Mirroring the rise in value for many players during the NBA draft 2012, the small cap stock for AZZ Incorporated (NYSE:AZZ) increased in trading on Friday, as news that the company raised its forecast for 2013 positively affected investor sentiment.
Reuters reported that the company raised its outlook for FY 2013, as it expects revenue for the year to be between $550 million to $575 million, an increase from the previous predictions of between $475 million and $510 million.
According to the news outlet, AZZ Incorporated also posted better-than-expected quarterly results, as the company's galvanizing service segment rose 25 percent to $82.5 million for the quarter.
A company release noted that the performance was in line with internal projects, despite the estimates from analysts.
"We expect continued strong demand and operating performance in this segment for the balance of our fiscal year. For both segments, our customers remain concerned as to what the domestic and international market conditions will be," said David H. Dingus, the chief executive officer for the company.
The value of the company's stock rose $7.48 to $58.81 at 1:20 p.m. on June 29, an increase of 14.6 percent.
