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Operating segments (Tables) | 3 Months Ended
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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 |

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