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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 | |
---|---|---|---|---|---|---|---|---|---|---|
1.11 | 1.75% | 64.65 | 63.40 | 65.90 | 65.13 | 64.18 | 64.18 | 119,640 | 21:02:15 |
Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2018 full-year and fourth-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing and displays.
FULL-YEAR HIGHLIGHTS
FOURTH-QUARTER HIGHLIGHTS
COMMENTARY“Fiscal 2018 was a record year for revenues at Apogee, as were adjusted earnings per share. In the fourth quarter, all four segments delivered results in line with our expectations, and in addition, the benefits of tax reform were higher than we initially anticipated,” said Joseph F. Puishys, Apogee chief executive officer. “During the year, we advanced strategies to diversify revenue streams and strengthen our business, while generating $127 million in operating cash flow and significantly expanding backlog to build momentum as we enter fiscal 2019.
“Our strategy to stabilize our business performance throughout an economic cycle is centered on diversifying geographies, markets and project sizes served, as well as improving margins through productivity and project selection initiatives,” said Puishys. “We have been positioning each of our segments to achieve new levels of performance:
“We will leverage business opportunities in fiscal 2019 and beyond to deliver shareholder value,” he said.
FY18, Q4 SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD
Architectural Framing Systems
Architectural Glass
Architectural Services
Large-Scale Optical Technologies
Financial ConditionFull-year and fourth-quarter earnings reflect net tax benefits of $3.7 million, or $0.13 per share, primarily from a reduction in deferred income tax liabilities resulting from enactment of the Tax Cuts and Jobs Act of December 2017. Full-year capital expenditures, primarily for productivity and architectural glass capabilities, were $53 million. Full-year free cash flow was $74 million. Debt at the end of fiscal 2018 was $216 million. Full-year net interest expense was $5.0 million, vs. zero in the prior year, due to the increase in debt to support recent acquisitions.
FY19 OUTLOOK“Our outlook for fiscal 2019 continues our momentum in transforming Apogee to deliver more stable revenue streams and earnings longer-term,” said Puishys. “In fiscal 2019, we will remain focused on operational improvement initiatives to realize our profitability goals, while we pursue investments that will serve as catalysts for revenue growth and operating margin improvement in fiscal 2020 and beyond. We expect to invest in geographic expansion in architectural framing systems to continue to gain share, and in architectural glass to expand revenues into broader glass markets. At the same time, we’ll leverage recent investments to grow revenues in new large-scale optical markets, and we’ll execute against the large architectural services backlog.
“In fiscal 2019, we anticipate Apogee’s top line will grow approximately 10 percent and operating income will increase to a record level,” he said. “Looking forward to fiscal 2020, we expect Apogee to show further revenue and income expansion.
“We have a great business that is delivering value to shareholders as we execute strategies to diversify and strengthen our business, including growth strategies around new geographies, products and markets, and productivity initiatives driven by Lean and automation,” said Puishys. “Our positive outlook is supported by external forecasts for continued solid U.S. commercial construction markets and our internal visibility that includes a healthy backlog and pipeline of projects that we’re bidding.”
Apogee’s outlook for fiscal 2019 is:
“Apogee’s backlog, bidding and pipeline of potential work support growth through fiscal 2020,” said Puishys, who added that “although visibility into fiscal 2021 is limited, the company is not seeing any slowdown in commercial construction markets.”
TELECONFERENCE AND SIMULTANEOUS WEBCASTApogee will host a teleconference and webcast at 8 a.m. Central Time today, April 12. To participate in the teleconference, call (866) 525-3151 toll free or (330) 863-3393 international, access code 8399716. To listen to the live conference call over the internet, go to the Apogee web site at http://www.apog.com and click on investors, then investors home and then the webcast link under upcoming events. The webcast also will be archived for replay on the company’s web site.
ABOUT APOGEE ENTERPRISESApogee Enterprises, Inc., headquartered in Minneapolis, is a leader in the design and development of value-added glass and metal products and services for enclosing commercial buildings, and value-added glass and acrylic for picture framing and displays. The company is organized in four segments, with three of the segments serving the commercial construction market:
USE OF NON-GAAP FINANCIAL MEASURESThis news 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 an alternative to, 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 STATEMENTSThe discussion above 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) product performance, reliability and quality issues; (F) project management and installation issues that could result in losses on individual contracts; (G) changes in consumer and customer preference, or architectural trends and building codes; (H) dependence on a relatively small number of customers in certain business segments; (I) revenue and operating results that could differ from market expectations; (J) self-insurance risk related to a material product liability or other event for which the company is liable; (K) dependence on information technology systems and information security threats; (L) cost of compliance with and changes in environmental regulations; (M) interruptions in glass supply; (N) loss of key personnel and inability to source sufficient labor; (O) integration of recent acquisitions; and (P) regulatory environment, including tax and trade policy. 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. For a more detailed explanation of the foregoing and other risks and uncertainties, see Item 1A of the company’s Annual Report on Form 10-K for the fiscal year ended March 4, 2017.
Apogee Enterprises, Inc. Consolidated Condensed Statements of Income (Unaudited) Thirteen Fourteen Fifty-two Fifty-three Weeks Ended Weeks Ended % Weeks Ended Weeks Ended % March 3, March 4,In thousands, except per share amounts
March 3, 2018 March 4, 2017 Change 2018 2017 Change Net sales $ 353,453 $ 314,126 13 % $ 1,326,173 $ 1,114,533 19 % Cost of sales 267,789 231,930 15 % 992,655 822,510 21 % Gross profit 85,664 82,196 4 % 333,518 292,023 14 % Selling, general and administrative expenses 57,795 52,528 10 % 219,234 169,798 29 % Operating income 27,869 29,668 (6 )% 114,284 122,225 (6 )% Interest income 148 210 (30 )% 538 1,008 (47 )% Interest expense 1,819 477 281 % 5,508 971 467 % Other income (expense), net 6 193 (97 )% 566 543 4 % Earnings before income taxes 26,204 29,594 (11 )% 109,880 122,805 (11 )% Income tax expense 3,875 6,475 (40 )% 30,392 37,015 (18 )% Net earnings $ 22,329 $ 23,119 (3 )% $ 79,488 $ 85,790 (7 )% Earnings per share - basic $ 0.79 $ 0.81 (2 )% $ 2.79 $ 2.98 (6 )% Average common shares outstanding 28,298 28,705 (1 )% 28,534 28,781 (1 )% Earnings per share - diluted $ 0.78 $ 0.80 (3 )% $ 2.76 $ 2.97 (7 )% Average common and common equivalent shares outstanding 28,619 28,834 (1 )% 28,804 28,893 — % Cash dividends per common share $ 0.1575 $ 0.1400 13 % $ 0.5775 $ 0.5150 12 % Business Segment Information (Unaudited) Thirteen Fourteen Fifty-two Fifty-three Weeks Ended Weeks Ended % Weeks Ended Weeks Ended % March 3, March 4,In thousands
March 3, 2018 March 4, 2017 Change 2018 2017 Change Sales Architectural Framing Systems $ 183,527 $ 121,767 51 % $ 677,198 $ 385,978 75 % Architectural Glass 92,110 112,314 (18 )% 384,137 411,881 (7 )% Architectural Services 67,700 66,003 3 % 213,757 270,937 (21 )% Large-Scale Optical 23,406 26,328 (11 )% 88,303 89,710 (2 )% Eliminations (13,290 ) (12,286 ) 8 % (37,222 ) (43,973 ) (15 )% Total $ 353,453 $ 314,126 13 % $ 1,326,173 $ 1,114,533 19 % Operating income (loss) Architectural Framing Systems $ 12,073 $ 9,698 24 % $ 59,031 $ 44,768 32 % Architectural Glass 4,077 13,801 (70 )% 32,764 44,656 (27 )% Architectural Services 6,318 4,158 52 % 10,420 18,494 (44 )% Large-Scale Optical 6,978 6,854 2 % 22,000 22,467 (2 )% Corporate and other (1,577 ) (4,843 ) (67 )% (9,931 ) (8,160 ) 22 % Total $ 27,869 $ 29,668 (6 )% $ 114,284 $ 122,225 (6 )% Apogee Enterprises, Inc. Consolidated Condensed Balance Sheets (Unaudited) March 3, March 4,In thousands
2018 2017 Assets Current assets $ 336,334 $ 297,461 Net property, plant and equipment 304,063 246,748 Other assets 374,259 240,449 Total assets $ 1,014,656 $ 784,658 Liabilities and shareholders' equity Current liabilities $ 201,229 $ 186,058 Long-term debt 215,860 65,400 Other liabilities 86,953 62,623 Shareholders' equity 510,614 470,577 Total liabilities and shareholders' equity $ 1,014,656 $ 784,658 Consolidated Condensed Statement of Cash Flows (Unaudited) Fifty-two Fifty-three Weeks Ended Weeks Ended In thousands March 3, 2018 March 4, 2017 Net earnings $ 79,488 $ 85,790 Depreciation and amortization 54,843 35,607 Share-based compensation 6,205 5,986 Proceeds from new markets tax credit transaction, net of deferred costs — 5,109 Other, net 2,905 (3,767 ) Changes in operating assets and liabilities (16,133 ) (4,724 ) Net cash provided by operating activities 127,308 124,001 Capital expenditures (53,196 ) (68,061 ) Acquisition of businesses and intangibles (182,849 ) (137,932 ) Change in restricted cash 7,834 (7,834 ) Net purchases of marketable securities 232 32,728 Other, net 2,245 (2,659 ) Net cash used in investing activities (225,734 ) (183,758 ) Borrowings on line of credit, net 149,960 44,988 Shares withheld for taxes, net of stock issued to employees (1,712 ) (446 ) Repurchase and retirement of common stock (33,676 ) (10,817 ) Dividends paid (16,393 ) (14,667 ) Other, net 155 (396 ) Net cash provided by financing activities 98,334 18,662 Decrease in cash and cash equivalents (92 ) (41,095 ) Effect of exchange rates on cash (12 ) 88 Cash and cash equivalents at beginning of year 19,463 60,470 Cash and cash equivalents at end of period $ 19,359 $ 19,463 Apogee Enterprises, Inc. Reconciliation of Non-GAAP Financial Measures Adjusted Net Earnings and Adjusted Earnings per Diluted Common Share (Unaudited) Thirteen Fourteen Weeks Ended Weeks Ended In thousands March 3, 2018 March 4, 2017 % Change Net earnings $ 22,329 $ 23,119 (3.4 )% Amortization of short-lived acquired intangibles 2,913 1,722 N/M Acquisition-related costs 258 531 N/M Restructuring-related costs 3,026 — N/M Income tax impact on above adjustments (1) (917 ) (493 ) N/M Adjusted net earnings $ 27,609 $ 24,879 11.0 % Thirteen Fourteen Weeks Ended Weeks Ended March 3, 2018 March 4, 2017 % Change Earnings per diluted common share $ 0.78 $ 0.80 (2.5 )% Amortization of short-lived acquired intangibles 0.10 0.06 N/M Acquisition-related costs 0.01 0.02 N/M Restructuring-related costs 0.11 — N/M Income tax impact on above adjustments (1) (0.03 ) (0.02 ) N/M Adjusted earnings per diluted common share $ 0.96 $ 0.86 11.6 % (1) Income tax impact on adjustments was calculated using the estimated quarterly effective income tax rate of 14.8% in the current year and 25.3% in the prior year. Fifty-two Fifty-three Weeks Ended Weeks Ended In thousands March 3, 2018 March 4, 2017 % Change Net earnings $ 79,488 $ 85,790 (7.3 )% Amortization of short-lived acquired intangibles 10,521 1,722 N/M Acquisition-related costs 5,098 531 N/M Restructuring-related costs 3,026 — N/M Income tax impact on above adjustments (1) (5,157 ) (493 ) N/M Adjusted net earnings $ 92,976 $ 87,550 6.2 % Fifty-two Fifty-three Weeks Ended Weeks Ended March 3, 2018 March 4, 2017 % Change Earnings per diluted common share $ 2.76 $ 2.97 (7.1 )% Amortization of short-lived acquired intangibles 0.37 0.06 N/M Acquisition-related costs 0.18 0.02 N/M Restructuring-related costs 0.11 — N/M Income tax impact on above adjustments (1) (0.18 ) (0.02 ) N/M Adjusted earnings per diluted common share $ 3.23 $ 3.03 6.6 % (1) Income tax impact on adjustments was calculated using the estimated annual effective income tax rate of 27.7% in the current year and 30.1% in the prior year. Adjusted Operating Income and Adjusted Operating Margin (Unaudited) Thirteen Weeks Ended March 3, 2018 Architectural Glass Framing Systems Segment Segment Corporate ConsolidatedOperating Operating Operating Operating
Operating
Operating OperatingIn thousands
income margin income marginincome (loss)
income margin Operating income (loss) $ 12,073 6.6 % $ 4,077 4.4 % $ (1,577 ) $ 27,869 7.9 % Amortization of short-lived acquired intangibles 2,913 1.6 % — — % — 2,913 0.8 % Acquisition-related costs — — % — — % 258 258 0.1 % Restructuring-related costs — — % 3,026 3.3 % — 3,026 0.9 % Adjusted operating income (loss) $ 14,986 8.2 % $ 7,103 7.7 % $ (1,319 ) $ 34,066 9.6 % Fourteen Weeks Ended March 4, 2017 Architectural Glass Framing Systems Segment Segment Corporate ConsolidatedOperating Operating Operating Operating
Operating
Operating OperatingIn thousands
income margin income marginincome (loss)
income margin Operating income (loss) $ 9,698 8.0 % $ 13,801 12.3 % $ (4,843 ) $ 29,668 9.4 % Amortization of short-lived acquired intangibles 1,722 1.4 % — — % — 1,722 0.6 % Acquisition-related costs — — % — — % 531 531 0.2 % Adjusted operating income (loss)$
11,420 9.4 %$
13,801 12.3 %$
(4,312 )$
31,921 10.2 % Fifty-Two Weeks Ended March 3, 2018 Architectural Glass Framing Systems Segment Segment CorporateConsolidated
Operating Operating Operating Operating
Operating
Operating OperatingIn thousands
income margin income marginincome (loss)
income margin Operating income (loss) $ 59,031 8.7 % $ 32,764 8.5 % $ (9,931 ) $ 114,284 8.6 % Amortization of short-lived acquired intangibles 10,521 1.6 % — — % — 10,521 0.8 % Acquisition-related costs — — % — — % 5,098 5,098 0.4 % Restructuring-related costs — — % 3,026 0.8 % — 3,026 0.2 % Adjusted operating income (loss) $ 69,552 10.3 % $ 35,790 9.3 % $ (4,833 ) $ 132,929 10.0 % Fifty-Three Weeks Ended March 4, 2017 Architectural Glass Framing Systems Segment Segment Corporate ConsolidatedOperating Operating Operating Operating
Operating
Operating OperatingIn thousands
income margin income marginincome (loss)
income margin Operating income (loss) $ 44,768 11.6 % $ 44,656 10.8 % $ (8,160 ) $ 122,225 11.0 % Amortization of short-lived acquired intangibles 1,722 0.4 % — — % — 1,722 0.2 % Acquisition-related costs — — % — — % 531 531 — % Adjusted operating income (loss)$
46,490 12.0 %$
44,656 10.8 %$
(7,629 )$
124,478 11.2 %
View source version on businesswire.com: https://www.businesswire.com/news/home/20180412005336/en/
Apogee Enterprises, Inc.Mary Ann Jackson, 952-487-7538Investor Relationsmjackson@apog.com
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