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Operating Segments (Tables)
 6 Months Ended
Aug. 31, 2025
Segment Reporting [Abstract]  
Operations and assets by segment three and six months ended August 31, 2025 and 2024 by segment, for the Company's corporate operations and on a consolidated basis (in thousands):
Three Months Ended August 31, 2025
Metal CoatingsPrecoat Metals
Infrastructure Solutions(1)
Corporate(2)
Total
Sales$189,984 $227,291 $— $— $417,275 
Cost of sales132,923 183,060 — — 315,983 
Gross margin57,061 44,231 — — 101,292 
Selling, general and administrative5,355 7,710 26 19,740 32,831 
Operating income (loss)51,706 36,521 (26)(19,740)68,461 
Interest expense— — — (13,665)(13,665)
Equity in earnings of unconsolidated subsidiaries(5)
— — 59,345 — 59,345 
Other income2 — — 186 188 
Income (loss) before income tax$51,708 $36,521 $59,319 (33,219)114,329 
Income tax expense24,983 24,983 
Net income (loss)$(58,202)$89,346 
Depreciation and amortization$6,830 $9,424 $— $6,118 $22,372 
See notes below tables.
Six Months Ended August 31, 2025
Metal CoatingsPrecoat Metals
Infrastructure Solutions(1)
Corporate(2)
Total
Sales$377,199 $462,038 $— $— $839,237 
Cost of sales(3)
263,279 370,536 — — 633,815 
Gross margin113,920 91,502 — — 205,422 
Selling, general and administrative(4)
11,482 15,627 106 40,197 67,412 
Operating income (loss)102,438 75,875 (106)(40,197)138,010 
Interest expense— — — (32,228)(32,228)
Equity in earnings of unconsolidated subsidiaries(5)
— — 232,868 — 232,868 
Other income (expense)(60)— — 1,575 1,515 
Income (loss) before income tax$102,378 $75,875 $232,762 (70,850)340,165 
Income tax expense79,911 79,911 
Net income (loss)$(150,761)$260,254 
Depreciation and amortization$13,490 $18,546 $— $12,163 $44,199 
See notes below tables.
Three Months Ended August 31, 2024
Metal CoatingsPrecoat Metals
Infrastructure Solutions(1)
Corporate(2)
Total
Sales$171,500 $237,507 $— $— $409,007 
Cost of sales118,193 187,300 — — 305,493 
Gross margin53,307 50,207 — — 103,514 
Selling, general and administrative5,619 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 income (expense)(7)— — 424 417 
Income (loss) before income tax$47,681 $42,530 $1,469 (44,048)47,632 
Income tax expense12,213 12,213 
Net income (loss)$(56,261)$35,419 
Depreciation and amortization$6,685 $7,639 $— $6,105 $20,429 
See notes below tables.
Six Months Ended August 31, 2024
Metal CoatingsPrecoat Metals
Infrastructure Solutions(1)
Corporate(2)
Total
Sales$348,152 $474,063 $— $— $822,215 
Cost of sales240,929 375,102 — — 616,031 
Gross margin107,223 98,961 — — 206,184 
Selling, general and administrative11,602 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 income49 — — 572 621 
Income (loss) before income tax$95,670 $82,623 $5,264 (84,922)98,635 
Income tax expense23,614 23,614 
Net income (loss)$(108,536)$75,021 
Depreciation and amortization$13,341 $15,232 $— $12,177 $40,750 
(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. See Note 19 for further discussion of the receivables and liabilities.
(2)
Interest expense and Income tax expense are included in the Corporate segment as these items are not allocated to the segments.
(3)
Metal Coatings segment includes restructuring charges of $3.8 million. See Note 18.
(4)
Includes stock-based compensation expense of $2.2 million, of which $0.4 million and $1.8 million are included in Metal Coatings and Corporate, respectively. See Note 16.
(5)
During the first quarter of fiscal 2026, AVAIL completed the sale of the Electrical Products Group ("EPG") to nVent Electric plc. The three and six months ended August 31, 2025 include $61.6 million and $227.5 million, respectively, which represents the gain related to the sale of the EPG, partially offset by an impairment loss on the AVAIL JV and an adjustment related to a change in AVAIL's transfer pricing policy. See Note 8.
Reconciliation of Assets from Segment to Consolidated
Asset balances by operating segment were as follows (in thousands):
As of
Assets:August 31, 2025February 28, 2025
Metal Coatings$597,430 $555,095 
Precoat Metals1,548,718 1,548,377 
Infrastructure Solutions - Investment in Joint Venture(1)
60,219 99,379 
Corporate19,616 24,250 
Total assets$2,225,983 $2,227,101 
(1) See Note 8 for information regarding the Investment in AVAIL joint venture.
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 August 31,Six Months Ended August 31,
Sales:2025202420252024
United States$404,398 $398,658 $815,393 $801,709 
Canada12,877 10,349 23,844 20,506 
Total sales$417,275 $409,007 $839,237 $822,215 
Long-lived Assets by Geographic Areas
As of
August 31, 2025February 28, 2025
Property, plant and equipment, net:
United States$583,876 $574,332 
Canada19,384 18,609 
Total property, plant and equipment, net$603,260 $592,941