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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 55.73 | 55.28 | 56.06 | 9 | 12:48:43 |
From Dec 2024 to Jan 2025
Apogee Enterprises, Inc. (Nasdaq: APOG) today reported its results for the third quarter of fiscal 2025. The Company reported the following selected financial results:
Three Months Ended
(Unaudited, $ in thousands, except per share amounts)
November 30, 2024
November 25, 2023
% Change
Net sales
$
341,344
$
339,714
0.5
%
Operating income
$
28,629
$
37,647
(24.0
)%
Operating margin
8.4
%
11.1
%
Net earnings
$
20,989
$
26,974
(22.2
)%
Diluted earnings per share
$
0.96
$
1.23
(22.0
)%
Additional Non-GAAP Measures1
Adjusted operating income
$
35,414
$
37,647
(5.9
)%
Adjusted operating margin
10.4
%
11.1
%
Adjusted diluted earnings per share
$
1.19
$
1.23
(3.3
)%
Adjusted EBITDA
$
45,803
$
47,281
(3.1
)%
Adjusted EBITDA margin
13.4
%
13.9
%
Ty R. Silberhorn, Chief Executive Officer stated, “Our team remains focused on strengthening our operating foundation and positioning the company for long-term growth, despite continued pressure from soft demand in our end markets which is impacting results in the near term. During the quarter, we completed our acquisition of UW Solutions, expanding the capabilities and market opportunity in our LSO segment and creating a platform we expect to drive future growth.”
Closing of UW Solutions Acquisition
On November 4, 2024, the Company completed the acquisition of UW Interco, LLC (“UW Solutions”), a vertically integrated manufacturer of high-performance coated substrates used in graphic arts, building products, and other applications, for $242 million in cash.
Consolidated Results (Third Quarter Fiscal 2025 compared to Third Quarter Fiscal 2024)
Segment Results (Third Quarter Fiscal 2025 Compared to Third Quarter Fiscal 2024)
Architectural Framing Systems
Architectural Framing Systems net sales were $138.0 million, compared to $139.6 million, primarily reflecting a less favorable product mix, partially offset by increased volume. Operating income was $12.7 million. Adjusted operating income was $13.6 million, or 9.8% of net sales, compared to $17.0 million, or 12.2% of net sales. The lower adjusted operating margin was primarily driven by the less favorable product mix as well as higher freight and compensation costs.
Architectural Glass
Architectural Glass net sales were $70.2 million, compared to $91.0 million, primarily reflecting reduced volume due to lower end-market demand. Operating income was $10.1 million, or 14.4% of net sales, compared to $15.2 million, or 16.7% of net sales. The lower operating margin was primarily driven by the unfavorable sales leverage impact of lower volume, partially offset by improved productivity, favorable freight costs, and lower quality related expense.
Architectural Services
Architectural Services net sales grew 10.8% to $104.9 million, primarily due to a more favorable mix of projects and increased volume. Operating income improved to $9.7 million. Adjusted operating income increased to $9.0 million, or 8.6% of net sales, compared to $5.3 million, or 5.6% of net sales. The improvement in adjusted operating margin was primarily driven by a more favorable mix of projects, partially offset by higher incentive compensation and lease expenses. Segment backlog2 at the end of the quarter was $742.2 million, compared to $792.1 million at the end of the second quarter.
Large-Scale Optical
Large-Scale Optical net sales grew 27.6% to $33.2 million, compared to $26.0 million, which included $8.8 million of inorganic sales contribution from the acquisition of UW Solutions. Operating income was $4.8 million, or 14.6% of net sales, which included $1.3 million of acquisition-related costs. Adjusted operating income was $6.2 million, or 18.6% of net sales, and included $1.1 million related to UW Solutions. Adjusted operating income in the prior year period was $7.1 million, or 27.3% of net sales. The lower adjusted operating margin was primarily driven by the unfavorable sales leverage impact of lower organic volume and the dilutive impact of lower adjusted operating margin from UW Solutions.
Corporate and Other
Corporate and other expense increased to $8.8 million, compared to $6.9 million, primarily driven by $4.5 million of acquisition-related costs and $0.8 million of restructuring charges, partially offset by lower incentive compensation costs and lower insurance-related expenses.
Financial Condition
Net cash provided by operating activities in the third quarter was $31.0 million, compared to $66.7 million in the prior year period. The decrease was primarily driven by an increase in cash used for working capital. Fiscal year-to-date, net cash provided by operating activities was $95.1 million, compared to $129.3 million last year, primarily reflecting increased cash used for working capital. Net cash used by investing activities increased to $257.1 million for the first nine months of fiscal 2025, primarily related to $233.1 million used for the acquisition of UW Solutions. Fiscal year-to-date, capital expenditures were $24.7 million, compared to $27.0 million last year, and the Company has returned $31.3 million of cash to shareholders through share repurchases and dividend payments.
Quarter-end long-term debt increased to $272.0 million, as the Company increased borrowings on its existing credit facility to fund the acquisition of UW Solutions, which increased the Consolidated Leverage Ratio3 (as defined in the Company’s credit agreement) to 1.3x at the end of the quarter.
Fiscal 2025 Outlook
The Company now expects full-year net sales to decline approximately 5%, which includes an expected $30 million contribution from the acquisition of UW Solutions and the impact of lower-than-expected volume in the fourth quarter. This outlook continues to include approximately 2 percentage points of decline related to fiscal 2025 reverting to a 52-week year, and approximately 1 percentage point of decline related to the actions of Project Fortify to eliminate certain lower-margin product and service offerings.
The Company now expects full-year adjusted diluted EPS will be at the bottom of its guidance range of $4.90 to $5.20. This expectation includes the impact of approximately $0.05 of dilution related to the acquisition of UW Solutions and lower-than-expected volume in the fourth quarter. This outlook continues to include the expectation that the impact of the reversion to a 52-week year will reduce adjusted diluted EPS by approximately $0.20 compared to fiscal 2024 and that there will be no material impact to adjusted diluted EPS related to the adverse net sales impact of Project Fortify.
The Company now expects a total of $16 million to $17 million of pre-tax charges in connection with Project Fortify, leading to annualized cost savings of $13 million to $14 million. The Company continues to expect approximately 60% of these savings will be realized in fiscal 2025, and the remainder in fiscal 2026, with approximately 70% of the savings to be realized in Architectural Framing Systems, 20% in Architectural Services, and 10% in Corporate and Other. The Company now expects the plan to be substantially complete in the fourth quarter of fiscal 2025.
The Company continues to expect an effective tax rate of approximately 24.5%, and now expects capital expenditures between $40 million to $45 million.
Conference Call Information
The Company will host a conference call today at 8:00 a.m. Central Time to discuss this earnings release. This call will be webcast and is available in the Investor Relations section of the Company’s website, along with presentation slides, at https://www.apog.com/events-and-presentations. A replay and transcript of the webcast will be available on the Company’s website following the conference call.
About Apogee Enterprises
Apogee Enterprises, Inc. (Nasdaq: APOG) is a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications. Headquartered in Minneapolis, MN, our portfolio of industry-leading products and services includes architectural glass, windows, curtainwall, storefront and entrance systems, integrated project management and installation services, and high-performance coatings that provide protection, innovative design, and enhanced performance. For more information, visit www.apog.com.
Use of Non-GAAP Financial Measures
Management uses non-GAAP measures to evaluate the Company’s historical and prospective financial performance, measure operational profitability on a consistent basis, as a factor in determining executive compensation, and to provide enhanced transparency to the investment community. 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. This release and other financial communications may contain the following non-GAAP measures:
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The words “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “should,” “will,” “continue,” and similar expressions are intended to identify “forward-looking statements”. 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 results, performance, financial condition, prospects and opportunities of the Company, including the following: (A) North American and global economic conditions, including the cyclical nature of the North American and Latin American non-residential construction industries and the potential impact of an economic downturn or recession; (B) U.S. and global instability and uncertainty arising from events outside of our control; (C) actions of new and existing competitors; (D) departure of key personnel and ability to source sufficient labor; (E) product performance, reliability and quality issues; (F) project management and installation issues that could affect the profitability of individual contracts; (G) dependence on a relatively small number of customers in one operating segment; (H) financial and operating results that could differ from market expectations; (I) self-insurance risk related to a material product liability or other events for which the Company is liable; (J) maintaining our information technology systems and potential cybersecurity threats; (K) cost of regulatory compliance, including environmental regulations; (L) supply chain disruptions, including fluctuations in the availability and cost of materials used in our products and the impact of trade policies and regulations, including potential future tariffs; (M) integration and future operating results of acquisitions, including but not limited to the acquisition of UW Solutions, and management of acquired contracts; (N) impairment of goodwill or indefinite-lived intangible assets; (O) our ability to successfully manage and implement our enterprise strategy; (P) our ability to maintain effective internal controls over financial reporting; (Q) our judgements regarding the accounting for tax positions and the resolution of tax disputes; (R) the impact of cost inflation and interest rates; and (S) the impact of changes in capital and credit markets on our liquidity and cost of capital. 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, performance, prospects, or opportunities. 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, 2024, and in subsequent filings with the U.S. Securities and Exchange Commission.
____________________________
1 Adjusted operating income, adjusted operating margin, adjusted diluted earnings per share (EPS), adjusted EBITDA, and adjusted EBITDA margin are non-GAAP financial measures. See Use of Non-GAAP Financial Measures and reconciliations to the most directly comparable GAAP measures later in this press release.
2 Backlog is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.
3 Consolidated Leverage Ratio is a non-GAAP financial measure. See Use of Non-GAAP Financial Measures later in this press release for more information.
Apogee Enterprises, Inc.
Consolidated Condensed Statements of Income
(Unaudited)
Three Months Ended
Nine Months Ended
(In thousands, except per share amounts)
November 30, 2024
November 25, 2023
% Change
November 30, 2024
November 25, 2023
% Change
Net sales
$
341,344
$
339,714
0.5
%
$
1,015,300
$
1,055,102
(3.8
)%
Cost of sales
252,195
249,409
1.1
%
729,975
776,440
(6.0
)%
Gross profit
89,149
90,305
(1.3
)%
285,325
278,662
2.4
%
Selling, general and administrative expenses
60,520
52,658
14.9
%
173,350
166,695
4.0
%
Operating income
28,629
37,647
(24.0
)%
111,975
111,967
—
%
Interest expense, net
1,044
1,454
(28.2
)%
2,634
5,720
(54.0
)%
Other (income) expense, net
(60
)
890
(106.7
)%
(493
)
(3,722
)
(86.8
)%
Earnings before income taxes
27,645
35,303
(21.7
)%
109,834
109,969
(0.1
)%
Income tax expense
6,656
8,329
(20.1
)%
27,268
26,092
4.5
%
Net earnings
$
20,989
$
26,974
(22.2
)%
$
82,566
$
83,877
(1.6
)%
Basic earnings per share
$
0.96
$
1.24
(22.6
)%
$
3.79
$
3.83
(1.0
)%
Diluted earnings per share
$
0.96
$
1.23
(22.0
)%
$
3.76
$
3.80
(1.1
)%
Weighted average basic shares outstanding
21,782
21,819
(0.2
)%
21,789
21,889
(0.5
)%
Weighted average diluted shares outstanding
21,917
22,013
(0.4
)%
21,937
22,093
(0.7
)%
Cash dividends per common share
$
0.25
$
0.24
4.2
%
$
0.75
$
0.72
4.2
%
% of Sales
Gross margin
26.1
%
26.6
%
28.1
%
26.4
%
Selling, general and administrative expenses
17.7
%
15.5
%
17.1
%
15.8
%
Operating margin
8.4
%
11.1
%
11.0
%
10.6
%
Apogee Enterprises, Inc.
Business Segment Information
(Unaudited)
Three Months Ended
Nine Months Ended
(In thousands)
November 30, 2024
November 25, 2023
% Change
November 30, 2024
November 25, 2023
% Change
Segment net sales
Architectural Framing Systems
$
138,039
$
139,585
(1.1
)%
$
412,561
$
462,548
(10.8
)%
Architectural Glass
70,236
90,964
(22.8
)%
247,040
282,262
(12.5
)%
Architectural Services
104,921
94,662
10.8
%
301,966
272,144
11.0
%
Large-Scale Optical
33,196
26,009
27.6
%
74,232
72,110
2.9
%
Intersegment eliminations
(5,048
)
(11,506
)
(56.1
)%
(20,499
)
(33,962
)
(39.6
)%
Net sales
$
341,344
$
339,714
0.5
%
$
1,015,300
$
1,055,102
(3.8
)%
Segment operating income (loss)
Architectural Framing Systems
$
12,710
$
16,981
(25.2
)%
$
48,187
$
57,986
(16.9
)%
Architectural Glass
10,118
15,164
(33.3
)%
48,277
49,119
(1.7
)%
Architectural Services
9,730
5,288
84.0
%
21,483
8,211
161.6
%
Large-Scale Optical
4,842
7,100
(31.8
)%
13,481
17,288
(22.0
)%
Corporate and other
(8,771
)
(6,886
)
27.4
%
(19,453
)
(20,637
)
(5.7
)%
Operating income
$
28,629
$
37,647
(24.0
)%
$
111,975
$
111,967
—
%
Segment operating margin
Architectural Framing Systems
9.2
%
12.2
%
11.7
%
12.5
%
Architectural Glass
14.4
%
16.7
%
19.5
%
17.4
%
Architectural Services
9.3
%
5.6
%
7.1
%
3.0
%
Large-Scale Optical
14.6
%
27.3
%
18.2
%
24.0
%
Corporate and other
N/M
N/M
N/M
N/M
Operating margin
8.4
%
11.1
%
11.0
%
10.6
%
N/M - Indicates calculation is not meaningful
Apogee Enterprises, Inc.
Consolidated Condensed Balance Sheets
(Unaudited)
(In thousands)
November 30, 2024
March 2, 2024
Assets
Current assets
Cash and cash equivalents
$
43,855
$
37,216
Receivables, net
187,799
173,557
Inventories, net
97,003
69,240
Contract assets
57,545
49,502
Other current assets
45,119
29,124
Total current assets
431,321
358,639
Property, plant and equipment, net
269,063
244,216
Operating lease right-of-use assets
63,663
40,221
Goodwill
234,814
129,182
Intangible assets, net
140,390
66,114
Other non-current assets
41,269
45,692
Total assets
$
1,180,520
$
884,064
Liabilities and shareholders' equity
Current liabilities
Accounts payable
96,372
84,755
Accrued compensation and benefits
39,432
53,801
Contract liabilities
46,165
34,755
Operating lease liabilities
14,958
12,286
Other current liabilities
66,982
59,108
Total current liabilities
263,909
244,705
Long-term debt
272,000
62,000
Non-current operating lease liabilities
54,188
31,907
Non-current self-insurance reserves
33,303
30,552
Other non-current liabilities
35,051
43,875
Total shareholders’ equity
522,069
471,025
Total liabilities and shareholders’ equity
$
1,180,520
$
884,064
Apogee Enterprises, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
(In thousands)
November 30, 2024
November 25, 2023
Operating Activities
Net earnings
$
82,566
$
83,877
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
30,798
31,185
Share-based compensation
8,067
6,644
Deferred income taxes
5,109
1,296
Loss (gain) on disposal of assets
159
(50
)
Settlement of New Markets Tax Credit transaction
—
(4,687
)
Non-cash lease expense
9,926
8,742
Other, net
1,800
10
Changes in operating assets and liabilities:
Receivables
(2,191
)
(846
)
Inventories
(8,284
)
8,256
Contract assets
(8,168
)
11,194
Accounts payable
6,796
(1,902
)
Accrued compensation and benefits
(20,958
)
(7,015
)
Contract liabilities
11,499
7,635
Operating lease liability
(9,387
)
(9,214
)
Accrued income taxes
(6,498
)
(7,587
)
Other current assets and liabilities
(6,104
)
1,714
Net cash provided by operating activities
95,130
129,252
Investing Activities
Capital expenditures
(24,696
)
(26,956
)
Proceeds from sales of property, plant and equipment
744
247
Purchases of marketable securities
(2,394
)
(969
)
Sales/maturities of marketable securities
2,370
1,370
Acquisition of business, net of cash acquired
(233,125
)
—
Net cash used by investing activities
(257,101
)
(26,308
)
Financing Activities
Proceeds from revolving credit facilities
95,201
195,851
Repayment on revolving credit facilities
(115,201
)
(265,000
)
Proceeds from term loans
250,000
—
Repayment of term loans
(20,000
)
—
Payments of debt issuance costs
(3,798
)
—
Repurchase of common stock
(15,061
)
(11,821
)
Dividends paid
(16,238
)
(15,690
)
Other, net
(5,884
)
(3,781
)
Net cash provided (used) by financing activities
169,019
(100,441
)
Effect of exchange rates on cash
(409
)
(569
)
Increase in cash and cash equivalents
6,639
1,934
Cash and cash equivalents at beginning of period
37,216
21,473
Cash and cash equivalents at end of period
$
43,855
$
23,407
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted Net Earnings and Adjusted Diluted Earnings per Share
(Unaudited)
Three Months Ended
Nine Months Ended
(In thousands)
November 30, 2024
November 25, 2023
November 30, 2024
November 25, 2023
Net earnings
$
20,989
$
26,974
$
82,566
$
83,877
Acquisition-related costs (1)
Transaction
3,748
—
3,748
—
Integration
941
—
941
—
Backlog amortization
805
—
805
—
Inventory step-up
379
—
379
—
Total Acquisition-related costs
5,873
—
5,873
—
Restructuring charges (2)
912
—
3,213
—
NMTC settlement gain (3)
—
—
—
(4,687
)
Income tax impact on above adjustments (4)
(1,662
)
—
(2,226
)
1,148
Adjusted net earnings
$
26,112
$
26,974
$
89,426
$
80,338
Three Months Ended
Nine Months Ended
November 30, 2024
November 25, 2023
November 30, 2024
November 25, 2023
Diluted earnings per share
$
0.96
$
1.23
$
3.76
$
3.80
Acquisition-related costs (1)
Transaction
0.17
—
0.17
—
Integration
0.04
—
0.04
—
Backlog amortization
0.04
—
0.04
—
Inventory step-up
0.02
—
0.02
—
Total Acquisition-related costs
0.27
—
0.27
—
Restructuring charges (2)
0.04
—
0.15
—
NMTC settlement gain (3)
—
—
—
(0.21
)
Income tax impact on above adjustments (4)
(0.08
)
—
(0.10
)
0.05
Adjusted diluted earnings per share
$
1.19
$
1.23
$
4.08
$
3.64
Weighted average diluted shares outstanding
21,917
22,013
21,937
22,093
(1)
Acquisition-related costs include:
(2)
Restructuring charges related to Project Fortify, including $0.4 million of employee termination costs and $0.5 million of other costs incurred in the third quarter of fiscal 2025, and $1.3 million of employee termination costs, $0.1 million of contract termination costs and $1.8 million of other costs incurred in the first nine months of fiscal 2025.
(3)
Realization of a New Market Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other expense (income), net.
(4)
Income tax impact calculated using an estimated statutory tax rate of 24.5%, which reflects the estimated blended statutory tax rate for the jurisdictions in which the charge or income occurred.
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted Operating Income (Loss) and Adjusted Operating Margin
(Unaudited)
Three Months Ended November 30, 2024
(In thousands)
Architectural Framing Systems
Architectural Glass
Architectural Services
LSO
Corporate and Other
Consolidated
Operating income (loss)
$
12,710
$
10,118
$
9,730
$
4,842
$
(8,771
)
$
28,629
Acquisition-related costs (1)
Transaction
—
—
—
—
3,748
3,748
Integration
—
—
—
147
794
941
Backlog amortization
—
—
—
805
—
805
Inventory step-up
—
—
—
379
—
379
Total Acquisition-related costs
—
—
—
1,331
4,542
5,873
Restructuring charges (2)
842
—
(717
)
—
787
912
Adjusted operating income (loss)
$
13,552
$
10,118
$
9,013
$
6,173
$
(3,442
)
$
35,414
Operating margin
9.2
%
14.4
%
9.3
%
14.6
%
N/M
8.4
%
Acquisition-related costs (1)
Transaction
—
—
—
—
N/M
1.1
Integration
—
—
—
0.4
N/M
0.3
Backlog amortization
—
—
—
2.4
N/M
0.2
Inventory step-up
—
—
—
1.1
N/M
0.1
Total Acquisition-related costs
—
—
—
4.0
N/M
1.7
Restructuring charges (2)
0.6
—
(0.7
)
—
N/M
0.3
Adjusted operating margin
9.8
%
14.4
%
8.6
%
18.6
%
N/M
10.4
%
Three Months Ended November 25, 2023
(In thousands)
Architectural Framing Systems
Architectural Glass
Architectural Services
LSO
Corporate and Other
Consolidated
Operating income (loss)
$
16,981
$
15,164
$
5,288
$
7,100
$
(6,886
)
$
37,647
Operating margin
12.2
%
16.7
%
5.6
%
27.3
%
N/M
11.1
%
(1)
Acquisition-related costs include:
(2)
Restructuring charges related to Project Fortify, including $0.4 million of employee termination costs and $0.5 million of other costs incurred in the third quarter of fiscal 2025.
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted Operating Income (Loss) and Adjusted Operating Margin
(Unaudited)
Nine Months Ended November 30, 2024
(In thousands)
Architectural Framing Systems
Architectural Glass
Architectural Services
LSO
Corporate and Other
Consolidated
Operating income (loss)
$
48,187
$
48,277
$
21,483
$
13,481
$
(19,453
)
$
111,975
Acquisition-related costs (1)
Transaction
—
—
—
—
3,748
3,748
Integration
—
—
—
147
794
941
Backlog amortization
—
—
—
805
—
805
Inventory step-up
—
—
—
379
—
379
Total Acquisition-related costs
—
—
—
1,331
4,542
5,873
Restructuring charges (2)
2,755
—
(459
)
—
917
3,213
Adjusted operating income (loss)
$
50,942
$
48,277
$
21,024
$
14,812
$
(13,994
)
$
121,061
Operating margin
11.7
%
19.5
%
7.1
%
18.2
%
N/M
11.0
%
Acquisition-related costs (1)
Transaction
—
—
—
—
N/M
0.4
Integration
—
—
—
0.2
N/M
0.1
Backlog amortization
—
—
—
1.1
N/M
0.1
Inventory step-up
—
—
—
0.5
N/M
—
Total Acquisition-related costs
—
—
—
1.8
N/M
0.6
Restructuring charges (2)
0.7
—
(0.2
)
—
N/M
0.3
Adjusted operating margin
12.3
%
19.5
%
7.0
%
20.0
%
N/M
11.9
%
Nine Months Ended November 25, 2023
(In thousands)
Architectural Framing Systems
Architectural Glass
Architectural Services
LSO
Corporate and Other
Consolidated
Operating income (loss)
$
57,986
$
49,119
$
8,211
$
17,288
$
(20,637
)
$
111,967
Operating margin
12.5
%
17.4
%
3.0
%
24.0
%
N/M
10.6
%
(1)
Acquisition-related costs include:
(2)
Restructuring charges related to Project Fortify, including $1.3 million of employee termination costs, $0.1 million of contract termination costs and $1.8 million of other costs incurred in the first nine months of fiscal 2025.
Apogee Enterprises, Inc.
Reconciliation of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
(Earnings before interest, taxes, depreciation and amortization)
(Unaudited)
Three Months Ended
Nine Months Ended
(In thousands)
November 30, 2024
November 25, 2023
November 30, 2024
November 25, 2023
Net earnings
$
20,989
$
26,974
$
82,566
$
83,877
Income tax expense
6,656
8,329
27,268
26,092
Interest expense, net
1,044
1,454
2,634
5,720
Depreciation and amortization
11,134
10,524
30,798
31,185
EBITDA
$
39,823
$
47,281
$
143,266
$
146,874
Acquisition-related costs (1)
Transaction
3,748
—
3,748
—
Integration
941
—
941
—
Inventory step-up
379
—
379
—
Total Acquisition-related costs
5,068
—
5,068
—
Restructuring charges (2)
912
—
3,213
—
NMTC settlement gain (3)
—
—
—
(4,687
)
Adjusted EBITDA
$
45,803
$
47,281
$
151,547
$
142,187
EBITDA Margin
11.7
%
13.9
%
14.1
%
13.9
%
Adjusted EBITDA Margin
13.4
%
13.9
%
14.9
%
13.5
%
(1)
Acquisition-related costs include:
(2)
Restructuring charges related to Project Fortify, including $0.4 million of employee termination costs and $0.5 million of other costs incurred in the third quarter of fiscal 2025, and $1.3 million of employee termination costs, $0.1 million of contract termination costs and, $1.8 million of other costs incurred in the first nine months of fiscal 2025.
(3)
Realization of a New Market Tax Credit (NMTC) benefit during the second quarter of fiscal 2024, which was recorded in other expense (income), net.
Apogee Enterprises, Inc.
Fiscal 2025 Outlook
Reconciliation of Fiscal 2025 outlook of estimated
Diluted Earnings per Share to Adjusted Diluted Earnings per Share
(Unaudited)
Fiscal Year Ending March 1, 2025
Low Range
High Range
Diluted earnings per share
$
4.40
$
4.64
Acquisition-related costs (1)
Transaction
0.18
0.19
Integration
0.09
0.12
Backlog amortization
0.07
0.07
Inventory step-up
0.15
0.15
Total Acquisition-related costs
0.49
0.53
Restructuring charges (2)
0.17
0.21
Income tax impact on above adjustments per share
(0.16
)
(0.18
)
Adjusted diluted earnings per share
$
4.90
$
5.20
(1)
Acquisition-related costs include:
(2)
Restructuring charges related to Project Fortify.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250107425231/en/
Jeff Huebschen Vice President, Investor Relations & Communications 952.487.7538 ir@apog.com
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