XML 44 R32.htm IDEA: XBRL DOCUMENT

Operating Segments (Tables)

9 Months Ended

Nov. 30, 2024

three and nine months ended November 30, 2024 and 2023 by segment, for the Company's corporate operations and on a consolidated basis (in thousands):


	Three Months Ended November 30, 2024
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	168,599	$	235,055	$	—	$	—	$	403,654
Cost of sales	116,542		189,334		—		—		305,876
Gross margin	52,057		45,721		—		—		97,778

Selling, general and administrative	5,684		8,641		29		24,889		39,243

Operating income (loss)	46,373		37,080		(29)		(24,889)		58,535

Interest expense	—		—		—		(19,223)		(19,223)
Equity in earnings of unconsolidated subsidiaries	—		—		7,168		—		7,168
Other income (expense)	116		—		—		(879)		(763)
Income (loss) before income tax	$	46,489	$	37,080	$	7,139	(44,991)		45,717
Income tax expense							12,114		12,114
Net income (loss)							$	(57,105)	$	33,603

See notes below tables.


	Nine Months Ended November 30, 2024
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	516,750	$	709,119	$	—	$	—	$	1,225,869
Cost of sales	357,471		564,436		—		—		921,907
Gross margin	159,279		144,683		—		—		303,962

Selling, general and administrative	17,286		24,980		67		65,699		108,032

Operating income (loss)	141,993		119,703		(67)		(65,699)		195,930

Interest expense	—		—		—		(63,906)		(63,906)
Equity in earnings of unconsolidated subsidiaries	—		—		12,470		—		12,470
Other income (expense)	165		—		—		(307)		(142)
Income (loss) before income tax	$	142,158	$	119,703	$	12,403	(129,912)		144,352
Income tax expense							35,728		35,728
Net income (loss)							$	(165,640)	$	108,624

See notes below tables.


	Three Months Ended November 30, 2023
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	163,186	$	218,419	$	—	$	—	$	381,605
Cost of sales	115,952		177,504		—		—		293,456
Gross margin	47,234		40,915		—		—		88,149

Selling, general and administrative	9,392		8,163		290		17,480		35,325

Operating income (loss)	37,842		32,752		(290)		(17,480)		52,824

Interest expense	—		—		—		(25,855)		(25,855)
Equity in earnings of unconsolidated subsidiaries	—		—		8,742		—		8,742
Other expense	(29)		—		—		(12)		(41)
Income (loss) before income tax	$	37,813	$	32,752	$	8,452	(43,347)		35,670
Income tax expense							8,780		8,780
Net income (loss)							$	(52,127)	$	26,890

See notes below tables.


	Nine Months Ended November 30, 2023
	Metal Coatings		Precoat Metals		Infrastructure Solutions(1)		Corporate(2)		Total
Sales	$	501,816	$	669,204	$	—	$	—	$	1,171,020
Cost of sales	353,280		535,326		—		—		888,606
Gross margin	148,536		133,878		—		—		282,414

Selling, general and administrative	20,143		24,429		6,244		52,271		103,087

Operating income (loss)	128,393		109,449		(6,244)		(52,271)		179,327

Interest expense	—		—		—		(82,331)		(82,331)
Equity in earnings of unconsolidated subsidiaries	—		—		11,136		—		11,136
Other income (expense)	(40)		—		—		49		9
Income (loss) before income tax	$	128,353	$	109,449	$	4,892	(134,553)		108,141
Income tax expense							24,397		24,397
Net income (loss)							$	(158,950)	$	83,744

(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
	November 30, 2024		February 29, 2024
Assets:
Metal Coatings	$	551,379	$	553,505
Precoat Metals	1,559,262		1,500,122
Infrastructure Solutions - Investment in Joint Venture	102,121		98,169
Corporate	31,788		43,709


Total assets	$	2,244,550	$	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% or more of consolidated sales.


	Three Months Ended November 30,				Nine Months Ended November 30,
	2024		2023		2024		2023
Sales:
United States	$	392,503	$	370,485	$	1,194,212	$	1,140,344
Canada	11,151		11,120		31,657		30,676

Total	$	403,654	$	381,605	$	1,225,869	$	1,171,020

Long-lived Assets by Geographic Areas


	As of
	November 30, 2024		February 29, 2024
Property, plant and equipment, net:
United States	$	561,326	$	522,693
Canada	18,852		18,959

Total	$	580,178	$	541,652