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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.34 | 0.53% | 64.99 | 64.94 | 65.07 | 65.0899 | 64.53 | 64.65 | 16,238 | 17:59:52 |
Apogee Enterprises, Inc. (Nasdaq:APOG) today announced fiscal 2017 full-year and fourth-quarter results. Apogee provides distinctive solutions for enclosing commercial buildings and framing art.
FULL-YEAR HIGHLIGHTS
FOURTH-QUARTER HIGHLIGHTS
COMMENTARY“As we execute our growth and operational excellence strategies, we delivered another year of increased revenues and earnings, with strong cash generation in fiscal 2017,” said Joseph F. Puishys, Apogee chief executive officer. “We once again drove revenue growth in all four segments by leveraging new geographies, products and markets for better than market growth. We also achieved margin improvement in our three architectural segments through our ongoing Lean, productivity, automation, project selection and pricing initiatives.
“Collectively, our four business segments performed well in the fourth quarter, with double-digit operating income growth versus last year,” said Puishys. “Their performance was partly offset by increased corporate costs for insurance, warranty and compensation, as well as costs related to our fourth-quarter acquisition and other strategic growth initiatives, including M&A where we continue to be very active; in addition, we experienced higher raw material prices.
“Our full-year results, with revenues growing 14 percent and earnings per share up 34 percent, reflect successful execution of key strategies in commercial construction markets,” he said. “We are delivering on initiatives to better position Apogee over a cycle, including growing our share of mid-size projects in architectural glass, expanding our geographic presence and product offerings, further penetrating the retrofit market and executing acquisitions. We continue to have confidence in our ability to outperform our end markets, and again intend to do what we say we will do - further grow revenues and earnings in fiscal 2018.”
FY17 SEGMENT AND OPERATING RESULTS VS. PRIOR-YEAR PERIOD
Architectural Glass
Architectural Framing Systems
Architectural Services
Large-Scale Optical Technologies
Financial ConditionApogee’s capital allocation strategy - rooted in strong cash flow - supports cash returns to shareholders and investments in future growth. Apogee generated $121 million in cash from operations during fiscal 2017, and has liquidity and flexibility under its expanded revolving credit facility. Apogee invested $135 million from cash and the credit facility in a fourth-quarter acquisition, and capital expenditures for the year were $68 million, primarily for increased capabilities and productivity. Also reflecting Apogee’s ongoing commitment to enhancing shareholder return, share buybacks and cash dividends totaled more than $25 million during fiscal 2017.
FY18 OUTLOOK“For fiscal 2018, we expect continued top- and bottom-line growth as we execute our strategies to grow through new geographies, new products and new markets. We also anticipate margin improvement through our ongoing focus on operational performance, productivity and project selection,” said Puishys. “We expect to drive revenue growth of approximately 10 percent and deliver earnings of $3.35 to $3.55 per diluted share.”
Fiscal 2018 gross margin is expected to be approximately 28 percent and operating margin approximately 12.5 percent. Capital expenditures are anticipated to be $50 to $60 million, as Apogee invests primarily to increase capabilities and productivity.
“Apogee expects mid-single digit U.S. commercial construction market growth in fiscal year 2018, as market activity, the Architecture Billings Index, office employment and office vacancy rates all show positive momentum,” Puishys said. “With our internal market visibility from backlog, commitments and bidding activity and external metrics moving in the right direction, we see sustained U.S. non-residential market growth.”
TELECONFERENCE AND SIMULTANEOUS WEBCASTApogee will host a teleconference and webcast at 8 a.m. Central Time today, April 13. To participate in the teleconference, call (866) 525-3151 toll free or (330) 863-3393 international, access code 85978786. 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 overview and then the webcast link on that page. 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 technologies involving the design and development of value-added glass products and services. 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:
Apogee believes that these non-GAAP measures provide enhanced transparency with respect to revenue growth, cash management and operational management. 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 than Apogee, limiting the usefulness of the measure 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; and (O) integration of recent acquisition. 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 February 27, 2016.
Apogee Enterprises, Inc. & Subsidiaries Consolidated Condensed Statement of Income (Unaudited) Fourteen Thirteen Fifty-three Fifty-two Weeks Ended Weeks Ended % Weeks Ended Weeks Ended % In thousands, except per share amountsMarch 4,2017
February 27,2016
ChangeMarch 4,2017
February 27,2016
Change Net sales $ 314,126 $ 262,149 20%
$ 1,114,533 $ 981,189 14%
Cost of sales 231,930 193,292 20%
822,510 737,619 12%
Gross profit 82,196 68,857 19%
292,023 243,570 20%
Selling, general and administrative expenses 52,528 39,969 31%
169,798 146,177 16%
Operating income 29,668 28,888 3%
122,225 97,393 25%
Interest income 210 219 (4 )% 1,008 981 3%
Interest expense 477 116 311%
971 593 64%
Other income (expense), net 193 (338 ) N/M 543 (457 ) N/M Earnings before income taxes 29,594 28,653 3%
122,805 97,324 26%
Income tax expense 6,475 8,718 (26 )% 37,015 31,982 16%
Net earnings $ 23,119 $ 19,935 16%
$ 85,790 $ 65,342 31%
Earnings per share - basic $ 0.81 $ 0.69 17%
$ 2.98 $ 2.25 32%
Average common shares outstanding 28,705 28,819 — % 28,781 29,058 (1 )% Earnings per share - diluted $ 0.80 $ 0.69 16%
$ 2.97 $ 2.22 34%
Average common and common equivalent shares outstanding 28,834 29,063 (1 )% 28,893 29,375 (2 )% Cash dividends per common share $ 0.1400 $ 0.1250 12%
$ 0.5150 $ 0.4550 13%
Business Segments Information (Unaudited) Fourteen Thirteen Fifty-three Fifty-two Weeks Ended Weeks Ended % Weeks Ended Weeks Ended % In thousandsMarch 4,2017
February 27,2016
ChangeMarch 4,2017
February 27,2016
Change Sales Architectural Glass $ 112,314 $ 98,644 14%
$ 411,881 $ 377,713 9%
Architectural Framing Systems 121,767 79,603 53%
385,978 308,593 25%
Architectural Services 66,003 76,842 (14 )% 270,937 245,935 10%
Large-Scale Optical 26,328 21,667 22%
89,710 88,541 1%
Eliminations (12,286 ) (14,607 ) (16 )% (43,973 ) (39,593 ) 11%
Total $ 314,126 $ 262,149 20%
$ 1,114,533 $ 981,189 14%
Operating income (loss) Architectural Glass $ 13,801 $ 12,099 14%
$ 44,656 $ 35,504 26%
Architectural Framing Systems 9,698 7,714 26%
44,768 31,911 40%
Architectural Services 4,158 5,624 (26 )% 18,494 11,687 58%
Large-Scale Optical 6,854 4,831 42%
22,467 22,963 (2 )% Corporate and other (4,843 ) (1,380 ) 251%
(8,160 ) (4,672 ) 75%
Total $ 29,668 $ 28,888 3%
$ 122,225 $ 97,393 25%
Consolidated Condensed Balance Sheets (Unaudited) In thousandsMarch 4,2017
February 27,2016
Assets Current assets $ 300,527 $ 336,793 Net property, plant and equipment 246,748 202,462 Other assets 237,383 118,185 Total assets $ 784,658 $ 657,440 Liabilities and shareholders' equity Current liabilities $ 186,058 $ 177,381 Long-term debt 65,400 20,400 Other liabilities 62,623 53,464 Shareholders' equity 470,577 406,195 Total liabilities and shareholders' equity $ 784,658 $ 657,440 Apogee Enterprises, Inc. & Subsidiaries Consolidated Condensed Statement of Cash Flows (Unaudited) Fifty-three Fifty-two Weeks Ended Weeks Ended In thousandsMarch 4,2017
February 27,2016
Net earnings $ 85,790 $ 65,342 Depreciation and amortization 35,607 31,248 Share-based compensation 5,986 4,923 Proceeds from new markets tax credit transaction, net of deferred costs 5,109 — Other, net (5,847 ) (5,320 ) Changes in operating assets and liabilities (5,695 ) 32,750 Net cash provided by operating activities 120,950 128,943 Capital expenditures (68,061 ) (42,037 ) Acquisition of businesses and intangibles (134,953 ) — Change in restricted cash (7,834 ) — Net sales (purchases) of marketable securities 32,728 (31,767 ) Other, net (2,659 ) (4,052 ) Net cash used in investing activities (180,779 ) (77,856 ) Borrowings on line of credit, net 44,988 — Repurchase and retirement of common stock (10,817 ) (24,911 ) Dividends paid (14,667 ) (13,184 ) Other, net (842 ) (3,310 ) Net cash provided by (used in) financing activities 18,662 (41,405 ) (Decrease) increase in cash and cash equivalents (41,167 ) 9,682 Effect of exchange rates on cash 160 (1,397 ) Cash and cash equivalents at beginning of year 60,470 52,185 Cash and cash equivalents at end of period $ 19,463 $ 60,470
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413005225/en/
Apogee Enterprises, Inc.Mary Ann Jackson, 952-487-7538Investor Relationsmjackson@apog.com
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