Operating segments (Tables)

6 Months Ended

Aug. 31, 2024

Segment Reporting [Abstract]

Operations and assets by segment

three and six months ended August 31, 2024 and 2023 by segment, for the Company's corporate operations and on a consolidated basis (in thousands):

	Three Months Ended August 31, 2024
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	171,500	$	237,507	$	—	$	—	$	409,007
Cost of sales	118,193		187,300		—		—		305,493
Gross margin	53,307		50,207		—		—		103,514
Selling, general and administrative	5,619		7,677		9		22,563		35,868
Operating income (loss)	47,688		42,530		(9)		(22,563)		67,646
Interest expense	—		—		—		(21,909)		(21,909)
Equity in earnings of unconsolidated subsidiaries	—		—		1,478		—		1,478
Other (expense) income	(7)		—		—		424		417
Income (loss) before income tax	$	47,681	$	42,530	$	1,469	(44,048)		47,632
Income tax expense							12,213		12,213
Net income (loss)							$	(56,261)	$	35,419

See notes below tables.

	Six Months Ended August 31, 2024
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	348,152	$	474,063	$	—	$	—	$	822,215
Cost of sales	240,929		375,102		—		—		616,031
Gross margin	107,223		98,961		—		—		206,184
Selling, general and administrative	11,602		16,338		38		40,811		68,789
Operating income (loss)	95,621		82,623		(38)		(40,811)		137,395
Interest expense	—		—		—		(44,683)		(44,683)
Equity in earnings of unconsolidated subsidiaries	—		—		5,302		—		5,302
Other income	49		—		—		572		621
Income (loss) before income tax	$	95,670	$	82,623	$	5,264	(84,922)		98,635
Income tax expense							23,614		23,614
Net income (loss)							$	(108,536)	$	75,021

See notes below tables.

	Three Months Ended August 31, 2023
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	169,837	$	228,705	$	—	$	—	$	398,542
Cost of sales	119,471		181,825		—		—		301,296
Gross margin	50,366		46,880		—		—		97,246
Selling, general and administrative	5,285		7,874		5,932		17,148		36,239
Operating income (loss)	45,081		39,006		(5,932)		(17,148)		61,007
Interest expense	—		—		—		(27,770)		(27,770)
Equity in earnings of unconsolidated subsidiaries	—		—		974		—		974
Other income	13		—		—		75		88
Income (loss) before income tax	$	45,094	$	39,006	$	(4,958)	(44,843)		34,299
Income tax expense							5,967		5,967
Net income (loss)							$	(50,810)	$	28,332

See notes below tables.

	Six Months Ended August 31, 2023
	Metal Coatings		Precoat Metals(4)		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	338,631	$	450,784	$	—	$	—	$	789,415
Cost of sales	237,328		357,822		—		—		595,150
Gross margin	101,303		92,962		—		—		194,265
Selling, general and administrative	10,751		16,266		5,954		34,791		67,762
Operating income (loss)	90,552		76,696		(5,954)		(34,791)		126,503
Interest expense	—		—		—		(56,476)		(56,476)
Equity in earnings of unconsolidated subsidiaries	—		—		2,394		—		2,394
Other income (expense)	(11)		—		—		61		50
Income (loss) before income tax	$	90,541	$	76,696	$	(3,560)	(91,206)		72,471
Income tax expense							15,617		15,617
Net income (loss)							$	(106,823)	$	56,854

(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
	August 31, 2024		February 29, 2024
Assets:
Metal Coatings	$	550,394	$	553,505
Precoat Metals	1,557,895		1,500,122
Infrastructure Solutions - Investment in Joint Venture	97,768		98,169
Corporate	34,273		43,709
Total assets	$	2,240,330	$	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 August 31,				Six Months Ended August 31,
	2024		2023		2024		2023
Sales:
United States	$	398,658	$	388,538	$	801,709	$	769,860
Canada	10,349		10,004		20,506		19,555
Total	$	409,007	$	398,542	$	822,215	$	789,415

Long-lived Assets by Geographic Areas

	As of
	August 31, 2024		February 29, 2024
Property, plant and equipment, net:
United States	$	550,761	$	522,693
Canada	18,971		18,959
Total	$	569,732	$	541,652