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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apogee Enterprises Inc | NASDAQ:APOG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.06 | 1.70% | 63.59 | 63.00 | 65.96 | 63.94 | 62.39 | 62.94 | 289,254 | 23:19:26 |
Apogee Enterprises, Inc. (Nasdaq: APOG) today announced its fiscal 2020 first-quarter results. First-quarter revenue grew 6 percent to $355.4 million, compared to $336.5 million in the first quarter of fiscal year 2019. Earnings per diluted share were $0.58, compared to earnings of $0.54 per diluted share and adjusted earnings1 of $0.60 per diluted share in the prior year period.
Commentary “We had a solid start to our fiscal year in the first quarter with good progress toward achieving our full-year goals,” said Joseph F. Puishys, Chief Executive Officer. “Conditions in our end-markets remain healthy, which helped us deliver another quarter of top-line growth and increased backlog. We also advanced several key strategic and operational initiatives and I’m pleased with the progress we made toward completing the remaining legacy EFCO project.”
“We remain confident in our outlook for the rest of fiscal 2020,” added Mr. Puishys. “We continue to foresee improved profitability in the second half of the fiscal year based on project timing and operational initiatives. Looking beyond, we see significant opportunities for long-term organic growth and margin expansion across our business, which is supported by our strong backlog and sales pipeline.”
1 Adjusted earnings and adjusted earnings per share are non-GAAP financial measures. See Use and Reconciliation of Non-GAAP Financial Measures at the end of this press release for more information and a reconciliation to the most directly comparable GAAP measures.
Segment Results
Architectural Framing Systems Architectural Framing Systems revenue in the first quarter was $180.5 million, up from $179.0 million in the prior year period. First-quarter operating income was $12.3 million, in-line with the prior year quarter. Last year’s first quarter included $2.9 million of expense for the amortization of short-lived acquired intangibles. Excluding that expense, adjusted operating income in the prior year quarter was $15.2 million. First quarter operating margin was 6.8 percent, down from 6.9 percent and adjusted operating margin of 8.5 percent in last year’s first quarter, primarily due to a less favorable project mix. Segment backlog stands at $407 million, compared to $409 million a quarter ago and $427 million a year ago.
Architectural Glass Architectural Glass grew 30 percent in the first quarter, with revenue of $100.3 million compared to $76.9 million in the prior year quarter, primarily due to increased volume driven by continued strong customer demand. Operating income improved to $6.4 million and operating margin increased to 6.4 percent, compared to $1.6 million and 2.1 percent respectively in last year’s first quarter, primarily due to operating leverage on the higher volume and improved operating performance.
Architectural Services As expected, Architectural Services’ revenue decreased to $65.1 million in the first quarter, compared to $70.7 million in the prior-year quarter, on lower volumes due to the timing of project activity. First-quarter operating income was $4.6 million with operating margin of 7.0 percent, compared to $5.2 million and 7.3 percent respectively in the prior year period, reflecting lower operating leverage on decreased volumes. The segment continued to have strong order flow during the quarter, with segment backlog increasing to $483 million, from $444 million last quarter and $439 million a year ago.
Large-Scale Optical Large-Scale Optical revenue was $21.3 million, compared to $20.8 million in the first quarter last year. Operating income was $4.2 million, compared to $5.0 million in the prior year period, with operating margin of 19.6 percent, from 24.0 percent in the prior year quarter. Operating income and margin were lower primarily due to increased costs related to the timing of production schedules.
Financial Condition Net cash used by operating activities in the first quarter was $9.7 million compared to $25.3 million provided by operating activities in last year’s first quarter. The year-over-year difference primarily reflected increased working capital related to legacy EFCO projects, as disclosed in the previous quarter. Capital expenditures in the quarter were $11.2 million, compared to $9.3 million in the first quarter of fiscal 2019, as the company continued to make investments in growth and productivity improvement initiatives. During the quarter, the company returned $24.6 million of cash to shareholders through share repurchases and dividend payments.
The company ended the quarter with $293.3 million of long-term debt. Subsequent to the end of the quarter, the company successfully amended and extended its revolving credit facility, extending the maturity to 2024 and increasing the credit limit from $335 million to $385 million with more favorable terms and conditions, which will provide the company with increased financial flexibility.
Outlook The company reaffirmed its guidance for fiscal 2020. For the full-year the company continues to expect:
Conference Call Information The company will host a conference call today at 8:00 a.m. Central Time to discuss its financial results and outlook. The call will be webcast and is available in the Investor Relations section of the company’s website at http://ir.apog.com/events-and-presentations. The webcast also will be archived for replay on the company’s website.
About Apogee Enterprises Apogee Enterprises, Inc. (Nasdaq: APOG) delivers distinctive solutions for enclosing commercial buildings and framing art. Headquartered in Minneapolis, MN, we are a leader in architectural products and services, providing architectural glass, aluminum framing systems and installation services for buildings, as well as value-added glass and acrylic for custom picture framing and displays. For more information, visit www.apog.com.
Use of Non-GAAP Financial Measures This release and other financial communications may contain the following non-GAAP measures:
Management uses these non-GAAP measures to evaluate the company’s historical and prospective financial performance, measure operational profitability on a consistent basis, and provide enhanced transparency to the investment community. These non-GAAP measures should be viewed in addition to, and not as a substitute for, the reported financial results of the company prepared in accordance with GAAP. Other companies may calculate these measures differently, limiting the usefulness of the measures for comparison with other companies.
Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect Apogee management’s expectations or beliefs as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the operating results of the company, including the following: (A) global economic conditions and the cyclical nature of the North American and Latin American commercial construction industries, which impact our three architectural segments, and consumer confidence and the conditions of the U.S. economy, which impact our large-scale optical segment; (B) fluctuations in foreign currency exchange rates; (C) actions of new and existing competitors; (D) ability to effectively utilize and increase production capacity; (E) loss of key personnel and inability to source sufficient labor; (F) product performance, reliability and quality issues; (G) project management and installation issues that could result in losses on individual contracts; (H) changes in consumer and customer preference, or architectural trends and building codes; (I) dependence on a relatively small number of customers in certain business segments; (J) revenue and operating results that could differ from market expectations; (K) self-insurance risk related to a material product liability or other event for which the company is liable; (L) dependence on information technology systems and information security threats; (M) cost of compliance with and changes in environmental regulations; (N) commodity price fluctuations, trade policy impacts, and supply availability; and (O) integration of recent acquisitions and management of acquired contracts. The company cautions investors that actual future results could differ materially from those described in the forward-looking statements, and that other factors may in the future prove to be important in affecting the company’s results of operations. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of each factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. More information concerning potential factors that could affect future financial results is included in the company’s Annual Report on Form 10-K for the fiscal year ended March 2, 2019 and in subsequent filings with the U.S. Securities and Exchange Commission.
Apogee Enterprises, Inc.
Consolidated Condensed Statements of Income
(Unaudited)
Thirteen
Thirteen
Weeks Ended
Weeks Ended
%
In thousands, except per share amounts
June 1, 2019
June 2, 2018
Change
Net sales
$
355,365
$
336,531
6
%
Cost of sales
274,398
255,801
7
%
Gross profit
80,967
80,730
—
%
Selling, general and administrative expenses
57,926
58,735
(1
)%
Operating income
23,041
21,995
5
%
Interest and other expense, net
2,611
1,741
50
%
Earnings before income taxes
20,430
20,254
1
%
Income tax expense
4,987
4,881
2
%
Net earnings
$
15,443
$
15,373
—
%
Earnings per share - basic
$
0.58
$
0.55
5
%
Average common shares outstanding
26,597
28,189
(6
)%
Earnings per share - diluted
$
0.58
$
0.54
7
%
Average common and common equivalent shares outstanding
26,843
28,437
(6
)%
Cash dividends per common share
$
0.1750
$
0.1575
11
%
Business Segment Information
(Unaudited)
Thirteen
Thirteen
Weeks Ended
Weeks Ended
%
In thousands
June 1, 2019
June 2, 2018
Change
Sales
Architectural Framing Systems
$
180,522
$
179,037
1
%
Architectural Glass
100,291
76,925
30
%
Architectural Services
65,147
70,727
(8
)%
Large-Scale Optical
21,259
20,761
2
%
Eliminations
(11,854
)
(10,919
)
9
%
Total
$
355,365
$
336,531
6
%
Operating income (loss)
Architectural Framing Systems
$
12,273
$
12,339
(1
)%
Architectural Glass
6,399
1,579
305
%
Architectural Services
4,573
5,155
(11
)%
Large-Scale Optical
4,177
4,981
(16
)%
Corporate and other
(4,381
)
(2,059
)
113
%
Total
$
23,041
$
21,995
5
%
Apogee Enterprises, Inc.
Consolidated Condensed Balance Sheets
(Unaudited)
In thousands
June 1, 2019
March 2, 2019
Assets
Current assets
$
392,789
$
371,898
Net property, plant and equipment
317,522
315,823
Other assets
421,928
380,447
Total assets
$
1,132,239
$
1,068,168
Liabilities and shareholders' equity
Current liabilities
$
214,905
$
227,512
Long-term debt
293,309
245,724
Other liabilities
139,049
98,615
Shareholders' equity
484,976
496,317
Total liabilities and shareholders' equity
$
1,132,239
$
1,068,168
Consolidated Condensed Statement of Cash Flows
(Unaudited)
Thirteen
Thirteen
Weeks Ended
Weeks Ended
In thousands
June 1, 2019
June 2, 2018
Net earnings
$
15,443
$
15,373
Depreciation and amortization
11,102
14,050
Other, net
9,196
5,168
Changes in operating assets and liabilities
(45,483
)
(9,248
)
Net cash (used) provided by operating activities
(9,742
)
25,343
Capital expenditures
(11,198
)
(9,327
)
Net purchases of marketable securities
—
(6,124
)
Other, net
(824
)
(779
)
Net cash used by investing activities
(12,022
)
(16,230
)
Borrowings (payments) on line of credit, net
47,500
(2,000
)
Repurchase and retirement of common stock
(20,010
)
—
Dividends paid
(4,598
)
(4,410
)
Other, net
(1,270
)
(721
)
Net cash provided (used) by financing activities
21,622
(7,131
)
(Decrease) increase in cash and cash equivalents
(142
)
1,982
Effect of exchange rates on cash
(143
)
279
Cash, cash equivalents and restricted cash at beginning of year
29,241
19,359
Cash, cash equivalents and restricted cash at end of period
$
28,956
$
21,620
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share
Thirteen
Thirteen
Weeks Ended
Weeks Ended
In thousands
June 1, 2019
June 2, 2018
Net earnings
$
15,443
$
15,373
Amortization of short-lived acquired intangibles
—
2,870
Acquired project profits (1)
—
(565
)
Income tax impact on above adjustments
—
(555
)
Adjusted net earnings
$
15,443
$
17,123
Thirteen
Thirteen
Weeks Ended
Weeks Ended
June 1, 2019
June 2, 2018
Earnings per diluted common share
$
0.58
$
0.54
Amortization of short-lived acquired intangibles
—
0.10
Acquired project profits (1)
—
(0.02
)
Income tax impact on above adjustments
—
(0.02
)
Adjusted earnings per diluted common share
$
0.58
$
0.60
(1) Adjustment for profits recognized during the first quarter of fiscal 2019 on contracts that were acquired with the purchase of EFCO.
Adjusted Operating Income and Adjusted Operating Margin
Thirteen Weeks Ended June 1, 2019
Framing Systems Segment
Corporate
Consolidated
In thousands
Operating income
Operating
margin
Operating loss
Operating income
Operating margin
Operating income
$
12,273
6.8
%
$
(4,381
)
$
23,041
6.5
%
Thirteen Weeks Ended June 2, 2018
Framing Systems Segment
Corporate
Consolidated
In thousands
Operating income
Operating
margin
Operating loss
Operating income
Operating margin
Operating income
$
12,339
6.9
%
$
(2,059
)
$
21,995
6.5
%
Amortization of short-lived acquired intangibles
2,870
1.6
—
2,870
0.9
Acquired project profits (1)
—
—
(565
)
(565
)
(0.2
)
Adjusted operating income
$
15,209
8.5
%
$
(2,624
)
$
24,300
7.2
%
EBITDA and Adjusted EBITDA
Thirteen
Thirteen
Weeks Ended
Weeks Ended
In thousands
June 1, 2019
June 2, 2018
Net earnings
$
15,443
$
15,373
Income tax expense
4,987
4,881
Interest and other expense, net
2,611
1,741
Depreciation and amortization
11,102
14,050
EBITDA
$
34,143
$
36,045
Acquired project profits (1)
—
(565
)
Adjusted EBITDA
$
34,143
$
35,480
(1) Adjustment for profits recognized during the first quarter of fiscal 2019 on contracts that were acquired with the purchase of EFCO.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190627005132/en/
Jeff Huebschen Vice President, Investor Relations & Communications 952.487.7538 ir@apog.com
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