss)							$	(56,013)	$	28,522

(1) Infrastructure Solutions segment includes the equity in earnings from our investment in the AVAIL JV as well as other expenses related to

receivables and liabilities that were retained following the sale of the AIS business.

(2) Interest expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments.

Reconciliation of Assets from Segment to Consolidated

Asset balances by operating segment for each period were as follows (in thousands):

	As of
	May 31, 2024		February 29, 2024
Assets:
Metal Coatings	$	550,741	$	553,505
Precoat Metals	1,534,214		1,500,122
Infrastructure Solutions - Investment in Joint Venture	101,639		98,169
Corporate	49,185		43,709
Total assets	$	2,235,779	$	2,195,505

Revenue from External Customers by Geographic Areas

Financial information about geographical areas for the periods presented was as follows (in thousands). The geographic area is based on the location of the operating facility and no customer accounted for 10 percent or more of consolidated sales.

	Three Months Ended May 31,
	2024		2023
Sales:
United States	$	403,051	$	381,322
Canada	10,157		9,551
Total	$	413,208	$	390,873

Long-lived Assets by Geographic Areas

	As of
	May 31, 2024		February 29, 2024
Property, plant and equipment, net:
United States	$	536,857	$	522,693
Canada	18,498		18,959
Total	$	555,355	$	541,652